Short Term Loans Online
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Short-term loans in the UK have become increasingly popular in recent years. More people are finding that the cost of living is very close to their level of income. This means building up any savings can be slow. A short-term loan is currently the go-to solution for many people when faced with an unexpected bill. People use short-term loans to cover unexpected car repairs, household problems, medical bills and emergencies they couldn’t have anticipated.
Having the ability to quickly access additional funds when you need them has helped an incalculable number of families keep their heads above water. The increased consumer demand for short-term loans has seen many reputable lenders enter the market and start offering these types of loans.
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£1000 for George in Bromley
£300 for Michael in Stirlingshire
£350 for Danielle in Bradford
£300 for Anish in Essex
£1500 for Samuel in Harrogate
£200 for Carly in Manchester
£200 for Jane in Culross
£1000 for Rashid in Manchester
£400 for Jessica in Huddersfield
£200 for Natalie in Lincolnshire
£300 for Hanif in Birmingham
£50 for Neil in York
£500 for Chanelle in Bradford
£2000 for Mohammed in Smethwick
£500 for Stuart in Worthing
£400 for Louis in Folkestone
£300 for Judy in Islington
£100 for Harley in Folkestone
£250 for Louisa in Croydon
£500 for Anna in Launceston
£300 for Mark in Guildford
£200 for Michael in London
£200 for Bartosz in Yeovil
£600 for Elizabeth in Lockerbie
£1500 for Mary in Motherwell
£400 for Anthony in London
£300 for Glen in Dereham
£1000 for Martin in Lincolnshire
£200 for Vincent in Southport
Will I be Approved?
The online Eligibility Checker is free and takes 60 seconds. Find out if you’ll be approved with no credit footprint.
Check EligibilityShort Term Loans from Direct Lenders
If you are looking for a short term loan, Payday UK can introduce you to our broker with a great panel of lenders to find you the best possible deal.
Because access to this type of money is often needed as soon as possible, lenders have streamlined the process of applying and receiving your funds as much as possible. It’s now easy to apply for short-term loans online.
Payday UK are committed to introducing you to the best service we can for our customers.
As a new introducer in the short-term loan market, we’re here to shake things up. We have knowledgeable and experienced team members, our broker has a panel of FCA authorised direct lenders, and a desire to be the best in the industry. We are continually refining our systems and processes to ensure you have a frictionless experience and our brokers technology is always evolving to find you the best deal in the shortest possible time, regardless of your credit history.
How it Works
We know you need your money as soon as possible. That’s why we have designed our website to be fast and simple.
Apply Online
Fill out our short, secure form and search an industry-leading panel of lenders to find your loan.
Check Your Offer
Once you have your offer from the lender, you can review the offer and get your cash.
Get Your Money
Once accepted, your money can often be paid into your account the same day.
Short Term Loans for Unexpected Expenses
When an unexpected bill lands or your car breaks down, you need options fast. Short term loans offer a way to borrow money and repay it over a manageable period, typically between 3 and 36 months.
PaydayUK connects you with FCA-regulated lenders offering short term loans from £50 to £5,000. As a credit broker, we search our industry-leading panel to find lenders that match your circumstances. One application, multiple options.
Unlike applying directly to individual lenders, using a broker means you can compare offers without damaging your credit score. Our initial eligibility check uses a soft search that only you can see.
If you’re exploring loans for bad credit, this approach lets you check your options safely before committing to anything.
What Are Short Term Loans?
A short term loan is money you borrow and repay over a relatively brief period. Most short term loans in the UK range from a few months to three years, with fixed monthly repayments.
These loans differ from traditional bank loans in several important ways:
- ● Designed for smaller amounts, typically £50 to £5,000
- ● Faster approval times, often within minutes
- ● Often accept applicants with imperfect credit histories
- ● Higher interest rates than long term borrowing
- ● Repayment periods measured in months, not years
Short term loans can help cover costs like emergency car repairs, unexpected bills, or essential home maintenance. They’re not designed for long term financial needs or regular spending.
Before borrowing, consider whether a short term loan is genuinely the right solution for your situation.
How Short Term Loans Work at PaydayUK
Getting a short term loan through PaydayUK follows a straightforward process. You won’t need to visit a branch or wait days for a decision.
Here’s how it works in four simple steps:
1. Complete your application
Start by filling in our online form. This takes around two minutes and asks for basic details about yourself, your income, and how much you’d like to borrow. You can apply any time of day, any day of the week.
2. We search our lender panel
Once submitted, our technology searches our panel of lenders to find potential matches. This initial search uses a soft credit check that won’t affect your credit score.
3. Review your options
You’ll see which lenders may be willing to offer you a loan, along with their rates and terms. Compare offers side by side with no obligation to proceed.
4. Accept and receive funds
If you find an offer that works for you, simply accept it. The lender will perform a full credit check before releasing funds. Many customers receive their money the same day if approved before a certain time.
Short Term Loan Eligibility Requirements
To apply for a short term loan through PaydayUK, you’ll need to meet some basic requirements. These help lenders assess whether they can offer you credit responsibly.
Basic eligibility criteria:
- ● Be at least 18 years old
- ● Be a UK resident with a valid UK address
- ● Have a UK bank account and debit card
- ● Receive regular income from employment, self-employment, or benefits
- ● Have a valid email address and UK mobile number
Meeting these criteria doesn’t guarantee approval. Each lender in our panel has their own acceptance policies and will assess your application based on affordability and credit history.
If you’ve been declined elsewhere, our panel approach may still find lenders willing to help. Different lenders have different criteria, and some specialise in applicants with poor credit histories.
Soft credit check only. No impact on your credit score. See your options in minutes.
Understanding Short Term Loan Costs
Short term loans typically carry higher interest rates than traditional bank loans. This reflects the shorter repayment period and the different risk profile of borrowers.
At PaydayUK, our representative APR is 91%. This means if you borrowed £500 over 6 months, you’d repay approximately £640.77 in total. Your actual rate will depend on the lender you’re matched with and your personal circumstances.
Representative example:
- ● Borrow: £500
- ● Term: 6 months
- ● Monthly payment: £106.79
- ● Total repayable: £640.77
- ● Interest: £140.77
- ● Representative APR: 91%
APR can look alarming when applied to short term borrowing. The rate is calculated annually, but you’re borrowing for months, not years. Always focus on the total amount repayable rather than the APR alone.
FCA regulations protect you with these caps:
- ● Interest cannot exceed 0.8% per day on the amount borrowed
- ● Default fees are capped at £15 maximum
- ● You’ll never repay more than double what you originally borrowed
Why Choose PaydayUK for Short Term Loans
Choosing where to apply for a short term loan matters. PaydayUK offers several advantages over applying directly to individual lenders.
Our broker service is completely free to use. We never charge application fees, broker fees, or any other charges. Lenders pay us a commission if you successfully take out a loan, so there’s never a cost to you.
Key benefits of using PaydayUK:
- ● One application searches our entire panel of FCA-regulated lenders
- ● Soft credit check protects your credit score
- ● Compare multiple offers without multiple applications
- ● No fees to you, ever
- ● 24/7 online applications accepted
- ● Same day funding possible if approved
Our track record speaks for itself:
- ● Over 1 million customers helped since 2020
- ● 7,500+ loan applications processed daily
- ● 4.7 out of 5 stars on Trustpilot from 6,281+ reviews
- ● FCA reference number: 921539
Short Term Loans vs Other Borrowing Options
Short term loans aren’t the only way to handle unexpected expenses. Understanding your options helps you make an informed decision.
Credit cards
Offer flexibility if you have one with available credit. You can borrow without a new application and potentially benefit from an interest-free period. However, getting a new credit card takes time, and rates can be high if you don’t repay quickly.
Overdrafts
Might help if your bank offers one. Arranged overdrafts typically have lower rates than short term loans, though unauthorised borrowing can be expensive. Check what your bank charges before relying on this option.
Savings
If the expense can wait, saving up avoids borrowing costs entirely. Even a few weeks of saving might cover a smaller emergency without the need for credit.
Short Term Loans for Different Amounts
PaydayUK offers access to short term loans across a wide range of amounts. Whether you need a small sum to cover a bill or a larger amount for major repairs, our panel may have options.
Smaller amounts (£50-£500):
Consider our £100 loans or £200 loans. These suit situations where you need a modest boost to cover a shortfall until payday.
Mid-range borrowing (£500-£1,500):
Options like £500 loans or £1,000 loans can help with car repairs, emergency home maintenance, or larger unexpected bills.
Larger amounts (£1,500-£5,000):
For significant expenses, loans up to £5,000 are available through our panel. Larger amounts typically come with longer repayment terms, spreading the cost into manageable monthly payments.
Over 1 million customers helped since 2020. FCA-regulated lenders only.
Repayment Terms and Flexibility
Short term loans through PaydayUK can be repaid over 3 to 36 months. The right term depends on how much you’re borrowing and what you can afford each month.
How repayment terms compare:
- ● Shorter terms (3-6 months): Higher monthly payments but less interest overall. A 3 month loan might suit a small amount you can repay quickly.
- ● Medium terms (6-12 months): Balance between monthly cost and total interest. 12 month loans spread the cost further.
- ● Longer terms (12-36 months): Lower monthly payments but more interest over time. Best for larger amounts.
Many lenders allow early repayment without penalties. If your finances improve, you can pay off the loan ahead of schedule and save on interest. Check the specific terms of any offer before accepting.
Monthly payments are fixed, so you’ll know exactly what to budget each month. Repayments usually leave your account via direct debit on the same date, making it easier to plan your finances.
The Soft Credit Check Advantage
Worrying about credit checks stopping you from exploring your options? Our soft search approach removes that barrier.
When you apply through PaydayUK, our initial eligibility check uses a soft credit search. This type of search is visible only to you on your credit report. Other lenders cannot see it, and it doesn’t affect your credit score.
Benefits of our soft search approach:
- ● Check your eligibility without any credit impact
- ● See potential rates and terms before committing
- ● Compare multiple lender offers safely
- ● No obligation to proceed with any offer
- ● Other lenders cannot see your search
Only if you accept an offer and proceed with a lender will a hard credit check take place. This is required by FCA regulations before any lender releases funds. At this stage, you’ll already know you’re likely to be accepted based on the initial matching.
Common Uses for Short Term Loans
Short term loans help people manage various financial challenges. Here are some situations where a short term loan might be appropriate.
Car repairs
Often can’t wait. If your vehicle is essential for getting to work, a short term loan can cover repair costs while you spread the repayment over several months.
Home emergencies
Boiler breakdowns or urgent plumbing issues need immediate attention. Waiting for savings to accumulate isn’t always possible when your heating stops working in winter.
Medical or dental costs
Sometimes arise unexpectedly. If you need treatment that isn’t fully covered by the NHS, a short term loan can help cover private fees.
Moving costs
Catch many people off guard. Deposits, removals, and connection fees add up quickly when relocating.
Alternatives to Short Term Loans
Before applying for any loan, consider whether alternatives might work better for your situation. Borrowing money always has costs, and sometimes other options exist.
Consider these alternatives first:
1. Credit unions
Offer an ethical alternative to commercial lenders. They’re community-based organisations that often provide lower interest rates than mainstream short term loan providers. Find your local credit union at findyourcreditunion.co.uk.
2. Payment plans
Speak to whoever you owe money to. Many utility companies, councils, and businesses offer payment plans for customers struggling with bills. Arranging to pay in instalments might avoid the need to borrow altogether.
3. Benefits check
Check what benefits you might be entitled to. Government support exists for various situations, and free advice services can help identify what you might claim. MoneyHelper at moneyhelper.org.uk offers guidance.
4. Free debt advice
If debt is becoming unmanageable, free advice services can help. StepChange and Citizens Advice offer confidential support for people struggling with money problems.
Responsible Borrowing
Taking out a short term loan is a financial commitment. Before applying, honestly assess whether you can afford the repayments.
Ask yourself these questions:
- ● After covering essential bills, food, and travel, would I have enough left for loan repayments?
- ● Could I still make payments if my hours at work were reduced?
- ● Am I borrowing only what I genuinely need?
- ● Have I considered all alternatives first?
Only borrow what you genuinely need. While you might be offered more than your initial request, accepting the minimum necessary reduces your total cost and makes repayment easier.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
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Frequently Asked Questions About Short Term Loans
Short-term loans are similar payday loans but with a higher level of flexibility. The amount you can borrow varies from £50 to £5000, and the repayment can be made over a period of your choice, ranging from 3 to 36 months.
The nature of short-term loans means the process is far quicker than a traditional loan and can be completed online. These three characteristics, the lower amount, shorter repayment period, and faster process, are the main differences to a traditional loan. They are also the key characteristics that make short-term loans online such a popular choice for people looking for a quick fix to a temporary problem.
While short-term loans are useful for several circumstances, they do not provide a longer-term solution to financial difficulty.
Payday UK have streamlined the application form to help you access the required funds as quickly as possible. Simply fill out the personal details, and we will introduce you to the best option for your unique circumstances.
The loan our broker selects for you will already have been compared to your requirements and situation, so you will know you meet the criteria and can progress straight away. Short-term loans for smaller amounts can be in your bank within ten minutes*. Larger sums may take slightly longer to process.
Payday UK are not direct lenders, but we do introduce you to a broker with a panel of FCA authorised lenders whose guidelines are used to check your status. This flexibility is just one of the reasons why people with an adverse credit profile often find they can access additional funds using our service.
The decision on whether you qualify for a short-term loan is virtually immediate. Our broker will match you to the best deal with the lowest rates for your unique situation. Sometimes, the speed of the process can be risky.
If you’re in a position where you need access to the money quickly, it can be easy to agree to unreasonable terms. When you use Payday UK, you know you’re getting the best deal currently available for you. This added peace of mind is priceless when you’re in a rush to resolve an emergency.
Yes, it can be. If you need to borrow between £50 and £5000, a short-term loan could be ideal for you. Short-term loans have been designed to help people that need access to extra money quickly. The reasons vary, but they usually include an unforeseen expense, such as a car breaking down or a house repair that needs immediate attention. If this sounds like you, then a short-term loan could help you out of a sticky situation.
Short-term loans aren’t a good solution for longer-term financial difficulty, such as paying other debts. There are free services you can use if you’re struggling with debt and need help to get back on track. Look at moneyadviceservice.org.uk
stepchange.org
nationaldebtline.org websites for further information.
Via Payday UK, you can apply for loans up to £5000. Due to the nature of short-term loans, most people who take out a loan would not exceed this amount, and the majority are for considerably less. If you need to borrow more than £5000, then you will be better served looking for a more traditional loan with a longer repayment period.
If a company offers short term loans for higher amounts, you should make sure you completely understand the full terms of the loan, as if they apply payday loan rates to a larger sum the interest could mount up quickly.
The repayment varies. You can choose a repayment period of between 3 and 36 months. The length of the repayment period is usually a reflection of the size of the loan. The larger the loan is the longer the repayment period. A smaller loan would typically be repaid over a shorter period.
One of the primary considerations when selecting a suitable repayment period is can you afford the repayments. You don’t want to stretch yourself too much and end up in the same situation in a couple of months. Select a repayment period that gives you payments you’re sure you’ll be able to meet.
Payday UK do not perform a credit check. However, lenders will perform a search known as a soft credit check, allowing us to find the best loan for you without having any impact on your credit rating. It means that you get to see if you’re eligible without the need for a full credit check that will show up on your record.
However, a full credit check will be performed by your chosen lender. The FCA (Financial Conduct Authority) requires all lenders to perform a full credit check, so don’t believe a company that tells you otherwise.
While the full credit check will show up on your credit report, you will already know you meet the lenders’ requirements before it is performed. Being accepted for a loan and then making all the repayments on time will be positive for your credit rating.
Payday loans by their nature are taken over a short period of time; however, a short term loan comes with a higher level of flexibility. Most short-term loans are part of direct lenders payday offerings.
Although, there are many banks that offer loans with a shorter repayment period that will never refer to them as payday loans, partly because of the negative historical associations with the term.
A lot of the reputation attached to short-term loans is a throwback to when they first became popular. There were many unscrupulous and unregulated lenders that took advantage of people that were in a difficult situation. Now direct lenders must be registered with the FCA and follow ethical and regulatory guidelines, providing the consumer with more protection. Short-term loans can get expensive if you fail to make the repayments on time.
The high APR rates reflect the short term of the loans, but if the loans go beyond the stated term, the additional interest can add up quickly. This is one of the reasons it’s essential you use a reputable lender that is entirely transparent about the terms of the loan.
When a short-term loan is used correctly, it can be a great way to help you out with an immediate problem. However, if you abuse the service, the interest can build up quickly.
If you think you’re going to experience a problem making a repayment, it’s essential to contact the lender straight away. Good communication means they won’t make any presumptions about your intentions, and you can resolve the issue quicker together.
This question is more complicated than it initially seems because lenders are regularly updating what they offer to attract customers. In the past, some consumers have accepted unreasonable terms because they have a bad credit score and are just happy someone has agreed to lend them the money.
However, when you use Payday UK, you know you’ll get the best deal for your situation that’s available at the time, regardless of amount, term, or your credit history. When you apply, our broker will look at what several lenders are offering, then present you with the best option.
Yes. Our panel includes lenders who specialise in helping people with imperfect credit histories. While approval isn’t guaranteed, using a broker like PaydayUK increases your chances of finding a willing lender.
A broker like PaydayUK doesn’t lend money directly. We search multiple lenders on your behalf to find potential matches. A direct lender provides the funds themselves. Using a broker gives you access to multiple options through one application.
PaydayUK never charges any fees to customers. Our service is completely free. We’re paid by lenders when you successfully take out a loan, so there’s never a cost to you for checking your eligibility or comparing offers.
Most lenders in our panel allow early repayment without penalties. Paying off your loan ahead of schedule reduces the total interest you pay. Check the specific terms of any offer before accepting.
Many lenders in our panel accept benefits as a form of income. Eligibility depends on your overall financial situation and the specific lender’s criteria. Our soft search lets you check your options without affecting your credit score.
Our representative APR is 91%. This means at least 51% of successful applicants receive this rate or better. Your actual rate depends on the lender and your personal circumstances. Always check the total amount repayable before accepting any offer.
Loan guides
These guides will help you find out more about the different types of loan and lenders available.
