Loans can be complicated, and lenders often add to the confusion with monetary jargon that is difficult to understand. To avoid hidden surprises, it helps to understand everything there is to know about the loan you are bearing in mind. Here, we’ve covered what short-term personal loans are, why you might choose one, their advantages and disadvantages, and loans life short-term cash advance.
A ‘short-term loan’ is as its name suggests: it’s a loan with a relatively small instalment repayment period. This can range from around as little as a week to a number of months depending on the lender and their policies. This is considered small-term when compared to traditional personal loans which usually have a repayment period of a year or longer.
Because the time frame of short term loans bad credit direct lender is very much less than other types of loan, the amounts lent are typically quite small, generally ranging from £100 to £1000 UK, to help borrowers rapidly get out of a temporary monetary tight spot, as well as posing less risk to the lender.
Short-term loans can assist borrowers with emergency expenses that suddenly arise. For example, if you require right away repairing your car, or fixing a broken boiler and doing not at present have the money to cover it, a short term loan no credit check could be a helpful solution. The short time frame of the loan allows you to pay it back when you have more money, without committing to a long-term contract.
A short-term loan for 3 months is handy because it’s so simple to apply for and it’s often easier to get approved for than a long-term loan. Short-term loans for those with poor credit, in particular, are also normally easier to obtain than a long-term loan. Depending on your lender, a short-term loan won’t require much paperwork and the cash arrives in your account the same day, to help you get out of any pressing monetary struggles.
On the other hand, because the amount borrowed with a guaranteed payday loans no credit check is usually small and to be repaid quickly, often in one go, there is added risk to the lenders who provide them. As with any type of credit agreement, if you don’t make your repayments on time it could affect your credit score. With some no credit check loans instant decision, you could be faced with late repayment fees by certain lenders if you fall behind on repayments.
At loans life, we offer short-term loan options. The amount we offer ranges from £100 to £2500, over terms between six and 12 months. Our short-term loans are completely flexible, and you can pay more each month if you wish, or repay the whole sum early to save money on interest.
At loans life, we arrange one of the most flexible emergency short terms solutions in the UK. As well as our flexibility, loans life is different from some other loan companies because we have no extra fees guaranteed. This means that we don’t charge fees for late repayments, application fees or administration fees, so all you have to pay back is the original loan amount, plus interest.
Applying for a short-term loan with loans life is fast and simple. You apply online by offering us with your personal details, such as your name and date of birth, your address, and your bank and employment details. We will then carry out a fast but thorough credit check. The credit check we carry out is in place for the applicant’s security, to ensure we aren’t lending someone more than they can comfortably afford to repay.
Your credit score is a summary of your financial history and is made up of information such as court records, electoral roll information, details of other lenders that have searched your file, addresses you’re linked to, bank accounts, loans, mortgages, utilities and mobile phone contracts. Even if some of your history is unfavourable and you have a poor credit score, our short-term loans could still be an option for some borrowers.
You will receive a decision on your application quickly and if approved, the cash you borrow will be sent to your bank in as little as 15 minutes so you can solve emergency expenses without delay.
As with any loan, it’s important to research what you’re getting into carefully before making an application. Most importantly, never borrow more cash than you aren’t fully confident you’ll be able to pay back. To avoid financial difficulty and debt building up, try to avoid taking out loans on a regular basis – borrowing cash should be considered only when completely necessary.
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Amount of credit: £200 for 84 days. Total repayment of £334.40. Interest: £134.40. Interest rate: 292% pa (fixed). 1295% APR Representative.