When you need a quick cash solution and your options are few, short term loans can help you get back on your feet. At LoanPig we not only provide short term loans online, but we can also connect you to other direct lenders if we can’t approve your application. Whether you have a financial emergency to cover or need a cash injection before your next salary date, we’ll show you the best short term loans available to match your affordability.
It’s easy to get started, just use our sliders above to choose the amount and loan term you want and start your application today by clicking apply now. With loans available up to £1500 and a maximum of 12 months to repay, you have the flexibility to choose short term loans in the UK to suit you.
What Are Short Term Loans?
A short term loan is designed to provide cover for a short term expense which is paid back between 2 months to a year. Anything over twelve months is normally considered to be long-term borrowing and would instead be a personal loan or similar unsecured loan. With quick short term loans, you can apply, get approved and receive the cash all on the same day, making them ideal when you need to settle an emergency fast.
Short term loans in the UK are not the same as a payday loan, which is repayable in full by your next salary date. Thanks to their flexibility, you can repay short term loans earlier with no penalties, something we offer as well as the lenders we can connect you with. They are designed for short term situations only so are not suitable for those with long term financial difficulties. We also do not offer short term loans with no credit check as this needs to be performed as part of your application. As responsible lenders, we need to ensure your credit file is checked to help us assess your finances fully.
Why Might I Need Short Term Loans in the UK?
Generally, short term loans can help you cope with an unexpected expense, in the same way that a payday loan can provide help in a financial emergency. Typically, this might be a breakdown of an essential household appliance, a car that’s used for commuting or the school run requiring emergency repairs, or even If you receive an unexpected larger bill for utilities than usual. There can be many reasons to consider short term loans in the UK, but they should be affordable for you first and foremost. If you do not have the affordability, it is best to look at other options first such as your savings or any available credit you already have.
If you do have savings available, a few financial emergencies one after the other can mean that some short term borrowing is needed to tide individuals over for a few months. Whilst the best short term loans can be a good solution for people who have a temporary financial crisis, they aren’t suitable for individuals struggling with long-term debt or money concerns. If you are not sure that you will be able to pay the money back according to the agreed schedule or feel that your finances are insecure, quick short term loans are unlikely to be a good option.
Are Short Term Loans at LoanPig Affordable?
When searching for short term loans in the UK, you may be unfamiliar with APR terminology such as Fixed APR, but what does it really mean? Below, we’ve put together an example comparison that shows what an existing LoanPig* short term loans customer can get against what most other short term lenders are offering.
The representative APR for this short term loan would be approx. 307% P.A.
*LoanPig is a trading name of the short term loan lender, The Money Hive Limited.
How Do I Apply For the Best Short Term Loans?
To keep our cheap short term loans a fast option for you, we have made the application process as simple and quick as possible. As a responsible lender, we do need sufficient information to make an informed lending decision that’s right for each applicant. That said, we don’t ask for anything unnecessary, just what’s needed to quickly process your request for short term loans. The first step if you wish to consider a short term loan is to use our online loan calculator to see how much your monthly instalments and rate of interest is likely to be. This depends not only on your personal circumstances but also on how much you wish to borrow and how long you require the repayment period to be.
It’s important that you are confident that you will be able to repay cheap short term loans before embarking on any further borrowing. If you are happy with the proposed schedule of repayments, fill in the online application form and we will process it as quickly as we can. You can apply for short term loans online with us at any time of day, but any application after 3 pm may not pay out until the next working day.
Am I Eligible For Short Term Loans?
The short term loans we provide are suitable for those with a regular source of income who need a temporary cash injection to cope with unexpected expenditure. In addition to having a regular income (whether from a pension, employment, or benefits), applicants must:
– Be a current UK resident.
– Be at least 18 years old.
– Have a bank account and valid debit card.
If you are concerned that you’ve had financial difficulties in the past, have a bad credit rating or have never borrowed before, that you will automatically be ineligible for short term loans in the UK, we work differently. LoanPig is a responsible loan lender, and we won’t lend to anyone who is clearly unable to afford to make repayments. You may consider looking for short term loans with no credit check due to this, but the good news is we can help those with bad credit. You do not have to have a perfect credit rating to successfully apply for cheap short term loans from us.
We use a panel of lenders, some of whom are prepared to lend to clients who have a low credit score. With short term loans online, there are plenty of options that you may still be eligible for. All loan applications are subject to a full credit check, but your credit score is not the only criteria a loan application is considered. What’s more important is that you can prove your affordability to make repayments and show any financial issues are in the past. Then we can help you find the best short term loans available.
How Much Would You Like?
Are Short Term Loans The Right Choice For Me?
There are different factors to consider when deciding if short term loans are going to be the best option for you. Some questions to consider are:
– Why do I need this loan? Is it simply due to a run of unexpected expenditure, or am I failing to keep up with my outgoings on a regular basis? If you have a longer-term debt problem, short term loans won’t solve it.
– Can I afford to make the required repayment each month? If you take out a loan, it’s vital that you are able to repay it.
– What if I’ve had money problems in the past? We look at all types of financial situations, even those with bad credit can apply for quick short term loans, as long as they repay it on time and in full.
– Am I able to prevent the situation from happening again, so that I don’t become dependent on short term loans? The best short term loans should be a temporary fix, not a regular source of additional income.
Why Choose LoanPig For Short Term Loans in the UK?
Some of the main reasons to choose LoanPig to apply for cheap short term loans include:
– We offer some of the best short term loans on the market, with competitive interest rates and flexible repayment options
– LoanPig is a direct lender and broker of short term loans in the UK, regulated by the Financial Conduct Authority (FCA). We place honest, transparent borrowing at the heart of what we do.
– The application process is fast and convenient: applicants can complete an application for short term loans online and in minutes.
– Our customer care team are happy to help at any stage of the process, just get in touch.
– The application process, approval, and cash transfer take place quickly for short term loans, with many applicants receiving the cash the same day as they apply.
– We will consider applications from people with a poor credit rating or who have had financial difficulties in the past.
Compare & Apply for Short Term Loans Today
When looking for a short term loan, whether via a short term loan direct lender or a broker, it’s always a good idea to be aware of what other loan companies can offer you and what the best choice is when it comes to you and your personal finances. The amount you need to borrow, coupled with the rate at which you wish to repay is likely to be the biggest deciding factor in choosing a particular short term loans lender.
LoanPig allows you the chance to compare short term loans in the UK so that securing short term credit is a more streamlined process. If you’re looking for quick short term loans online as securely as possible, compare loans first at LoanPig. Have any questions? Please get in touch with the LoanPig team today. If you’re ready to start your application, click apply now.
Short Term Loans FAQs
Can I Apply for Short term Loans with No Credit Check?
If you are looking for short term loans with no credit check, this is something we can’t offer at LoanPig, however, if you have bad credit we can still help. All applicants are required to have a credit check performed as part of their application, but this isn’t the only factor when providing a decision. No responsible lender can provide short term loans with no credit check as this is needed to ensure you are not in financial difficulties. If you have the affordability, there is every chance you can successfully apply and get the funds you need with a poor credit score.
Are Quick Short Term Loans Available the Same Day?
Yes, depending on the time of day your loan application is processed. Most lenders will be able to provide same-day funds if you apply before 3 pm, Monday to Friday. If your application is processed after 3 pm or on a weekend or bank holiday, then the approved funds will be transferred to your bank account on the next working day. Each lender may have slightly different processing times, so please check this before continuing your application.
Can I Choose to Repay Cheap Short Term Loans Early?
If you are in the financial position to do so, you can settle your short term loans balance early. You will need to check your credit agreement to ensure there are no early repayment fees applicable, but most of the lenders we can connect you with will accept an early settlement.
I’m Self-Employed, Can I Still Apply for Short Term Loans in the UK?
Yes, we are happy to help those that are self-employed if you have been declined elsewhere. We consider your finances over your credit score, so if we can see you have a regular income and can afford the repayments you want, we can look to help. We cannot guarantee approval or provide short term loans with no credit check at all, but we will fully assess all applicants fairly.