Choose a country
United States
Select a city
Select a city
Select language
English
Select country
Choose a country
United States
Australia
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия

The Ultimate Guide to Mastering 1-Month Loans

Welcome to your pathway to financial flexibility. In this guide, you’ll explore the intricacies of 1-month loans, what sets them apart, and how you can utilize them effectively. Delve into expert insights, weigh your options, and embark on a journey towards an informed and intelligent borrowing decision.
Offers: 3
Updated:
28.02.2024
08:48
Best Quick Loan Today 28.02.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 2000.00 $
Rate
i

Effective interest rate on the product

0.05 – 2.50 %
Term
i

Loan term for the financial product

5 days – 3 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
Apply
Moneytree
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Effective interest rate on the product

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
Apply
Loans Calculator of February 2024

Calculate your best loan with a free credit check in the US, just a few clicks away.

Best PDL calculator
Loan amount
i

Enter the desired loan amount

USD
USD
500 $
2500 $
Loan term
i

Specify the loan term for the calculation

days
months
1
30
Interest rate
i

Choose the interest rate on the loan

0.5 %
2.5 %
The Legal Status of 1 Month Loans in the USA 

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
The Ultimate Guide to Mastering 1-Month Loans

What is a 1-month loan?

A 1-month loan is a short-term loan with a repayment period of one month or 30 days. This type of loan is typically used for emergency situations when you need quick cash and can't pay it back immediately.

Some lenders may offer this type of loan to borrowers with poor credit, but the interest rates and fees associated with these loans are often much higher than traditional loans. It is important to carefully consider the terms of any loan before agreeing to borrow money and only to borrow what you can realistically afford to repay on time.

1-month loans can be obtained from various sources, such as banks, credit unions, or online lenders. The amount you can borrow usually depends on your credit history, income, and other factors. However, most lenders offer loans ranging from several hundred to several thousand dollars.

Repayment terms for 1-month loans may vary depending on the lender. Some lenders may require payment in full at the end of the 30-day period, while others may allow you to make partial payments over several weeks.

Features

  1. Quick Processing Time. Most 1-month loans are designed to be processed quickly, with many lenders offering instant decision options. Borrowers can receive a decision on their loan application within minutes of submitting it, allowing them to proceed quickly with the borrowing process. Additionally, funds are often deposited directly into the borrower's account within days, providing them with the money they need to cover unexpected expenses or other financial obligations. The quick processing time of 1-month loans can be especially helpful for those who need money quickly and cannot afford to wait for traditional loans with longer processing times.

  2. Small Loan Amounts. 1-month loans typically offer smaller loan amounts, which can be ideal for individuals who need cash quickly for unexpected expenses. These loans may range from a few hundred to a few thousand dollars, depending on the lender and the borrower's creditworthiness. The smaller loan amounts make it easier for borrowers to repay the loan within a short time frame without being burdened by a large debt. It also reduces the risk for lenders, as they are more likely to receive their money back with smaller loan amounts. Additionally, the borrower's credit score is less of a concern for smaller loans, making them more accessible to individuals with poor credit.

  3. No Collateral Is Required. Most 1-month loans are unsecured, meaning borrowers don't have to provide collateral such as a house, car, or other valuable assets to secure the loan. This makes the loan application process faster and easier since borrowers do not have to go through the hassle of providing collateral and having it appraised. However, it also means that lenders may charge higher interest rates to offset the risk of lending without collateral.

Pros and cons

Pros

Quick Access to Funds. 1-month loans provide timely access to cash when you need it urgently.

Easy to Obtain. One of the main benefits of 1-month loans is that they are quick and easy to obtain. You can apply online and receive the funds in your account within a few hours or days.

Short-Term Commitment. As the loan term is short (30 days), you won't have to worry about repaying the loan for a long time. This is particularly advantageous if you need money urgently and don't want lingering debt.

Convenient Repayment. Repayment of the loan is due quickly, making it easier for you to pay it off and move on.

Can Improve Credit Scores. Paying off a 1-month loan on time may positively impact your credit score as it shows that you are responsible with your debts and can make timely payments.

Cons

High Interest Rates. Since these short-term loans often have higher interest rates than longer-term ones. This can make them more expensive to repay if you don't pay them back quickly.

Limited Loan Amounts. One-month loans may not offer as much money as longer-term loans, which can limit the amount you can borrow.

Short Repayment Period. With a one-month loan, you have to repay the full amount in a short period of time, which can be challenging. If you have other financial obligations, it can be difficult to find the funds to repay the loan while still fully covering your essential expenses. This can lead to financial stress and potentially missing payments, damaging your credit score.

Strict Repayment Terms. 1-month loans, borrowers are expected to repay the full amount plus interest within a short period of time, usually within 30 days. As a result, borrowers may end up in a debt cycle if they cannot repay the loan on time.

How to get a 1-month loan?

Apply for a loan

  1. Identify a Lender. Find a lender who provides short-term loans with a repayment period of one month. Check their eligibility requirements, interest rates, and repayment terms.

  2. Evaluate Your Financial Situation. Determine your financial situation and your ability to repay the loan on time. Check your monthly budget, your income, and your expenses. Make sure you can afford to repay the loan plus interest and fees.

  3. Check Your Credit Score. A good credit score will increase your chances of getting loan approval and help you get better interest rates.

  4. Prepare Your Documents. Gather all the necessary documents, such as ID proof, address proof, income proof, and bank statements.

  5. Apply for the Loan. Once you have chosen a lender and evaluated your financial situation, you can apply for the loan. Fill out the application form. You must provide basic personal information, such as your name, address, phone number, and Social Security number. You may also be asked to provide proof of income, such as pay stubs or bank statements.

  6. Wait for Decision. Once you have submitted your application, the lender will review it and decide whether to approve or deny your loan.

Requirements and conditions

1-month loans, or payday loans, are short-term loans that are meant to be repaid within a month or on the borrower's next payday. There are some requirements and conditions that borrowers need to meet to qualify for 1-month loans. These can vary depending on the lender, but here are some common ones:

  • Must be at least 18 years old

  • Must have a steady income or employment

  • Must have a valid checking account

  • Must be a U.S. citizen or a permanent resident

  • Must have a valid phone number and email address

  • Must be able to provide proof of identity and address.

Lenders may also require borrowers to have a minimum credit score or a certain amount of income to qualify for a 1-month loan. It's important to review the lender's specific requirements and eligibility criteria.

Best places to get a 1-month loan today 28.02.2024

Alliant Credit Union

Apply for a loan

Alliant Credit Union provides small personal loans starting at $1,000 and going up to $100,000, with loan terms ranging from one to five years. The interest rate of Alliant personal loans varies up to 12.99% APR, depending on the borrower's credit history and the loan amount. There are no origination fees or prepayment penalties for Alliant personal loans. Alliant also offers a line of credit option for personal loans that allows the borrower to have access to funds

Delta Community Credit Union

Apply for a loan

Delta Community Credit Union with competitive rates and flexible terms. These loans can be used for various purposes, such as debt consolidation, home improvements, or unexpected expenses. Interested individuals can apply online or visit one of their branch locations.

OneMain Financial

Apply for a loan

OneMain Financial offers short-term personal loans starting from $1,500 to $20,000. Repayment terms range from 24 to 60 months. Interest rates for short-term personal loans range from 18.00% to 35.99% APR. OneMain Financial's application process is simple and can be completed online or in person.

Prosper

Apply for a loan

The Prosper platform offers unsecured personal loans for various purposes, such as debt consolidation, home improvement, and medical expenses. Prosper offers fixed-rate loans with APRs that range from 6.95% to 35.99%. The APR you receive depends on various factors, including your credit score, income, and debt-to-income ratio.

Advance America

Apply for a loan

Advance America is a reputable financial services company that provides short-term loans and cash advances to needy individuals. They have several locations across the United States, and customers can also apply for loans online.

Moneytree

Apply for a loan

Moneytree is a financial institution that provides various financial services, including short-term loans. Moneytree offers payday loans, installment loans, title loans, business loans, check cashing, prepaid debit cards, and money orders. The loans provided by Moneytree are meant to be short-term solutions to financial emergencies, and the company encourages borrowers only to borrow what they can afford to pay back on their next payday.

Ways to receive the money

  1. Direct Deposit. This is the most common way of receiving the money. The lender will directly deposit the loan amount into your bank account.
  2. Debit Card. Some lenders offer debit cards that are linked to your loan account. The loan amount will be loaded onto the card, which you can use like a regular debit card.
  3. Cash Pickup. Some lenders allow you to pick up the loan amount in cash from their branches. This convenience is attractive to borrowers who may not have a bank account or prefer to have immediate access to the funds. However, it is important to note that not all lenders offer this option, and those may have specific requirements or limitations.
  4. Cheque. If you prefer a cheque, you can request the company or individual to mail it to you or you can pick it up in person. Be sure to provide the correct mailing address or specify the location where you will pick it up.

Things to pay attention to

  1. Eligibility Criteria. Check whether you meet the lender's eligibility requirements before applying for a 1-month loan. This will save you time and avoid any unnecessary rejections.
  2. Interest Rates. The interest rate is the cost of borrowing money, which can vary from lender to lender. Make sure you compare low-interest loans from different lenders to find the best deal. Some loans may have a fixed interest rate, while others may have a variable rate that can change over time. You should understand how the interest rate will affect your monthly payments and total paid over the life of the loan.
  3. Repayment Terms. Make sure you understand the repayment terms of the loan. Some lenders may charge early repayment fees or have penalty fees for late payments. It is important to know the due date of each monthly payment and the consequences of missing a payment. Some loans may offer repayment options such as deferment or forbearance, which allow you to pause or reduce your payments temporarily.

    How to repay a 1-month loan?

    1. Pay the Full Amount Plus Interest. The most common way to repay a 1-month loan is to pay the full amount borrowed plus any applicable interest fees. This can be done in one lump sum payment.

    2. Set up Automatic Payments. If you have a bank or online account, you can set up automatic payments deducting the agreed-upon amount on the due date.

    3. Make a Partial Payment. If you can't afford to make the full payment, you can make a partial payment. However, remember that this will still count as a late payment, and you may be charged with late fees or penalties. It's always better to communicate with the lender and arrange a payment plan or extension if necessary. Avoiding payment or only making partial payments without prior agreement with the lender can damage your credit score and affect your ability to borrow in the future.

    4. Set up a Repayment Plan. If you cannot pay the full amount immediately, you can contact the lender to set up a repayment plan. This may involve paying smaller amounts over a longer period of time but may incur additional fees and interest charges.

    5. Use a Credit Card. Some lenders may accept credit card payments as a way to repay the loan. However, this may also come with additional fees.

    Alternatives

    Apply for a loan

    1. Credit Card Advance. If you have a credit card with a high enough limit, you can take out a cash advance for short-term needs. However, it's important to understand that cash advances often come with high fees and interest rates, making them expensive. Additionally, taking out a cash advance can negatively impact your credit score, as it signifies that you may be relying too heavily on credit and not managing your finances effectively. It's often better to explore other options, such as borrowing from a friend or family member or taking out a personal loan with a lower interest rate.
    2. Line of Credit. A line of credit is a flexible loan you can use as needed and only pay interest on what you borrow up to a predetermined credit limit. The interest is only charged on the amount borrowed, not the entire credit limit. A line of credit can be secured or unsecured and is typically used for short-term cash flow needs, such as unexpected expenses or business operations. The borrower can draw on the line of credit repeatedly if they don’t exceed the credit limit and make their payments on time.
    3. Personal Loan. A personal loan is a fixed amount of money you borrow and pay back with interest over a set period. Personal loans can be used for various purposes, such as consolidating debt, covering home repairs, or paying for unexpected expenses. The interest rates on personal loans can vary depending on your credit score, income, and other factors. It's important to shop around and compare offers from multiple lenders to find the best rate and terms for your situation.

    Editorial opinion

    Opting for a 1-month loan can be a strategic choice in specific financial circumstances, particularly when quick and straightforward solutions are needed for unexpected expenses. However, it's crucial to be aware of the possible disadvantages, such as elevated interest rates and fees. Prior to taking out such a loan, it's essential for borrowers to evaluate their capacity to repay it within the set period. Common situations where a 1-month loan might be beneficial include handling emergency expenses like sudden medical bills or car repairs, managing temporary cash flow problems that arise from delayed salaries or unforeseen expenses, paying off urgent debts or bills, and capitalizing on unique opportunities that require immediate funding, such as a significant sale on an expensive item or a discounted travel package. Before applying, individuals should thoroughly assess their financial health, considering aspects like credit score, income, monthly expenses, and repayment ability. Researching different lenders and their loan terms is also advisable to find a reputable and affordable option. It's important to meticulously read all the terms and conditions and ask any necessary questions before finalizing a loan agreement.

    Important

    Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

    How to choose a lender

    1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
    3. Carefully review all the terms and conditions of your loan contract.
    4. Thoroughly examine the interest rates and ensure that your contract includes a detailed breakdown of the total cost of the loan.
    5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
    6. Choosing a lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Methodology

    At Finanso, we've carried out a comprehensive analysis of over 50 microfinance organizations, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

    In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

    At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

    Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

    Additional resources

    To learn more about 1 month loans and best practices, check out some of the following resources:

    Sources

    FAQ

    What is the shortest-term loan?

    The shortest-term loan is typically a payday loan, which is a short-term loan usually due on the borrower's next payday. These loans typically have a term of two weeks to a month. However, payday loans can have very high-interest rates and fees, making them a risky and expensive option for borrowing money.

    How do I get emergency money?

    There are a few options for getting emergency money:

    1. Emergency Loans. You can apply for an emergency loan from various financial institutions. Ensure you have a good credit score and that you're able to repay the loan.

    2. Personal Loans. Ask your bank or credit union about personal loans. You might also consider online lenders who have an entirely online application process.

    3. Credit Cards. If you have a credit card, you can use it to get emergency money. However, this option comes with a high-interest rate, so paying off the debt as soon as possible is essential.

    How to get a $1,000 personal loan?

    1. Check your credit score. Lenders usually check your credit score to decide whether they want to lend you money. A higher credit score increases your chances of getting approved for a loan.

    2. Shop around for lenders. Look for lenders who offer personal loans. Online lenders, credit unions, and traditional banks are good options to start with.

    3. Gather necessary documents. You will need documents such as proof of income, a government-issued ID, and your credit score report.

    4. Apply for the loan amount you need.

    What's the easiest loan to get?

    Depending on your financial situation, a personal or payday loan may be easiest. However, it is important to note that these types of loans often come with high-interest rates and fees and may not be the best long-term solution for managing debt.

    Can you get a 3-month loan?

    Yes, it is possible to get a 3-month loan. However, it depends on the lender and their specific loan products. Some lenders may offer short-term personal loans with a repayment term of 3 months, while others may require a longer repayment period. It's important to shop around and compare the terms and conditions of various lenders before making a decision. Additionally, it's important to ensure you can repay the loan, including any fees and interest charges, within the specified time frame.

    How quickly can you get a small loan?

    The speed of getting small personal loans depends on the lender and the type of loan. Some lenders offer same-day funding for small personal loan amounts, while others may take several days or weeks to process an application. Online lender companies typically offer faster processing times than traditional lenders. It's best to research the lender's application process and funding timeline before applying for a loan.

    How much would a $5000 personal loan cost a month?

    The cost of a $5000 personal loan per month would depend on various factors such as the interest rate, term of the loan, and any additional fees. Assuming a standard 3-year term and an interest rate of 10%, the monthly payment would be approximately $161.25. However, it's important to note that the actual cost may vary depending on the specific terms of the loan and the borrower's credit profile. Using a loan calculator or consulting with a lender is recommended to get a more accurate estimate.

    What is a loan that can be paid monthly?

    A mortgage is a common type of loan that can be paid monthly. Most personal loans and auto loans may also be paid monthly.

    How much would a $1,000 loan cost per month?

    The cost of a $1,000 loan per month depends on various factors such as interest rate, loan term, and fees. It is important to note that the borrower's credit score will also affect the cost. For example, if a borrower takes out a $1,000 loan with a 12% interest rate for a 12-month term, the monthly payment will be $88.13. If the loan has additional fees, such as an origination fee of $50, the monthly payment will be slightly higher at $95.63.

    What is the shortest term for a personal loan?

    Short-term personal loans vary depending on the lender, but typically it is between three and six months. Some lenders may offer shorter terms, such as one or two months, but these are less common. It is important to note that a short-term personal loan typically means higher monthly payments. So it is important to carefully consider your budget and financial situation before choosing a short-term personal loan.

    What's the smallest loan I can get?

    The smallest loan you can get may vary depending on the lender or financial institution you are applying with. However, some lenders offer personal loans for as little as $100. It's always best to research and compare loans from different lenders to find one that suits your needs and financial situation.

    How can I borrow money and get it instantly?

    Some ways to get instant money borrowing include:

    1. Credit Cards. Applying for a credit card can be easy to get instant money. You can use your credit card to withdraw cash from an ATM or purchase wherever credit cards are accepted.

    2. Payday Loans. Many lenders offer payday loans that can be approved instantly and disbursed within a few hours. However, payday loans are often high-interest loans.