Short Term Loans

The market for short term loans has grown substantially in the last 3 years.  There are at least 10 lenders in the UK  that all they do is online short term loans and then of course there are the traditional lenders and the bricks and mortar payday lenders.

Short term lenders are typically lenders that lend for less than 100 days.  Customers pay a relatively high interest rate on these loans and the loan amounts are typically capped at 1000 pounds.  These loans differ from traditional loan products in that they can typically be assessed quickly (with many lenders able to deposit funds into your bank account on the day you apply) and the application process is usually simple and straight forward.

Short term loans can be a good solution when you require urgent, occasional cash which you are confident you can repay on the repayment date.  Short term loans are not good solutions if you have a longer term mismatch between your income and expenses and it is unlikely that you will be able to repay the short term loan in full on the repayment date