Short Term Loans

Life is full of surprises and unexpected bills can appear at any time. Short term loans were invented for just this reason. They allow you to borrow anywhere from £50 to £1,000 and have the cash in your bank account in as little as 15 minutes, great when funds are suddenly tight and you need money quickly.

While similar to payday loans, short term loans are better in a number of ways. They are a lot more flexible and don’t need to be paid back at your next pay date, unlike a pay day loan. The only requirements for a short term loan is that you are at least 18 years of age, have some sort of income coming in and are a UK resident.

To apply simply complete our application form, it will only take a couple of minutes, and you could have your cash within 15 minutes of being approved.

Short Term Cash Loans

Short term loans can usually be rolled over if you would like to take longer to repay them. Typically a short term loan will last anywhere from one day up to thirty days, although no two loans are the same and we pride ourselves in our flexibility, let us know what you would like and we will try our very best to provide it for you.  Our service is a no fax service saving you the hassle that some payday loan lenders put you through for their loans.

Short term loans with no credit check

We appreciate that not everyone has a perfect credit score. While lenders who make traditional unsecured bank loans often label people as bad credit risk, we believe this is an unfair label. We believe that no matter what your past credit history is like, you deserves to be able to take out a short term loan. Our only assessment is therefore that you can pay back the loan you take out with us..

We pride ourselves on our flexibility, both in terms of the loan amount and on the amount of time you can borrow it for.  So no matter what you need the loan for (we don’t even ask!) , we are sure we can help you find the right short term loan for you.

A short term loan is generally a certain amount of money borrowed from a lender due to be paid off within a set amount of time. Short term loans are also known as instant payday loans in the UK, so the average repayment term is 31 days (Enough time for you to get your next paycheck, hence the name). These are for people who need cash as soon as possible with a short repayment term. Short-term loans can mature in as little as one week. Generally, these loans have a low maximum account (around £100-£2,000) and high interest rates. . For personal use, short-term loans could be acquired for home improvement, medical bills, or any unforeseen expenses.

Short-term loans can be acquired from many sources, depending on the amount and the purpose. Banks, for example, offer short term student loans. Banks can offer loans for the unemployed as well, to help them get back on their feet. In this scenario, there are three important questions to ask: 1) How much do I need? 2) Do I need it in cash? 3) How long can I pay for it?

One of the most common short-term loans are paycheck advances, or instant payday loans. These are small, short term loans intended to pay for a borrower’s expenses until the next payday. Once verified through bank statements, borrowers receive a cash loan direct to their bank account. Payday Loan Lenders have access to the borrowers bank account so they can recoup the full amount of the loans plus fees on payday.

Usually, if you’re looking for a short term loan online you will find that most websites are willing to lend up to £1000 with a 25% interest rate. This means that for every £100 you borrow you will have to pay back £125. The repayment term on most UK payday loan websites is set to 31 days.

Alternatives to short term loans:

Credit cards: for those who don’t need it in cash!

For borrowers out there who need to make a big purchase, you can secure a credit card with a 0% introductory rate and get up to 12 months for repayment. These are installment loans, and rather than a fixed amount, a limit to purchases is given. The company still has to review credit card history and income, but once accepted and given a credit limit, the borrower can purchase the items or secure a new credit card in conjunction with the first one. Two important things to note, however are

1) acquiring many credit cards at once damages credit score, and

2) if the borrower cannot repay on time, they can shift the debt to a cheap balance transfer before the end of the 0% period. Otherwise, a 15-20% interest rate may kick in.

Small cash loans: if you only need little!

Small cash loans are there for you if you need to borrow a small amount of money. The difference between borrowing money from a bank is that the money is delivered and collected in person. The repayment time is very flexible and can range anywhere from 2 to 52 weeks.

Also, the amount you’re allowed to borrow cannot exceed £500 in most places, with the minimum amount of £50.

Since the repayment time is usually longer than the 31 day period of payday loans, the interest rates are high. In fact, it’s one of the highest when compared to other loans.

Borrowing from friends and family is a no-brainer:

Borrowing the money you need from your friends or family members should be considered too. After all, they aren’t likely to charge you interest on the money borrowed and know your circumstances better than a loan institution.

Advantages of Short-term Loans

The most obvious advantage of short-term loans is the fact that they are economical. They can also be arranged with short notice. The amount of interest is also relatively affordable.

Most short-term loans do not require a lot of paperwork and it allows quick application that makes the funds available possibly in just a few hours.

The burden of long-term obligation is also non-existent. The lenders do not interfere with the borrower’s purpose for borrowing the money.

Disadvantages of Short-term Loans

The burden of paying off the debt at a fixed time does not allow for flexibility. Regardless of your purpose or your reasons for failing to repay, the money has to be returned after the specific period of time. There is also the uncertainty of repayment in the face of a crisis.

They also tend to have higher interest rates overall, but because the rates are fixed, the possibility of an increase is limited.

In the end, it is important to consider the three questions before deciding to go for short-term loan.
1) How much do I need? 2) Do I need it in cash? 3) How long can I pay for it?

Once determined, the borrower can now opt to go for credit cards, short-term loans or small cash loans, all depending on their situation.