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 Short Term Loans Explained – Loans, Money, & Short Term Loan

This Article Explains Short-Term Loans – Will they Check your Credit

Short Term Loans Explained

There are a lot of people who are borrowing money for personal use for card payments, for tax, for insurance, and to avoid overdraft in their savings accounts. One will come to a lender and apply for a personal loan, payday loan, or short term loan. There are plenty of direct lenders who offer short term loans in the UK. Basically, short term loans were created to help people who are in desperate need of money fast in certain amounts and don’t want to pay for several years. These are the best for when you need money for emergencies such as home and car repairs. Short term loans can cover you when you need the money most, especially if you are short of money and your payday is still far off. Because of the demand for short term loan to be fast, easy, and flexible, a lot of current direct lenders nowadays offer short term loans online. You can apply through your phone, tablet or laptop easily and anytime you want. 

Even though their online, instant online short-term loan is very much the same as the traditional process of acquiring loans in terms of information. Aside from that, you’ll also go through a credit check when you apply for one of these online. But the most important thing is that everything is done online. Meaning that you don’t need to fill out any forms and the overall process is faster. Usually, you’ll get the money you need within the day even after just minutes of applying. 

Short term loans are self-explanatory in which you will just borrow money and pay it back swiftly. Oftentimes, the payment period is within 3 months. But because these loans are for a short term only, they usually have a higher annual percentage rate (APR) than most average loans. Due to this, it’s recommended that you only use these short-term loans to fix temporary financial problems. Aside from that, you are able to borrow for short terms since you don’t need a guarantor. 



Short-Term Loan – Will A Lender grant you Loan even if You have bad credit score? 

The short answer is yes. Most of the lenders that we are partners with offer affordable short-term loan even for people with low credit scores. The reason for this is that many direct lenders have realized that reviewing applications based only on credit scores is obsolete. Therefore, there are many direct lenders in the UK who offer loans even to people with low credit scores. So, you have a lot of choices in your hands in finding a suitable one for your needs. 

Aside from that, there are more direct lenders now offering more favourable payment terms due to the surge of competition. Debtors also don’t have to worry a lot since direct lenders are authorized and regulated by the Financial Conduct Authority. This ensures that you are getting correct and favourable terms.


Will I Still Need A Guarantor If I have Poor Credit to Get Loans for Short Term? 

A lot of the direct lenders that we partner with offer short-term loans even to people who don’t have a guarantor. You just need to submit an application online and you’ll find the most acceptable short-term loans for you and your needs. 



Payday Loans VS Short-Term Loans – How Much Money Can You get from Payday or Short-Term 

Short term loans were designed to help people in need of cash immediately. Direct lenders understand that many people always need money instantly that’s why they created a lot of short-term loans. Because of the short-term nature of these loans, debtors need to pay it back quickly as well.

To help you better understand, short term loans is almost the same to most loans such as payday loans in the aspect of the amount you can borrow and the repayment time. The most common amount of short-term loans that direct lenders are offering can get up to £5,000. For these amounts, you usually need to pay it back within 3 months. But like other types of loans, plenty of direct lenders will adjust the payment period depending on your circumstances. Therefore, it’s always better to find a direct lender that can offer you favourable terms by accomplishing or providing them with special requirements for short-term.

When short term loans are used responsibly and paid back within the repayment period, they can be a practical way to solve your temporary financial problems. But as with other types of loans, it can bring problems if you deliberately miss the repayment period. This is especially true since these loans often come with high-interest rates. The best advice you can follow is to only borrow what you can pay back and within the agreed repayment period. 

 Short Term Loans Explained - Bank Details

Why do you need my bank details? 

Every single direct lender we work with needs a customer’s bank details for proof of identity. Furthermore, you don’t need to send any information such as your passport or driving license as they can verify this online. Most importantly, your bank account is where they’ll send the amount you loaned as well as the payment for such loans.

Who can offer me the best short-term loans according to my needs? 

Back then, debtors were forced to take loans that they can get however unfavourable because of the unrealistic requirements of lenders such as the high credit scores. Fortunately, the overall state of short-term loans is changing. A lot of direct lenders nowadays understand that different people have different needs and capabilities. As such, they’ve created a variety of short-term loans that can cater both those with good and poor credit scores. Focusing more on a debtor’s financial capabilities than their credit score, more and more people are getting approved for short term loans. Before this change, normally these people would have no chance of being approved for such loans. But because there is a high demand for short term loans, more and more direct lenders are showing up which allows people to find the best and cheaper ones for them. Short-term loans are advantageous for people who do not want to pay for several years. Lenders are more flexible than ever before that offers short-term with an easy application process. You just have to find and discover an honest lender that offers credible and cheaper rates.  

So you can find the most suitable loan terms for you, Simply has made a board of lenders that provide both short term loans and bad credit loans. You just need to fill up the necessary information from the online application easily. With this, we can find you the best suitable loan for your needs and financial capabilities instantly. Whenever you need a swift loan, you’re guaranteed one in here! Best of all, most of our direct lenders in here don’t require a guarantor to be approved. You can talk to one of our representative, email us, or check out our website to see if you are interested and to start the short-term loan process.