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Short Term Loans UK

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A loan doesn’t have to become an all-consuming part of your life. You can get the money you need, get it paid back and be done with it all in a short amount of time That’s exactly what short-term loans allow you to do. Many people think of loans as these massive debts they will spend years repaying, often only chiselling away at the interest and not even touching the base amount for much of that time. But short term loans are an entirely different way to lend and borrow.

How It Works

Short term loans, such as payday loans, operate on truncated timetables. These are usually smaller than atypically bank loan would be, often only a few hundred pounds. The repayment period is generally around a month for these smaller loans, though extensions can be added.

For most short term loans, the idea is that the borrower will repay the loan once they have been paid again. The loan helps them to pay for an unexpected or large expense that they could not pay on their own with their regular income in the timeframe they have to pay it. The short term loan allows them a bit more time to pay for that essential expenditure.

These loans are really intended for people who are financially stable and who will be able to meet the repayment terms in a timely manner. Fees are set up as deterrents to making late payments or for missing payments.

The big benefit of short term loans is that they usually require no credit check. That’s advantageous for those who have a poor credit history and who might not be able to get the money they need from the banks. These are people who might be considered risky by some lenders’ standards but who feel they are capable of making the repayment on time.

For most short term loans, the only prerequisites are for age, income and identification. If you can prove you are of legal age for the loan, that you have a job and that you are a citizen, then there should be no problem being approved for the loan.

Who Should Use Short Term Loans?

There are a number of instances where a short term loan would be your best option. Let’s take a look at the most common ones.

You need money fast. Bank loans take time, and there is no way to speed them up. For those who need money quickly- be it for an emergency or for last minute expenses- short term loans are the way to go. Processing and approval usually only takes minutes to complete, making it the fastest way to get money.

You have an emergency expense. You cannot always plan for the expenses that pop up in your life. Maybe a natural disaster damaged your house or your car needs immediate repairs. These are expenses that have to be paid right away for your life to continue, and you may not have the money saved out to pay for them in a timely manner. Short term loans allow you to cover those expenses without carefully panning ahead for the unexpected. Problems happen to everyone, but these loans can help alleviate the strain created by many of those problems.

You have poor credit. Having bad credit does not mean that you cannot meet your financial obligations. But it could mean that banks are going to turn down any request you make for a loan. They usually start with the credit check and use any other details as secondary factors in determining your eligibility for a loan. With short term loans like payday loans, your credit usually isn’t a factor. You can get the loan without needing a credit check, so long as you have a steady income.

You are financially stale. It is important that only people who can afford a short term loan take one out. If you apply for a loan, make sure you take time to look at the repayment conditions. Understand fully how long you are allotted to pay back the loan, what kind of fees will be charged if you are late on your payments and what amount you have to repay. If you think you will need another payday loan next month and the month after that, then you should probably look to other means of securing the funds you require.

How to Use a Short Term Loan

Short term loans should only be used for emergency expenses that you cannot live without or for luxury or expensive items that you can afford to pay back within the given timeframe. You don’t want to take out the loan for a particular purpose and then end up spending it on things you don’t really need but could not afford otherwise.

Instead, carefully budget your money and make sure you are planning ahead for how to repay the loan before you ever apply for it. That’s the safest way to treat a short term loan. If used correctly, these loans can get you out of a tight spot, help you maintain your credit score and keep you from dropping into debt.

Many people use these short term loans as a way to avoid making a late payment on a very important expenditure. Perhaps, they need to make a car payment that they don’t quite have enough money for. Making that car payment on time ensures they get to keep their car and prevents them from paying expensive late fees.

There is no better way to get a decent amount of cash very quickly than with short term loans. If you plan for the loan properly, you can have it repaid, avoid any harm to your credit rating, and get back on track financially in no time. Loans don’t have to drag you down for months on end. Just fill out the form on this page to apply for a short term loan right now and get the money you need instantly.

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You will need to be over 18 and a UK resident with a valid UK address. You must also have a monthly income (from benefits or a job) and a UK bank account.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk