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?
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.
What do they have to offer?
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 loan library section.
Warning: Late repayment can cause serious money problems. For help, visit moneyadviceservice.org.uk