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Short Term Loans
- Short terms loans are designed for people who want small amounts of money as fast as they can get it.
- These loans have a short lifespan, which may last for a few weeks or months.
- Due to their short life span, short term loans are approved a lot faster than other types of loans.
There are many kinds of credit that one can apply for when needing cash. A car loan or a mortgage, for example, allows you to borrow a large amount of money and pay it back in months up to several years.
If you are looking for a smaller loan amount with a shorter repayment period, then a short term loan is what you need. Short term loans have several benefits – same day decision and availability for bad credit are just some of its advantages.
How can a short term loan benefit me?
Just like other people, a short term loan may be the best credit option for you. A short term loan is handy when you need to cover emergency expenses. It can also be obtained by borrowers with poor credit history. If you do not have a credit card or access to other forms of mainstream credit, a short term loan can be a viable option.
If only everyone had a bunch of money saved up for rainy days, there will be no need to obtain a loan. While some people may have some savings set aside to handle unplanned expenses, sometimes the amount you need to pay for is more than what you have. Unforeseen expenses tend to arrive before your payday which can be a stressful situation. There are times when a short term loan is the only solution for your condition.
What are the uses of a short term loan?
A short term loan can be used for almost anything, except pay for your other debt. If you need amounts between £100 to £1,000, we can help you get the best deal for your situation.
What if you wake up one day and your fridge stopped working? Or there was a hole in your roof that you cannot leave as is. The best way to deal with it is to have the roof repaired or buy a new refrigerator.
It is important to have enough money to take care of unexpected but essential expenses. A short term loan is an excellent option if the emergency cost cannot wait. The good news is that a short term loan can be repaid over a few months.
Is there any difference between a payday loan and a short term loan?
Payday loans have been around for a while – you will see ads promoting these loan products online, in newspapers, and on television. There has also been a lot of negative press surrounding payday loans from the media. The short term loans that we offer are slightly different from the typical payday loans offered in the market.
A payday loan is a type of credit that is, based on its name, given as an advance to help borrowers get through their next payday. A payday loan cannot be repaid in installments. The loan is paid in full together with its high interest.
In comparison to a payday loan, short term loans have longer repayment terms and may also be paid in weekly or monthly installments. Short term loans offer more flexible terms that allow borrowers to choose to pay an amount they are comfortable with and can easily manage.
Short term loans also have lower interest rates in contrast to a payday loan. Do note that there are penalties and charges associated with payday loans and short term loans if you fail to manage loan repayments well.
Am I eligible to obtain a short term loan?
Many people wonder whether they will be qualified to take out a short term loan in case they need it. A borrower may be eligible for a short term loan based on several factors. These factors include your age, place of residence, your monthly earnings and expenses, and your credit history. Loan providers may also verify your financial standing with credit bureaus.
If you possess a good credit rating and you are in need of a loan, you will likely be granted credit by your bank or a mainstream loan provider. However, when you have a poor credit rating or you do not have any credit history to speak of, you may need to work with a direct lender or loan broker.
People with thin credit or flawed financial histories may find it challenging to get a loan since lenders see them as a risk. Loan providers are more likely to think that you cannot pay back the loan you are after, resulting in their losses. Lenders who entertain bad credit borrowers will charge higher interest rates to offset their risks, A bad credit loan costs higher than what you will get from a traditional lender or bank.
A bad credit loan can be beneficial if you pay off your dues in a timely manner – it will help rebuild your credit score so that you can get access to better interest rates in the future. If you are able to pay back your loan repayments on time, your good behavior will be noted by credit reporting agencies and reflect in your credit score.
Should I look for a loan guarantor?
There are different types of loans available in the market, and one of them is a guarantor loan. In contrast to a short term loan, however, guarantor loans require loan applicants to assign a third-party who will be responsible for the borrowing in case the principal fails to pay the debt. Should you fail to settle your debt, your guarantor is bound by the loan agreement to pay on your behalf.
The short term loans we offer do not require any guarantor or a third party willing to secure your loan.
What will happen if my financial condition changes?
There are many things in life that we cannot predict. We understand that something can come up and your financial condition can change without a warning.
Should your new financial circumstances pose any difficulty or challenge in paying back your loan, you should reach out to your lender as soon as possible – deliberately ignoring your situation will result in more problems.
We try as much as possible to look at every customer’s unique situation and offer the best solution which benefits everyone. Do not hesitate to talk to us either through phone, text, or email.
What should I look for in a short term lender?
You will not find any shortage of loan providers out there. Going online and searching for loans near you will produce significant results, so it is best to choose your provider wisely.
A reputable lender should be able to explain to you the details of the loan very well, including the interest rates, fees, and other charges. Do not accept any loan offer that you do not fully understand the credit terms and conditions.
How will I benefit in choosing you as a short term loan provider?
With numerous lenders offering different types of loans, it can be confusing to choose which one you should work with. How do you choose the right lender? And how will choosing the right lender benefit you?
To choose the right lender, you should consider several important points. First, you should find out the interest rate that will be applied to your loan. Make sure you fully understand the annual percentage rate (APR) for the loan you want to obtain. Understanding the APR lets you decide if you can afford the loan or not.
By applying for a loan with us, you will know exactly how much you need to pay each month, and what your total loan cost is. We make sure our customers know what they are getting into because our loans do not have hidden fees.
You can obtain a loan with confidence knowing that you only have to pay back what you agreed to in the contract. This is not the case with other loan providers.
Another factor that you should consider when looking for a lender is how they deal with their clients. We make sure that all our clients receive the best customer service before, during, and after the transaction. You can reach out to the customer service team anytime if you need assistance or clarification about your loan.
We pride ourselves as being honest, upfront, transparent, and responsible lenders. We do not allow our customers to borrow more than they can afford to repay. You do not need a guarantor to avail of our short term loan products.
Although our short term loans are subject to approval by our trusted panel of lenders, we will help you find the best lender for your financial needs.
How long should I wait for the lender’s decision?
Our lenders’ decision process is pretty quick. We want our customers to receive the money from the short term loan as fast as possible. Short terms loans are also referred to as same day cash loans. We understand that our customers use the loan proceeds for emergency expenses, so we do not want them waiting. At the most, lenders’ decisions will be available on the same day the loan request was submitted.
Is it safe to take out a short term loan?
Every kind of loan has certain risks – for both the borrower and the loan provider. The lender should look at their client’s affordability through a credit check. The borrower, on the other hand, should only work with reputable and responsible loan providers.
I have heard plenty of negative press about short term loan providers. Are they true?
Short term loans have always had a negative image and compared unfairly to mainstream loans. However, not all short term loans are bad – payday loans are usually associated with very high interest rates, hidden fees, and excessive penalties.
A short term loan from a FCA-authorised lender is your best option if you need a small amount immediately. A reputable short term loan provider will only offer realistic terms and interest rates.
How can I benefit from a short term loan?
As discussed earlier, a short term loan offers many benefits and advantages. The clear advantage, of course, is that you will have the capability to handle life’s unexpected expenses with the extra cash. In comparison to other forms of borrowings, a short term loan allows you to:
- Receive cash instantly (within the hour you applied, from 6 am to 11 pm)
- Repay your debt in manageable monthly installments
- Obtain a loan without a guarantor
- Borrow an amount between £100 to £1,000 (usually subject to your capability to pay)
- Boost or build your credit score (if your dues are paid on time)
Will a short term loan benefit my credit score?
Yes, especially if you pay your dues on time. Your credit rating improves every time you pay back your loan in a timely manner. It is, thus, pertinent to manage your finances well so that lenders will not see you as a risk to their business.
If you encounter difficulties in your monthly payments, the best option is to communicate with your loan provider immediately.
What are the reasons to obtain a short term loan?
There are different reasons why someone will want – or need a short term loan, such as:
- You need extra cash to pay for an immediate and urgent expense
- You want a speedy decision
- You are looking for a payday loan alternative
- You prefer to pay back the loan in several installments
- You need the exact cost of your loan and monthly amortizations
- You want a loan that has no hidden charges and fees
How can I apply for a short term loan?
Short term loan applications are usually very simple and straightforward. Direct lenders will let borrowers submit their loan request online. To make your application as hassle-free as possible, you should have the following ready:
- A working mobile number and email address
- Your permanent residence address (at least three years)
- Details of your monthly income and expenses
- Your bank account information
Frequently Asked Questions
How much can I get from a short term loan?
These type of loans have a very short lifespan, hence, you may not be able to borrow large sums of money. However, some direct lenders may be willing to give you as much as 3000 pounds if they feel you are capable of paying back the loan when the time comes to do so.
Short term loans may not offer large amounts but we still advise that you only borrow a sum that you are capable of paying off when the loan’s due date arrives.
I have bad credit, can I still get a loan?
According to laid down regulations by the FCA, all lenders are to carry out a credit check on prospective customers before granting them loans. This means that lenders hold the right to turn down applications from people with bad credits.
While most lenders follow this rule to the letter, exceptions do exist especially when it comes to short term loans. Lenders may be able to give out loans to individuals with poor credit history if they believe they have what it takes to pay it back. But note that these type of loans attract very high-interest rates.
Do I need collateral or someone to stand for me?
No, you don’t need one. Once the lender confirms that you have a good credit history and you currently have what it takes to pay the loan back, your application will be granted without delay. Collaterals and guarantors may be needed when you set out to get a long term loan that involves large sums of money.
Can I get multiple loans?
There is a chance that your multiple loan request will be accepted if you have a very good credit history and the lender is also willing. But unless you have genuine reasons to do so, taking up another loan when you are yet to pay up for the last one is usually a bad idea.
What happens if I fail to pay back the loan amount?
With most lenders, extra charges will be added to the high-interest rate that you already have to deal with. If you don’t manage the situation properly, you may end up hurting your credit scores.
So, once you sense that you may not be able to pay back the loan on its due date, reach out to your lender and try to come up with a new plan.
How does it work?
Short term loans are designed for people looking for a small cash advance to solve their urgent money problems. This is could be for an urgent house repair or payment to fix your faulty car.
If you are sure that a short term loan will fix your current financial emergency, all you need to do is to fill an online application form for short term loans and a lender will get to you in the shortest possible time. Since all of the application processes is online, you may receive the loan amount in your bank account within 24 hours if your application is successful.