 TITLE: What Is a Short-Term Personal Loan? CONTENT: How a Short-Term Personal Loan Can Affect Your Credit\n-----------------------------------------------------\nIf you take out a short-term personal loan, it's likely to have at least some effect on your credit. If the lender runs a hard inquiry on your credit to decide whether to approve you for a loan, your credit score likely will go down a couple points.\nAnd if you make even one late payment on your loan, your credit score may take a hit. In addition, because a short-term personal loan will add to your debt load, your credit may be negatively impacted.\nIf one of your goals is to build credit, a payday loan will not help as these loans are not reported to credit bureaus. However, other short-term loans are typically reported to credit bureaus and could help improve your credit as long as you stay on top of your payments. END