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Representative example: £5,000 over 5 years at 16.9% APR representative. Rate of interest 16.9% fixed. Monthly repayment £120.85. Total charge for credit £2,251.00. Total amount repayable £7,251.00
Representative Example: Borrow £700 @ 12 months at £111.27 per month, total repayment of £1335.24, Interest £635.24, Interest rate 140% p.a.
Representative 277.5% APR (Variable). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
Need cash now? Apply for short-term loans in the UK
Are you looking for a quick way to fortify your finances? If you are, then a short-term loan would be of great help. Short-term loans are the perfect solutions if you need cash now to deal with an emergency situation, purchase an essential item, or cover an urgent bill that will be opening up a box of problems if not paid off in time.
How short-term loans work when you need cash now
Short-term loans can give you cash anywhere from £100 to £2,000 in just a day or two and pay it back the next week, month, or six months. This allows you to secure extra funding immediately especially if you need cash now and choose a payment term that suite your present needs and budget. Often, there are two types of short-term loans that you can access in the UK:
- Payday Loans – The short-term loans are basically cash advances where in you borrow money today and pay it back in full plus interest rates your next payday although you can choose a longer payment period depending on the lender. Completing a payday loan transaction is exceptionally fast and easy. If you apply online, you can accomplish an online application form in a matter of minutes and get approved shortly after. The approved loan amount will then be deposited into your account in the next business day. If you apply in-store, them approved loan will be handed to you in cash right then and there.
- Short-term Instalment Loans – Unlike payday loans that will require you to make just a single lump sum payment, short-term instalment loans allow you to spread the loan in several fixed payments from 3 months to six months but often no longer than a year. This means that the payments will be smaller and easier to budget as a result. But because the payment terms are longer, you could be paying more in the end since there more interest rate payments to cover.
When you need cash now and apply for a short-term loan, the lender will often give you the freedom to choose a loan term that suites your present needs best based on the loan amount that you intend to take out.
What you need to consider when taking out short-term loans when you need cash now
If you need cash now and decide that a short-term loan is the quick fix to your current financial problems, you might want to consider these important factors first before you make an application from a certain lender:
- The APR – The APR or Annual percentage rate will reflect the overall cost of your loan. APRs are different for payday loans and short-term instalment loans and will also vary from lender to lender as well.
- Payment terms – Borrowers who need cash now and are looking to take out a short-term loan from a reputable lender should consider payment term as an important factor in choosing the right deal. Ideally, you want to opt with a payment term that is appropriate to your budget and well within your income level.
- Processing time – You want a short-term loan that can be processed as fast as possible especially if you need cash now. Fortunately, majority of short-term loans are unlike traditional bank loans in a way that they can provide you with the funding that you requested for in as little as a day. Once you are approved, you should be able to see money deposited into your account within the day or in the next business day at the soonest.
- Penalty fees and charges – There are short-term loans that can levy costly charges for missed and late payments and this could land you with an expensive bill to pay. Be sure to check what the possible penalties are if you cannot stick to your repayments according to the agreed terms and conditions.
Benefits of short-term loans when you need cash now
In times of emergency situations and you need cash now to bolster your finances short-term loans are indeed the perfect solutions to your problems. There are also several advantages that comes along with the financial products and they include:
- Quick Approval – Short-term loan lenders understand that you need cash now and that’s why they will approve your application without delay the moment they see that you are qualified and have verified the information that you provided. Generally, completing an application for a short-term loan will only take less than 15 minutes and after you submit it to the lender, you can expect an approval response in a matter of minutes, so long as you are qualified.
- Flexible borrowing- Short-term loans help you enjoy the kind of borrowing that you are looking for to deal with various unexpected costs and expenses. The amount you can borrow will differ from one option to the next and on the lender providing it as well but typically you can access credit amounts for as little as £100 to as much as £2,000.
- Customer tailored loan term – Majority of short-term loans provide payment terms that is tailored to the borrower’s financial circumstances. You also have the option to make advance payments to lessen the number of interest rate payments that you will have to pay and save money as a result.
The only drawback with short-term loans is that they tend to have higher interest rates than other forms of loans. So if you need cash now and want to take out the financial products, this is something that you should already expect.
Final thoughts about short-term loans
Things to be cautious of
The temptation to borrow more than you need is always there with payday loans, because you get the cash fast without having to satisfy strict lending criteria. You should always remember that you will have to pay interest and other additional costs on your loan, so you should only borrow the amount you need, and have a clear purpose for what you want to spend it on.
- Missing repayments.
Make sure that you can comfortably make your monthly repayments before you apply for a loan, as there are usually penalties for late payments.
5 most recent personal loan reviews
Great team at credit star. Helped me out a few times with no bother at all! The new expense calculator is a great way to speed up the application too! A quick phone call to confirm some bank details and the money was in my guarantors bank in hours! Brilliant service, thanks you stars!
Review posted by Ian Yeates, Pocklington
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Loans Hub are seriously good at what they do. I knew I would struggle to get a loan as have poor credit history although I work full time. My sister was happy to be my guarantor as she knows I would never leave her to pick up my debt.. that's the key to loans hub loans and why they work so well. From start to finish the process was professional and easy. I never leave feedback for anything however I felt so strongly that I should share my positive experience.... just go for it, you won't regret it!!
Review posted by Emma Maguire, Darlington
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Money made simple - M&S complete all the necessary background checks, even though it may seem a lot, it is not. Its made simple by an efficient team of advisers. Money is drawn down by the underwriting team within an acceptable time frame of 2 working days. I spoke with a guy called Michael over the telephone and he was able to discuss my top up loan and within a matter of minutes the loan application was completed. Great service all round.
Review posted by Connor Brewer, Cheltenham
Ease Of Use
Value For Money