Why choose LoanPig for a Short Term Loan?
LoanPig are Short Term Loan Direct Lenders and as direct lenders our aim is to help people get the cash they need quickly helping them with their short-term emergency. Our direct lender loans are designed to provide a quick way to access cash when you have no other option. Whether you need a short term loan with bad credit or to spread the cost of an emergency over a few months.
We are regulated by the Financial Conduct Authority, which will give you confidence when applying for a short term loan with LoanPig, a direct lender.
Frequently Asked Questions
What is a Short Term Loan Direct Lender?
A short term loan direct lender is a company who can lend to you directly themselves. They are authorised and regulated by the Financial Conduct Authority.
Are Direct Short Term Loan Lenders Regulated?
All direct lenders, short term lenders (including those who are set up to provide loans for those with bad credit) must follow the regulations put in place by the Financial Conduct Authority.
Why Should I Choose LoanPig?
LoanPig is an excellent Short Term Loan direct lender for people who want a loan because if we can't lend to you one of the lenders in our panel will, especially if you currently have bad credit. You can choose how much you would like to borrow and set up a repayment plan based on what you can afford to pay.
What is the difference between Short Term Loan Direct Lenders and Brokers?
Short term loan direct lenders and brokers offer entirely different services, it’s important to be able to differentiate between the two and ensure that you are dealing with the right lender for you.
Direct lenders and brokers claim to have high acceptance rates, meaning that even if you have bad credit, you have a high chance of having your loan application accepted.
LoanPig offers you the best of both worlds as a Direct Lender and a broker meaning, if we cannot offer you a loan, one of our lending partners may be able to help.
What type of Loans do LoanPig offer?
We offer loans between £50 to £1500 and you can choose your repayment period, up to 12 months. These loans are dependant on credit and affordability checks
The amount you pay back to short term loan direct lenders depends on the amount you are want to borrow, and how long you want to borrow. Our direct loans calculator will determine exactly how much you’ll repay based on the amount you want to borrow and the amount of time in which you want to pay it off.
For example, if you want to borrow £500 over the course of five months, then you would expect to pay £416.94 in interest, making your total repayable amount over the five months a total of £916.94.
There are now strict rules and regulations in place that ensure short term loan lenders act in their clients’ best interest.
An example of one of these changes is that now customers can never pay back any more than double what they borrowed. You can rest assured that any loan you take out through our short term loans direct lenders will be provided to you in an honest and transparent way, with your needs and rights at the forefront of our minds.
Can i Apply for a Short Term Loan with Bad Credit?
Having a bad credit rating can put you at a disadvantage when applying for traditional loans and short term loans for bad credit often consider every application as an individual – having a poor credit rating, for example, should not impact your chances of taking out a loan if you have the financial means to meet your repayments.
As a short term loan direct lender, we evaluate whether you are eligible for a loan based on a number of different criteria, not just whether your credit rating is good.
Will borrowing money from a Short Term Loan Direct Lender impact my Credit Score?
If you are consistently making repayments on your loan, there is absolutely no reason why your credit score would be impacted by the loan. Failure to meet repayment schedules, on the other hand, will affect your score so when deciding to take out a loan, you should consider whether or not you can afford the repayment plan and meet your repayment deadlines when applying through short term loans direct lenders.
For more information on the services that we provide or to apply, get in touch with us today.