Often when looking for a short term loan there is a time issue, in that the short term loan is required for such things as emergencies or to cover a shortfall or unexpected bill.So not only do you need your loan for a short period of time you need it in a hurry, this often narrows down your loan choices, this site has focused on loans that are available in a short period of time without the need for complex applications and form filling.
Because of the very nature of loans being taken over a short period of time they typically come with a higher interest rate, however because the loans are over a short period the total amount you have to repay is possibly the better figure to pay more attention to, have a read through the site, work out which type of short term loan is best for you, additionally it’s worth bearing in mind if the loan your looking at really is a one off or do you expect to need to borrow additional money in the near future, if you are finding yourself requiring regular small short term loans then it’s worth looking at either a doorstep loan or consider taking out a credit card, both of course like all short term loans have pros and cons.
Types of Short Term Loans
Payday or cash advance loans have grown in popularity over recent years, these types of loan are ideal if you are needing a access to a small amount of cash in a hurry, an example payday loan might be for car repairs or a sudden bill that can’t wait untill you get paid.
The interest rates are higher with payday loans and there are charges to look out for, to find out more about read our payday loan guide.
Doorstep lending companies such as Shopacheck and Provident have been around for many years so they must be doing something right, they loan money typically to those with poor credit histories or low income.
There are advantages and dissadvantages with doorstep loans, loan repayments are collected weekly directly from you at your home, this can help many people as the amounts are going to be less than a single monthly loan repayment, however the length of time to repay is usually longer so read up on the total costs and charges. A plus though is additional borrowing is usually fine so long as you have been keeping up to date with your payments.
Credit cards designed for those with lower credit scores or poor credit history used properly can help build / repair your credit history.
Unlike payday loans or doorstep loans credit cards are not cash loans, but do enable your to carry access to additional funds in your pocket without carrying cash everywhere.
Logbook or V5 loans are secured loans, a representitve will visit you home, paperwork is written up and you agree a loan and the repayments then the loan company hold your cars, van or motorcycle logbook as security for the loan. You will be unable to sell your car untill the loan is repaid, also as the loan is secured if you default on repayemnts you risk loosing your car, not ideal if you need it for work.
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