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Short Term Loans
If you need a quick influx of cash then a short term loan could be an option. Money Pug’s comparison site allows you to compare short term loans from a range of lenders, and our helpful guides can help you to avoid getting into unmanageable debt. Whatever you need to get a short term loan for, these can provide a fast solution to your problems. However, be wary. Some short term loans can be extremely costly, with high interest payments that can leave you having to repay a lot more than you initially borrowed. Make sure you read all the small print and understand exactly what you are getting yourself into.
What Is a Short Term Loan?
A short term loan is a way of borrowing an amount of money over only a short amount of time. Short term loans are generally not repaid over years, but rather over just a few months. Borrowing for a short length of time can reduce the amount of interest that you have to pay, compared with loans that involve paying them back over a longer period of time. However, paying a loan back over a short period will often involve paying back the sum in much larger instalments, and some short term loans have punitive interest rates.
Why Might I Consider a Short Term Loan?
What Types of Short Term Loan Could I Consider?
- Flexible Personal Loans (That do not charge for early repayment). Note that these do usually have a higher APR than typical inflexible personal loans.
- Peer-To-Peer Loans (Which also often allow penalty free early repayment). The rate you get will depend on your credit worthiness.
- Credit Unions (Members of non-profit credit unions can often get flexible loans, though will often have to have saved with them for a time before they can borrow).
- Private Loans from Family or Friends (If you plan such an arrangement, it can be flexible, but make sure everyone is happy and you have a written agreement so that there are no arguments further down the line.)
- Payday Loans – Best avoided if at all possible. These have sky high interest rates and can be hit with charges if you miss repayments. Taking a payday loan is not something to do lightly.
What Alternatives are there to Short Term Loans?
Short Term Loans FAQs
- Payday loans are designed to give you cash quickly in an emergency. You could be able to borrow between £50 and £2,500 and pay it off over several months or in one lump sum, depending on your choices and the length of the loan. Lenders design the loan terms to be short, but most will let you extend your repayment date by an extra month, which will give you more time to pay it back but will, of course, increase the interest that you will have to pay.
We include every UK Payday Loan you get in the UK from our panel of providers. . They are all either directly regulated by the Financial Conduct Authority. or providers that are partnered with a company regulated by the FCA.