How Do You Qualify For A Short Term Personal Loan?

Short term personal loans are reserved for borrowers who need quick cash. Qualifying for such a loan is relatively simple. You generally must provide proof of monthly cash flow and a valid bank account. Two great benefits of most short term personal loans are that you do not have to put up any collateral to back the loan, and you don't have to undergo a credit check.

What You'll Need

Though short term personal loans have limited eligibility requirements, you will need to collect the following documentation to present to the financial institution.

  •  Proof of identification
  •  Proof of income/employment
  •  Banking information (e.g. bank account numbers)
  •  Tax history of the past two years
  •  Various financial history, such as outstanding debt

Once you present these documents, you will fill out an application form. You can do this in-person or online. You will usually hear back regarding your loan status within 3 business days.

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