Short Term Loans.

Short-term loans are similar payday loans but with a higher level of flexibility. The amount you can borrow varies from £50 to £5000, and the repayment can be made over a period of your choice, ranging from 3 to 36 months.

The nature of short-term loans means the process is far quicker than a traditional loan and can be completed online. These three characteristics, the lower amount, shorter repayment period, and faster process, are the main differences to a traditional loan. They are also the key characteristics that make short-term loans online such a popular choice for people looking for a quick fix to a temporary problem.

While short-term loans are useful for several circumstances, they do not provide a longer-term solution to financial difficulty.

Payday UK have streamlined the application form to help you access the required funds as quickly as possible. Simply fill out the personal details, and we will introduce you to the best option for your unique circumstances.

The loan our broker selects for you will already have been compared to your requirements and situation, so you will know you meet the criteria and can progress straight away. Short-term loans for smaller amounts can be in your bank within ten minutes^*. Larger sums may take slightly longer to process.

Payday UK are not direct lenders, but we do introduce you to a broker with a panel of FCA authorised lenders whose guidelines are used to check your status. This flexibility is just one of the reasons why people with an adverse credit profile often find they can access additional funds using our service.

The decision on whether you qualify for a short-term loan is virtually immediate. Our broker will match you to the best deal with the lowest rates for your unique situation. Sometimes, the speed of the process can be risky.

If you’re in a position where you need access to the money quickly, it can be easy to agree to unreasonable terms. When you use Payday UK, you know you’re getting the best deal currently available for you. This added peace of mind is priceless when you’re in a rush to resolve an emergency.

Yes, it can be. If you need to borrow between £50 and £5000, a short-term loan could be ideal for you. Short-term loans have been designed to help people that need access to extra money quickly. The reasons vary, but they usually include an unforeseen expense, such as a car breaking down or a house repair that needs immediate attention. If this sounds like you, then a short-term loan could help you out of a sticky situation.

Short-term loans aren’t a good solution for longer-term financial difficulty, such as paying other debts. There are free services you can use if you’re struggling with debt and need help to get back on track. Look at moneyadviceservice.org.uk
stepchange.org
nationaldebtline.org websites for further information.

Via Payday UK, you can apply for loans up to £5000. Due to the nature of short-term loans, most people who take out a loan would not exceed this amount, and the majority are for considerably less. If you need to borrow more than £5000, then you will be better served looking for a more traditional loan with a longer repayment period.

If a company offers short term loans for higher amounts, you should make sure you completely understand the full terms of the loan, as if they apply payday loan rates to a larger sum the interest could mount up quickly.

The repayment varies. You can choose a repayment period of between 3 and 36 months. The length of the repayment period is usually a reflection of the size of the loan. The larger the loan is the longer the repayment period. A smaller loan would typically be repaid over a shorter period.

One of the primary considerations when selecting a suitable repayment period is can you afford the repayments. You don’t want to stretch yourself too much and end up in the same situation in a couple of months. Select a repayment period that gives you payments you’re sure you’ll be able to meet.

Payday UK do not perform a credit check. However, lenders will perform a search known as a soft credit check, allowing us to find the best loan for you without having any impact on your credit rating. It means that you get to see if you’re eligible without the need for a full credit check that will show up on your record.

However, a full credit check will be performed by your chosen lender. The FCA (Financial Conduct Authority) requires all lenders to perform a full credit check, so don’t believe a company that tells you otherwise.

While the full credit check will show up on your credit report, you will already know you meet the lenders’ requirements before it is performed. Being accepted for a loan and then making all the repayments on time will be positive for your credit rating.

Payday loans by their nature are taken over a short period of time; however, a short term loan comes with a higher level of flexibility. Most short-term loans are part of direct lenders payday offerings.

Although, there are many banks that offer loans with a shorter repayment period that will never refer to them as payday loans, partly because of the negative historical associations with the term.

A lot of the reputation attached to short-term loans is a throwback to when they first became popular. There were many unscrupulous and unregulated lenders that took advantage of people that were in a difficult situation. Now direct lenders must be registered with the FCA and follow ethical and regulatory guidelines, providing the consumer with more protection. Short-term loans can get expensive if you fail to make the repayments on time.

The high APR rates reflect the short term of the loans, but if the loans go beyond the stated term, the additional interest can add up quickly. This is one of the reasons it’s essential you use a reputable lender that is entirely transparent about the terms of the loan.

When a short-term loan is used correctly, it can be a great way to help you out with an immediate problem. However, if you abuse the service, the interest can build up quickly.

If you think you’re going to experience a problem making a repayment, it’s essential to contact the lender straight away. Good communication means they won’t make any presumptions about your intentions, and you can resolve the issue quicker together.

This question is more complicated than it initially seems because lenders are regularly updating what they offer to attract customers. In the past, some consumers have accepted unreasonable terms because they have a bad credit score and are just happy someone has agreed to lend them the money.

However, when you use Payday UK, you know you’ll get the best deal for your situation that’s available at the time, regardless of amount, term, or your credit history. When you apply, our broker will look at what several lenders are offering, then present you with the best option.