6 month loan: where to take?

Are you looking for a six-month loan to bridge short-term financing needs? You will quickly find out: the search is not that simple. A short-term loan for 30 or 90 days? No problem. A loan with a term of twelve months? Almost all direct banks offer loans of this type. So no problem either.

But a 6-month loan? This period seems too long for specialist providers of mini loans and too short for credit institutions.

There are practically no loans for six months. We would like to familiarize you with a few solution suggestions on how you can bridge a short-term financing requirement over six months at a reasonable price. Some of these suggestions are easy to implement, others are more complex.

The starting point for loans for six months

The starting point for loans for six months

If you are looking for a loan with a term of just six months, you will not want to borrow large amounts. It will not be about 30,000 dollars, not even 10,000 dollars. The amounts required will be significantly lower.

You may be looking for a short-term loan to add to your vacation budget. Or the car that you depend on for work has broken down and needs a major repair that you do not want to pay or do not want to pay in full yourself.

In all of these cases, smaller amounts may be up to 3000 dollars. Larger amounts cannot be represented by many borrowers with very short terms because of the high monthly rates. If you find yourself in a situation similar to the one just described, don’t bite yourself into the 6-month term. Just look for cheap loans with a very short term. There are many of them.

Short-term loans from direct banks

Short-term loans from direct banks

Our first suggestion is: take out a loan with a term of one year. This is the simplest and in most cases the cheapest solution.

The best way to find a suitable loan solution is to take out a loan using a loan comparison. The loan calculator contains a number of loan offers with terms of one year. Another advantage is added. The calculator can be used to apply for very small loan amounts starting at 500 dollars.

One provider is the Good Finance Bank participating in the comparison. All you have to do is send a loan request and the calculator will automatically offer you the cheapest loan offer.

After you have accepted the offer and the loan agreement has been concluded, the money will be paid out in one to three working days, depending on the bank. So the loan is quick.

What about the costs? Assume an effective annual interest rate of currently 5% if you have a normal credit rating.

  • A loan of USD 1,000 will then cost you a total of USD 26.68 and you will pay a monthly installment of USD 85.56.
  • If you take up 2,000 dollars, the total costs add up to 53.36 dollars with a repayment rate of 171.11 dollars.
  • For an amount of 3,000 dollars, you have to pay a total cost of 80.04 dollars and pay a monthly installment of 256.67.

The cost of small loans with a term of one year is therefore quite bearable.

The offer of the Good Credit


Good Credit is currently (as of January 2019) the only direct bank that issues small loans with a term of six months or more.

The effective interest rate is cheap. It is 3.54%. It is a so-called fixed interest rate. Anyone with a certain credit rating can benefit from the low-interest rate. If the individual credit rating is lower, either no loan is granted at all or the interest rates are higher. Special repayments should be possible at any time. The loan is available to freelancers.

This and the favorable interest rate should be viewed positively. The horse’s foot is found in the minimum loan amount. It is high at 3000 dollars. If you agree on a term of six months, you have to pay a monthly installment of USD 505.09. The total cost, however, is only 30.56 dollars. Good Credit’s loan offer is a good solution if 3000 dollars are actually needed.