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A short term loan is a term used to cover both instalment and payday loans. Short term loans can be lent over a week to the period of years. Short term loans are intended to be used to cover unexpected or emergency expenses, such as your car breaking down or needing to replace a household appliance.
My Financial Broker work with a number of direct lenders that can offer payday and instalment loans. We can help you find a loan of £100 to £2,000 for up to 24 months.
A payday loan is a type of short term credit that is typically borrowed over a few days or weeks. As the name suggests, people generally repay the funds on their next payday as a lump sum payment.
An instalment loan allows you to spread the cost of borrowing. Unlike a payday loan, where you’d repay the funds in one full payment, with an instalment loan you can make monthly repayments towards the balance. These are usually at a fixed rate, which makes the payments easy to budget for.
If you have a poor credit score, you may be looking into bad credit loan options, which are designed for individuals with less than perfect credit history. Many short term lenders offer loans for bad credit, and may consider your application even if you’ve been turned down by other lenders in the past.
We do not charge fees for using our brokerage service. We work on a commission basis with our lending partners. Some lenders and brokers you are sent to however may charge a fee.
As with lending criteria, the length of an application can vary from lender to lender. Most application forms are short and should only take a few minutes to complete. Typically, if you’re approved, you should expect to receive the funds within 1 hour, though some lenders do not pay via faster payment and it can take up to 3 days for the funds to arrive in your bank account.
The eligibility criteria for short term loans can vary with each lender. The typical criteria is that you must be at least 18 years old, a UK resident, in employment with a regular salary and in ownership of a debit card and bank account.
My Financial Broker can help you find short term loans of between £100 and £2,000, making repayments over up to two years.
Most lenders will not transfer a loan into a bank account that isn’t yours. Typically they will only send funds to the bank account you entered on application, which would need to be in your name.
Most lenders will try to send you the funds as soon as possible, as they understand that you may need the money for an emergency expense. This can be as quickly as 15 minutes, or 1 hour, but we cannot guarantee that this will be the case.
Your credit rating doesn’t have to be perfect to apply for a short term loan. The lenders we work with will conduct a credit check, to make sure they are lending responsibly, but we will try to match you with the lender who best corresponds with your suitability.
Most lenders give you the option of making repayments on dates that suit you, whether that’s weekly, fortnightly or monthly. You should be able to confirm these details with your loan provider before you sign the agreement.
The majority of short term lenders collect repayments using a process known as continuous payment authority. This is a way of setting up recurring payments, so that they are automatically collected by your lender on the agreed date.
If you are unable to make the repayment on the date agreed, you may be charged a late payment fee of up to £15. Additional interest may also be added to the amount owed, though this will never exceed twice what you originally borrowed. Further action due to non-payment will vary depending on the lender. They may initiate collections procedures and your credit rating could be negatively impacted. Your debt could also be passed on to a collections agency or court action may be taken.