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A Quick Overview On Short Term Loans

What Are Short Term Loans?

Basically, short term loans nearly mirror payday loans but with the difference of longer borrowing timescales.

Even though short term loans and payday loans share a resemblance, more of us are now turning to use short term loans. Reason being, this option provides more flexibility on repayments and lending terms.

Short term loans were designed to relieve customers from stretching themselves when paying back a loan. With longer borrowing times now available for smaller loans gives any applicant more choice to suit personal circumstances.

How can a short term loan help

How Can A Short Term Loan Assist Me?

There are plenty of reasons why you might need a short term loan, that’s why we provide a service which considers all circumstances. You can use our free smart search tool to access all our lenders offering you more options in less time.

Short term loans deliver another solution to smaller amounts of cash with longer repayment options. So, the purpose of your loan will most probably fit the category of a payday loan e.g. day to day bills. But, our short term loans give you that extra breathing space to spread the cost of what you are repaying.

If you find payday loan repayments difficult to manage (which can be, if not manage properly) a short term loan could suit you better.

Are Short Term Loans Right For You?

Do you need to borrow a smaller amount of money that you know you can pay back quickly? Maybe you’re concerned at the amount of interest you’ll pay with a longer term loan. Or perhaps you need money but don’t like the idea of being in debt.

Short term loans might be what you’re looking for. If you know that you can pay back the borrowed amount within a year, then you may consider applying for a short term loan.

Are short term loans right for you

Quick Short Term Loans

A short term loan is exactly that. A financial loan that you agree to pay back within a shorter amount of time than other types of loan.

Whereas payday loans and no credit check loans are also designed as a short term solution, the interest can often add up.

A short term loan is beneficial for those who might need to borrow more than a payday loan would permit. Or for instance if a payment term longer than one month is necessary. They are also a fantastic option if you need more flexibility over your monthly repayments.

Why You Might Need A Short Term Loan

If you’ve had a sudden bill, or an urgent payment that needs to be made, you may consider applying.

Whilst payday loans are often considered as a type of short loan, they are designed to be paid in full by your next payday. This might not always be a possibility for you. However, if you know you can commit to a regular monthly payments to clear the balance within a short amount of time (longer than a month), a short term loan may be a better solution.

How ‘Short Term’ Is It?

Lenders will usually classify short term as ‘within 12 months’. Your repayment period can be anywhere up to 1 year. Though certain direct lenders may offer loans of differing lengths.

It is important to note that if you are eligible for a short term loan, though you know you’ll struggle to clear the balance within a year, that you might be better with a personal loan.

Interest

As you are borrowing for a longer amount of time that you would be with a payday loan, your interest rate will be significantly lower.

A short term loan will offer a higher interest rate than personal loans, as it is designed to be paid back within a shorter amount of time.

Short Term Loans VS Payday Loans

On paper, short term loans and payday loans are near identical. The only real differences are the interest rates and loan duration.

A short term loan can often cost less than a payday loan in interest, and is generally much more flexible with the repayments.

If you don’t want to stretch yourself in order to commit to a payday loan repayment, a short term loan may be the best option for you.

applying for short term loans

Applying For Your Short Term Fix

There are more lenders than ever, which makes it increasingly harder to find the right product for you.

You can save yourself the time and effort of searching through countless lenders for the best deal, and apply directly through Loan Bird.

Loan Bird have done the hard work so you don’t have to. All you need to do is fill your details in, complete with how much you want to borrow, and Loan Bird will find the best deal for you.

If you want a short term advance that you know you can pay back within 12 months, you can apply online with us.

Are The Repayments Short-term?

Repayments on a short term loan are most similar to repayments on a personal loan. If you are accepted, then you would usually agree a direct debit with the provider for your monthly payment to be taken on a certain day of each month.

The payment will be based on the amount of the loan and the length of time agreed with the lender. If you agree a £300 loan over a three month period, for example, you might end up paying £100 (plus interest) once a month, until the loan amount has been cleared.

Different lenders will offer you different payment terms, so it is important to understand exactly how you are expected to pay your loan and by when.

what do short term loans have to offer

What Are The credentials Of A Short Term Loan?

Our short term loans can offer you lending amounts up to £3,000. You can also borrow one of our short term loans up to 12 months, meaning you have more time to manage all your finances.

All your payments will be agreed at a fixed rate suitable to you. We will present these figures to you before you go ahead. If you decide that you want to pay off your loan early this could save you money on the costs of your loan. Please be aware that the majority of lenders will charge an early repayment fee for this.

Our Short-term And Long-term APR

The Annual Percentage Rate usually depends on the length, amount and circumstances of your loan. If your looking for a short-term financial fix the APR could range anywhere between 278% to 1576%. Our longer loan options provide APR rates from 3.1% to 71.3%.

We would always advise that you work out your APR before you take on any loan. If you are ever unsure about how your APR is calculated, check with your loan adviser and ask if they can walk you through it. Check out our information on APR, this could offer you further detail on how it actually works. You will find this information in our online loans section.

Representative APR: 279.5% | Representative Example: Loan Amount: £300 | Borrowed for 60 days | Total Repayment: £420.82 in 2 monthly installments of £210.41 | Interest Charged: £120.82, interest rate 120.8% pa (Variable).

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Timescales on receiving your funds may vary from lender to lender and depends if your bank accepts faster payments. The loan amount and interest rate offered is subject to the lender’s requirements and approval.

Warning: Late repayment can cause serious money problems. For help, visit moneyadviceservice.org.uk