While the majority of lenders like to pretend that they can supply Short Term Loans for bad credit, this isn't really the case. The reality is that people who are unfortunate enough to have bad credit represent a high risk for lenders and in the vast majority of cases a short term loan application will be turned down.

Given this is what happens you might be asking yourself why lenders advertise these deals if they have no intention of lending money to you. The reason lenders advertise this way is so they can attract you to their site, collect your personal information and then sell this information on for a fee - usually to a credit repair company who will then phone offering you their services for a fee.

We strongly disagree with this underhand tactic, and so have prepared this guide with some of the alternatives you should consider if you find your self in this unfortunate position.

Consider Pawn Brokers and Pawn Shops Online

If you have something of value, pawn brokers and shops have always been a traditional way of raising quick money to pay unexpected bills or just raise some cash when money is tight. There are pawn brokers available in most large towns and they will typically lend 50% of the value of the item you provide for security, which is a lot of cases is jewellery but doesn't need to be.

Pawn Brokers have also entered the internet age and companies like Borro.com now provide these services online. Acting like an online pawn shop, you send them the valuables you would like a loan against, they value this item and make make a loan offer based on their valuation.

While Borro is not as quick as a high street pawn shop, they can have the money in your bank account within 24 hours of you sending them your valuables.

Bank of mum and dad and friends

Many people don't like their family and friends to know their financial situation but for many borrowing from family and friends can be a real lifeline to get them back on their feet or help pay an unexpected bill. And it usually has the added bonus of being interest free!

Use traditional bank loans and credit cards

While banks borrowing seem to have gone out of fashion with the rise of payday loans and short term loans, traditional banks can still provide quick access to cash if you meet their criteria. You can do this either through an overdraft facility which can normally be set up within hours or by using your credit card for a cash advance. Allow both will incur charges, normally you will find they are competitive when compared to fees associated with short term loans and similar borrowngs.