Cashlady speaking to people on the street regarding financial emergencies

Short Term Loans

A short term loan offers you the chance to borrow between £80 and £2,000 and pay it back in monthly instalments over a period of 3 months to one year.

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A short term loan offers you the chance to borrow between £80 and £2,000

Over the last 10 years, the number of companies offering short term credit facilities and the number of people taking advantage of this easier and quicker access to money has grown rapidly.

Before the recent growth of the short term loan industry in the UK, access to short term finance was often very difficult.

Banks and building societies didn’t want to know. High street lenders and companies advertising on television only wanted to lend larger sums of money.

For many people in Britain wanting access to short term credit, the only viable option was a pawnbroker where you had to put down something valuable as security for your money.

Understandably, people didn’t want to pawn wedding rings, television sets, cherished jewellery and more because if they didn’t pay the loan back, they’d lose their treasured keepsake forever.

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Short term loans online

The internet has entered our lives in ways we couldn’t imagine 20 years ago. Even fridges, toasters, and kettles can now be connected to the web.

These days most people have access to the internet. That and the development of ever more powerful computers changed finance forever in Britain with the development of short term loans online.

All of a sudden, people could apply for short term loans at the click of a button even in the dead of night and get a decision almost straight away.

Better still, if they got an immediate “yes”, the money would often be available and there for them to use in less than an hour.

Gone were the days of traipsing down to your bank or building society with files full of financial documents.

Advantages of short term loans

Short term loans give you access to manageable amounts of money that can be used to tide you over when there is an urgent or unexpected need for cash.

Most people take out short term loans to cover unexpected medical expenses (like dentists or opticians), bills that are higher than expected, funeral expenses, car or home repairs, or when money you’re expecting (like wages) doesn’t come in.

The big high street lenders want to lend you thousands but if you’re just looking to cover for an emergency, you more often than not just need a few hundred. Short term loans give you that option.

The advantages of short term loans

Short term loans are also heavily regulated for your protection. Every company in the UK offering short term credit had to pass really tough inspections from the government’s Financial Conduct Authority in 2016. If they didn’t pass those tests, they would not receive FCA authorisation and couldn’t lend money legally.

There is also a cap on the amount of interest lenders can charge. You will never pay more in interest and charges than the loan amount you took out.

So, if you borrow £200, your loan, including interest and charges, should never cost you more than £400.

Short term loans for bad credit

Short term loan companies want to know that you can pay the money back to them in full and on the repayment dates agreed. They look at you as a person now, not the person you were a year or two ago.

That means that they’re more likely to say “yes” than a bank or a building society.

You’re not guaranteed to be accepted but it’s fair to say that short term credit providers are a lot more open-minded than traditional lenders.

Disadvantages of short term loans

The disadvantages of short term loans

Because short term credit companies are more open-minded about who they lend money to, more people often default on their loans than default with traditional lenders.

To take account for that extra risk, they have to charge higher interest rates.

So, the money you take out with a short term loan provider will probably cost you more than other forms of traditional finance.

But not all. Did you know that a short term loan provider can’t charge you any more than £24 in interest for every £100 you borrow in the course of a month? If you go into unauthorised overdraft by £100 for 30 days with RBS, it could cost you £90 in fees and charges, according to Which? magazine.

Short term loan repayment

You can repay your short term credit facility in monthly instalments over a period of two to twelve months.

With payday loans, you have to pay everything back, including interest, in one single payment. That can put a lot of strain on family finances.

With short term loans, you can stretch that money out over a longer period of time meaning the amount of money you have to find each month could be less. Please be aware though that the longer you take out a short term loan, the more expensive it will be.

Short term loan applications with CashLady

CashLady is a FCA registered broker. We’re governed by the same people that put all the short term loan companies through those rigorous tests back in 2016.

We work with 15 FCA regulated loan providers we know and trust. Each provider looks for a different type of customer. If you apply for a short term loan through CashLady, we’ll match you with the type of lender most likely to approve your loan application.

None of our lenders charge an application fee or an acceptance fee. The CashLady service is completely free of charge to you, the borrower.

If you want to apply for a short term loan with CashLady, click here to fill in our short term loan application page.

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Representative 1272% APR
Representative Example
Amount borrowed: £250 for 3 months
Number of repayments: 3
Interest rate p/a: 292% (fixed)
Each repayment amount: £137.21
Total amount repayable: £411.63