Short Term Loans

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Short Term Loans are loans over 3, 5 or 6 months.

Short Term Loan

While most people understand what is meant by a short term loan, there is no harm in reinforcing what it actually is. A short term loan is a loan of money that is paid back within a relatively short timescale. You will find that short-term loans are commonly paid back within weeks and sometimes months. There are a number of benefits to taking out a short term loan and it can certainly offer a great deal of flexibility for a person. Some payday loan firms offer payday loans which need to be paid back within two weeks to a month. There are also some firms that allow the payment schedule to be taken over a longer distance, say three months. The most important thing is for the borrower to find the loan schedule that they are comfortable with.

To place a short term loan into the right comparison, you need to consider the long term loans that are paid back over 5, 10 or 20 years. These loans are usually for large sums of money and will commonly be paid back at monthly or annual intervals, depending on the nature of the loan and the sum of money involved.


Short-term loans for emergencies

You will find that the vast majority of people taking out payday loans will do so to pay for an emergency or an unforeseen issue. If your car breaks down or your washing machine needs fixing and you are reliant on it, a payday loan may be the best way for some people to afford the help that they need. It is always best to look for other options such as borrowing from a family member of dipping into savings first but for many people, there is a need to obtain support from a payday loan firm.

One of the big factors in why a payday loan firm is often considered the best solution is the fact that the money can be obtained reasonably quickly. Obtaining a loan from a bank can in some instances take weeks, and not everyone has the time. In an ideal world, people would have savings they could fall back on but in the current economic climate, not everyone is able to say that they have money to spare to put aside.

This support and convenience that comes from a payday loan is why it is such a popular option. There are some problems in life that need to be taken care of and they need to be taken care of very quickly. This is where a payday loan can take the pressure out of the situation and this is where people are able to move forward with their life in a positive fashion and manner.

The fact that there are local banks in most areas is a good thing and there is never any harm in asking your local bank for assistance or guidance. It may be that your current situation requires you to get a speedier response but there is never any harm in exercising all of your options. If you have looked into your local bank but decided that it is not the option that is right for you, it may well be that obtaining a short term loan is the best way for you to obtain the funds you need.

Types of short-term loans

Short term loans online: This loan is applied for online with all correspondence taking place online and when the application is accepted, the money is transferred to the bank account of the applicant. This is a convenient and simple way for people to access a short term loan and is accessible to everyone who can access the internet.

Short term loans UK: These short term loans are only available for people who are living and working in the United Kingdom. This means that this style of loan is only applicable to people who are living in England, Scotland, Wales or Northern Ireland and they normally must be in current employment.

Cheaper short term loans: It is important to be aware that not all loan firms are the same. There are some firms which offer a lower charges which means that the money that is paid to borrow the loan becomes less. 

Instant short term loans: Many people find that the urgency of the issue is the key factor in why there is a need for a short term loan. There are some short term loan companies that provide people with funds in a very fast manner. This means the company reviews the application in a short time scale and then transfers the money to the client as quickly as they possibly can.

Direct short term loans lender: Some people find a short term loan through the use of an intermediary. Some people prefer to do this because they think it will increase the likelihood of getting a good deal. However, if you carry out your research and find a loan offer that you are happy with, it could make sense to work with that company directly. This is where you deal with the firm that considers the loan and you receive the money from them directly.

Applying for a short term loan with us is simple because the application can be filled out online and it only takes about 10 minutes to complete. We will be able to give you an instant response as to whether your application has been provisionally passed or not. Our team of underwriters will then confirm your application and if you are approved, you will receive your funds within a short period of time.

We take short term loans very seriously and we will carry out a number of checks before approving any application. This allows us to determine if the applicant is qualified for a loan and also how much the loan made available should be. 

Do short-term loans have high costs?

It is true to say that generally speaking short term loans carry a higher level of overall cost than your typical bank loan. It is important to consider the cost of a short term loan relative to other loans over the same time period. 

No early repayment fee

Another thing we pride ourselves on is the fact that we make it as easy as possible to pay off your loan. We believe that if you are able to clear off your loan before the scheduled date, you should not be penalised for doing so. This is why should a customer wish to repay their loan early, will only pay the sum which is applicable on the date of repayment.

We aim to be responsible

Before authorising a loan, we make sure each applicant meets the following criteria:

•                At least 20 years old

•                A resident of the UK

•                Is currently employed

•                Is earning at least £800 a month


We also like to tell you the negatives too...

  • These loans are expensive - if you can get the finance elsewhere at a cheaper interest rate the we would recomend you investigate this.
  • The longer you borrow the loan over the more you will pay.
  • If you default on your loan we will report this to the Credit Agencies and that may make furture credit harder or more expensive to obtain.


Abоut thе аuthоr:

Kіеrаn Mоuldеn іѕ thе fоundеr аnd Mаnаgіng Dіrесtоr оf Truе Bluе Lоаnѕ (www.truеbluеlоаnѕ.со.uk), a соmраnу оffеrіng іnѕtаlmеnt lоаnѕ оvеr 3, 5 or 6 mоnthѕ, wіth fіxеd rерауmеntѕ and nо fееѕ, juѕt daily interest. Hе іѕ раѕѕіоnаtе аbоut еnѕurе that соnѕumеrѕ gеt a fаіr аnd honest dеаl whеn dеаlіng wіth ѕhоrt tеrm соnѕumеr fіnаnсе соmраnіеѕ.