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Short Term Loan

If approved, your £100 to £5,000 can be sent within minutes, in a few clicks

With over 50 direct lenders in our network to compare, we find you the best loan offer available!

  • 100% secure
  • No fees
  • No paperwork

I would like to borrow...

...and pay it back in 12 months

Representative Example: Amount of credit: £1,000 for 12 months at £107.53 per month. Total amount repayable of £1,290.36. Interest: £290.36. Interest rate: 49.9% p.a. Fixed*. 49.9% APR Representative. Rates between 9.9% APR and 1,295% APR.

We're a fully regulated and authorised credit broker and not a lender.

We work with over 50 lenders to help you find the best loan possible.
We never charge you for our service.

Sometimes extra expenses pop up and before we know it, we’re in need of a short term loan. You’re not alone if you’re in this situation, with 40 million people within the UK requiring a loan at least once a year and with 3 in 4 of them applying for more than one loan a year – it can be a difficult situation.

What makes the process of looking for a short term loan even more difficult is that banks and lenders are more likely to hand out long-term loans due to the increased returns they provide. When in search of short term loans, you’ll often be met with disproportionately large interest rates.

Here are a few guidelines on how to secure the perfect short term loan for your financial needs while providing the lowest interest rates.

Things to Keep in Mind When Looking for a Short Term Loan

Take time to decide how much money you will need to borrow. The more precise this number, the better. It’s no use to secure a loan under the amount you need as taking out two loans can have an adverse effect on your credit score. Securing too much money means you will pay more on interest which can eventually lead to needing more loans.

The amount of money allotted to you isn’t always up to you. But you can ensure that it’s within a reasonable range by asserting your needs and doing your research.

Here are a few more things to keep in mind before submitting a loan application and signing on the dotted line:

  • Once you’ve optimized your profile and laid down a stable foundation from which to undertake the loan application process, you’re now left with the task of deciding exactly which type of loan suits your needs best.
  • Try online resources as you are more likely to be accepted for a loan through online applications.
  • Prove you are now capable of paying a loan back – show proof of employment records, income, and any valuable assets that you now possess.
  • Frequently check your credit report – checking for any suspicious spending records allows you to open inquiries on various purchases that you’re wary about.
  • Research multiple lenders before making a final decision.
  • Don’t apply for multiple loans or credit cards at once (will have a negative effect on your credit score.)

Looking for a short term loan?

We can connect you to a lender in minutes, even if you have bad credit.

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Credit Union

Credit Unions tend to offer short term loans to those struggling with lower credit scores. You’ll also find that they offer a relatively low-interest rate but are still stringent on payment times.

Consider applying to your local credit union for a short term loan if you think your credit score is still of sufficient value and you’re sure you’ll be able to meet the set payment dates.

Take Out a Guarantor Loan

If there is someone in your life of ‘creditworthiness’ status who is willing to co-sign your loan application, this may be your best option to getting accepted. This is called a guaranteed or guarantor loan.

The majority of banks will take this co-sign into account as proof that they will be reimbursed in whole. They will be more likely to accept your application.

Government-Backed Loans

This is a loan subsidized by the government. It's aimed primarily at making homeownership more affordable for those with poor credit scores.

The recommended method of securing a government loan varies from area to area. In the UK, the Enterprise Finance Scheme is a government-guaranteed lending scheme for small businesses.

Secured Personal Loans

This is one of the most common forms of loans. You’ll find the majority of reasons behind taking out these loans to be down to mortgage or car payments.

You can secure one of these loans by offering up an asset of yours. This will function as collateral if you are not able to eventually pay the loan back in full. This type of loan is best for those who have fallen upon particularly unfortunate credit circumstances but still have valuable assets.

Unsecured Personal Loans

Unsecured personal loans are an option if you do not possess any assets that will be accepted as sufficient collateral. Lenders are less likely to accept this loan if bad credit is a factor due to there being no security on their part.

Second-Chance Instalment Loans

These are rather large loans but still considered to be small scale. They range from £500-£5,000. This makes them appealing to those who do not wish to undertake the commitment and financial burden of a long-term loan but also wish to have the relaxed credit checks that come with short term loans.

It can also be a chance for consumers to right their credit scores. Undertaking a second-chance loan and following all of the requirements until it's fully paid can drastically improve any credit score.

Bad Credit Loans

You should only consider this type of loan as a final recourse if you're looking to take out a loan. Offering a wide range of rates, a bad credit loan can be the perfect opportunity for one to get their business off the ground or make a significant purchase such as a car.

Your financial trustworthiness will still be under scrutiny when applying for this type of loan. You can apply online for bad credit loans, which will save you some time if you need cash quickly.

Looking for a short term loan?

We can connect you to a lender in minutes, even if you have bad credit.

Apply Now

Final Thoughts...

There are multiple resources out there if you find yourself in a bad credit situation. Be sure to do extensive research. Find which type of loan suits you and your needs best before submitting any applications or arranging any meetings.