Looking for a short term loan of £80 to £2,000? Is it better for you to apply directly with a lender or through an FCA authorised broker like CashLady? Here’s how to apply for short terms loans through a broker.
People looking for short term finance have the choice to approach a lender direct or deal with a broker like CashLady.
But why would someone want to use a broker rather than go direct with a lender? We look at why, for many consumers, using an FCA authorised broker like CashLady adds up.
Short term loan companies UK
There are dozens of short term credit providers that you can apply to in the UK.
All of them passed the stringent vetting tests carried out by the Financial Conduct Authority when they took over from the FSA in 2014.
After the bad publicity that many short term and payday loan providers received for many years, it was about time that government stepped in to regulate the industry. At CashLady we supported this move all the way.
All payday loan companies and short term credit companies have a strict set of rules to obey. But that doesn’t mean that there are differences between the providers out there because there are.
CashLady has a panel of around 15 lenders we work with. Each are fully FCA regulated and have to pass our own internal due diligence process before we consider working with them. They’re the companies we introduce our customers to. Every single CashLady lender has passed our tests, meaning they:
• are open and transparent about all of their costs
• are committed to customer care and value
• do not charge fees to apply for a short term loan
• do not charge fees to accept a loan
Our partners are fair, honest-dealing, and scrupulous. We like them. We can do business with them. And that means we trust them to look after you.
Chances of getting a short term loan
Each of our lenders has a unique lending criterion – which means they know who they will and won’t accept for a loan. This is true of all lenders – including banks and building societies.
When you apply for a short term credit facility through CashLady, we get to know you. And because we get to know you, we know who the most suitable lending partners are for you.
We don’t waste your time or their time introducing the wrong borrowers to the wrong lenders.
The right lenders want to help you as fast as they can and they work with CashLady because we’ve got a track record of helping them do that over a long time.
Short term loan credit score
Every time you apply for a short term loan, a bank account, a store card, or credit card, your application is registered at “credit reference agencies”. These agencies also keep records of whether you pay your bills on time. The amount of information they hold on you is amazing.
Lenders use these agencies because they want to know how confident they can be when they lend people money.
Lenders also think that if they see lots of applications from a person for credit in a short space of time, that that person has money troubles. It makes them less likely to want to lend to that person.
If you apply directly to a lender, you don’t know if you and the lender are best matched for each other. You might apply to Lender X but all the time, it’s Lender Y who wants to know you.
You might end up applying to four or five different short term loan companies before you find the right match.
But because you’ve contacted those three or four wrong companies beforehand who have recorded your search with the credit reference agency, the right company will now be a lot more nervous about lending to you.
How short term credit providers look at you and think about you depends on two things – your credit score and the number of recent searches recorded against your name.
By letting CashLady do all the hard work for you, those searches are never run because we know who to approach on your behalf in the first place.
How to apply for short term loans through a broker
It’s easy. For this guide, let’s look at how you would apply with CashLady.
First, you’d go to the short term loan application page.
When you’re there, let CashLady know the amount you want to borrow and a bit about you.
Fill in your personal details – that’s your name, date of birth, email, mobile phone, the reason for your loan, marital status, and the number of dependents you have.
The next section is about your address.
Lenders want to know where you live, whether you own or rent the property, and how long you’ve been there. If you’ve been there less than 4 years, they’ll ask you for your entire address history during that time period.
Then, lenders ask about your job.
The next set of questions covers what you do, who you work for, how long you’ve been at your employer, how much you get paid, and how often.
Now the short term loan provider knows how much you earn, they next want to know about what you spend. They ask for monthly figures on your mortgage or rent, gas and electricity, transport, food, credit repayments, and other expenses.
Finally, your bank details.
The last questions are about who you bank with (sort code and account number) and the debit card you own (including the 16-digit number and expiry date).
Short term loan applications with CashLady
CashLady now has all the information we need to start finding the right lender for you. Once you’ve accepted our terms and conditions and pressed “Apply Now”, CashLady gets to work behind the scenes.
There are three possible answers you’ll get.
If you’ve been declined, you’ll be told straight away.
If you’ve been accepted, you’ll also be told straight away. We’ll tell you what offer we have for you and which lender it’s with. We’ll explain the procedure and all the costs in detail. Then, if you’re happy to go ahead, we’ll ask you to accept the terms and conditions and normally, within the hour, you’ll receive your short term loan.
If we’ve told you that your application is under consideration, that means that the lender we’ve chosen for you wants more information.
Be sure to be available on your mobile number or email address so you can answer their questions straight away. As soon as you’ve given over the details they want, you’ll get your answer back very quickly.
Short term loans online
Applying through an FCA approved broker like CashLady makes a lot more sense. Why?
• We know the borrower’s individual lenders like and we introduce you only to the short-term loan providers we know you’re a good match with
• We don’t leave lots of searches on your credit reference agency report
• There are no fees to apply for a loan
• There are no fees you have to pay before an agreed loan is transferred to your account
• We’re super fast
• Our loans work in the same way as those of direct lenders and other brokers.
Put CashLady to the test by visiting and filling in our short term loan application page