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Short Term Loans
We will use software to compare the best short-term loans available to you. We are a licensed credit broker and not a lender.
What are Short Term Loans?
In many ways, a Short-Term Loan is similar to a ‘Payday Loan’ in that it can help you get out of a financial situation fast. They are short term loans for a reason – they should not be used over a long period of time. Always check the full repayment amount on your payday loan before committing.
Short term loans are fast and easy to secure, and as you are agreeing to pay the money back ASAP they are less of a risk for the lender. But, unless you can actually can afford to pay the loan back within the agreed repayment time, you may struggle to meet the high levels of interest.
Short term loan interest rates vary depending on the size of the loan, your credit history and the repayment schedule. This type of borrowing can be flexible, but it’s best to borrow small amounts of money at a time to avoid getting into repayment difficulty. Payday loans can be harmful if you are not used to managing your own finances. Just make sure that you have selected a short term loan that is right for you, and that you are dealing with a reputable lender.
With Loans Info, our simple application can match you with the right lender for your circumstances and needs. You can feel safe and secure in the knowledge that we only work with the UK’s most reputable lenders, and the funds can be with you in as little as 20 minutes* after approval.
What can I do with a short term loan?
A short term loan can help you when hit by a payment that you have to make, or e you haven’t been paid yet. Payday loans are often seen as a source of emergency funding and are a temporary financial measure you can lean on if something goes wrong. Cash loans are a quick and easy way to access money, but they are not a viable long-term financial plan.
Why are there such high interest rates?
Short-term loans often have high interest rates and annual percentage rates (APRs), because they are meant to be quick over a matter of weeks or months, not years. It’s important to understand what an interest rate means as getting it wrong could mean that you have to repay the original loan amount back tenfold. All the astronomical APRs quoted can make it hard to navigate what is a good deal – look at the total repayment rate instead to get a realistic idea of what you’ll actually be paying.
How much money can I borrow?
Short term loans range from small amounts from £100, to larger sums of £5000; but it’s not a good idea to borrow a large amount of money without a solid repayment plan that you will be able to pay it back within the specified time. Make sure that you look at the total amount payable when you apply for a loan to get a realistic idea of how much it will be actually costing you.
When do I have to pay it back?
The sooner, the better. You can pay short term loans back in a matter of months, or you may be given up to a year to pay it all back (but the longer you wait, the more interest you’ll have to pay). You can select the number of repayments you wish to make when you first apply for the loan, making it easy for you to plan and budget. However, you must ensure that you can keep to the loan repayment plan as penalties for missing a payment can be very high. Sometimes you can shorten the repayment time by paying the loan back early – check with your lender whether this is an option for you and whether any penalties will apply.
Is a short-term loan right for me?
Short term loans get bad press because people take them out without fully understanding the financial implications and get themselves into debt. Short term loans are completely safe and secure if they are managed correctly, but they should never be used as a long-term financial aid. Mismanaging payday loan repayments can impact your credit score, and you will be hit with expensive missed or late repayment fees. Be careful payday lenders who take money from your account on a continuous basis. Other types of loan tailored to your personal circumstances are available, such as bad credit loans which can help with repairing your credit score. We recommend seeking Independent financial Advice before proceeding.
How to get the best short term loans?
You can apply for short term loans online, but watch out for hidden moneylender fees (we don’t charge any broker’s fees) Make sure that you have got a competitive repayment schedule and that you aren’t paying a very high of interest on the repayments you agree to make. Always make your repayments on time to get the best deal and protect your credit score. Short term loans are completely safe if you budget for them correctly – just don’t overestimate your ability to make repayments and look around a bit until you find the best loan deal for you.
Apply today with loans info let us take the hard work out of finding you the best lender.