Short term loans UK
Short term loans are are one of the most popular choices of loans throughout the UK. Typically short term loans can be borrowed and repaid over a certain amount of time in a number of equal payments, although many different lenders have different borrowing terms, most will allow a borrower to spread the cost of their loan over a number of weeks or months. Short term loans are different from payday loans in the way that the total cost of the loan does not need to be repaid in one go.
Typically most UK lenders allow customers to borrow between £50 – £2,000 with the average length of borrowing between 1 and 3 months. Short term loans offer more flexibility when it comes to repaying the loan as the total cost can be split among equal payments. For example if a customer has borrowed £3,000 and chooses to borrow the money for a total of 3 months, the customer will then pay £1,000 for 3 months until the total cost of the loan (including interest rates) has been repaid.
Short term loans add flexibility to the whole borrowing process, allowing borrowers to request smaller amounts of money than what would typically be on offer from many banks and personal lenders. Short term loans are often a more popular choice than Payday loans as UK customers can borrow similar amounts of money but rather than repaying the loan back in one lump sum, the cost can be spread out ensuring the repayment process is made easier
Short term loans UK are an ideal way getting funds quickly and easily as the whole process is carried out online. There is no need for a face to face appointment with a lender or bank, in-fact many UK lenders will offer customers the chance to apply online without the need for a meeting with a personal loans advisor.
What are Short term loans?
Typically short term loans sit in-between personal loans and payday loans as they are repaid in shorter amount of time than a personal loan but can also be repaid over a longer period of time than that of a payday loan. Short term loans tend to be smaller in value when compared to personal and payday loans and can even be as little as £50.
As the name suggests, short term loans are repaid over a shorter amount of time when compared to other options such as personal loans. Short term loans are essentially a payday loan that offers more flexibility in the repayment process as the full cost of the loan can be repaid in equal instalments as opposed to one final lump sum on the agreed date.
Short term loans are very similar to payday loans in that way that customers can borrow similar amounts of money, on average between £250 – £350, the only difference is that the cost of a short term loan can be repaid over a number of equal repayments. Payday loans uk on the other hand require the borrower to make the full payment on an agreed date, however some lenders will allow their customers to pay off the loan early at no extra costs or charges.
Can I apply online for short term loans in the UK?
An added bonus of short term loans is that the whole application process takes place online without the need for a face to face meeting with a bank or personal loans advisor. Payday Pixie offers the platform for customers to apply for online loans and short term loans with no credit check, meaning that your credit score will not be affected if you apply with us. Other UK Lenders may wish to carry out a credit check if our smart loan search technology matches you with a lender.
Online short term loans also offer the ability for customers to receive the funds within their account within a matter of minutes/hours as the payment process is all automated. Upon approval, short term loans direct lenders will show you the full cost of your loan and expected repayment dates in your loan contract. It is important that you thoroughly read through this contract as it will include important information such as the total loan amount payable and expected repayment dates. Your contract will also include terms and conditions should you fail to make a repayment on time or at all.
Short term loans bad credit
We understand that people suffering from bad credit may struggle to get their hands on funds provided by a bank or personal loans provider. The main reason for this is that banks and personal loans direct lenders offer loans of a greater value, usually £5,000 and more which means someone with a bad credit history may struggle to repay a bigger value of money borrowed.
Bad credit loans allow people that are suffering from a poor credit history to borrow smaller amounts which they are likely to be able to repay over a number of months. When compared to a payday loan, where the loan is usually repaid in one big final repayment, short term loans are a more flexible option for people with bad credit history.
It is likely that people who are suffering with a bad credit will tend to struggle with making large payments towards paying off their loan, short terms loans for bad credit allows the total cost of the loan to be split into smaller payments.
Short term loans no credit check
Here at payday pixie, we offer short term loans no credit check for people that may be concerned about their credit history preventing them from being able to take out a loan. We will never carry out any form of credit history check, however a number of lenders may chose to carry out a credit history check to determine whether you are likely to be able to repay the loan on time without facing any other financial implications.
Short term loans no credit checks are similar to payday loans no credit checks as we do not carry out any form of credit check. Most lenders will carry out a credit history check, if you apply with payday pixie we will show your application to a number of lenders who may be able to provide you with a loan. If a lender accepts your application, it is likely that they will choose to carry out a credit history check to see your previous lending history. Many people applying for short term loans with bad credit will need to prove that they are able to repay the loan onetime without potentially missing a payment and being hit with any further fees.
Payday Pixie do not carry out any form of credit check when applying for a short term loan, instead we ask for the following information:
- Name and date of birth
- Address details and address history
- Monthly salary and employment history
- Bank account information
Who are short term loans direct lenders?
Short term loans direct lenders will offer you the money directly without the need for using a loan broker. Many people will prefer to use a short term loans direct lender as the whole process can be very fast which is ideal if you require the funds quickly. On the other hand, many people will prefer to shop around before they take our a short term loan, using broker and comparison websites such as money supermarket. By using comparison websites and loan brokers instead of a short term loans direct lenders you can ensure that you find the cheapest possible deal for your self.
By going directly to a short term loan lender, you are only seeing what one lender has to offer and if you choose to take out a loan with them the chances are that you could have found a cheap short term loan elsewhere that would better your deal.
Typically, many short term loans direct lenders offer loans between £50 – £2,00 with the average amount borrowed between £250 – £375. Most lenders will allow customers to borrow for up to 3 months and repay their loan in a series of equal instalments ensuring that the repayment process is easier than that of a payday loan.
In order to find the best loan option for you, short term loans compare websites will enable you to compare a number of the UK’s direct lenders to see which lender can provide you with the best interest rates and best borrowing terms. Not all short term loan direct lenders will be able to offer you the best possible deal, as some lenders may see you as slightly more risk than other lenders.
Short term loans compare websites will ensure that you are able to find the best possible deal for your current financial situation. For example, by using a financial comparison website you will be presented by a list of lenders displayed to you by which lender can provide you with the cheapest possible deal. By applying with one direct lender, you will only be able to see their offer.
Am i eligible to apply?
The best way to find out if you are eligible for a loan is to use a loan eligibility calculator. This calculates your chances of being accepted for a loan without actually applying for one. It will also not affect your credit score.