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Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67
What are Short-Term Loans?
Short term loans are instant credit solutions that require no collateral. Loans are typically borrowed and repaid within a 12 month period with several instalments. Many people seeking a short-term loan are facing an urgent or unexpected cost such as an unexpected bill.
Our direct short term loan lenders require no security assets and no guarantor meaning you could receive funds the same day in your bank account.
What is the difference between a short term loan and a payday loan? Payday loans can be lifesavers in times of need when you run out of cash a few days before you receive your monthly income. A payday loan is mostly repaid over a term of a month, or less if based on your next payday. Whereas, a short term UK loan is repaid over a number of months across several instalments. Both types of loan come with benefits, however, not every loan product is going to be the right one for you and should be used primarily in emergencies and not as a steady form of income.
Having a bad credit rating used to mean the inability to receive a loan or financial assistance, however, this is no longer the case. Some lenders on our site offer loans to those with poor credit scores. If you have bad credit and have previously been rejected by conventional loan lending agencies, complete our application, and within 90 seconds receive an instant short-term loan decision.
Preparing to apply for a loan is a big decision. The amount you need to borrow, the length of the term, and how much you can afford to pay overall must be considered. Have you received a surprise utility bill? Has your main vehicle broken down? Or does your home have an urgent leak or repair that needs taken care of? If so, then a short term loan may be right for you.
To apply, simply complete our free step by step online loan application. It only takes 2-3 minutes on average to complete.
NowLoan will never charge fees or extra costs. NowLoan is a short borrowing term loan direct broker, authorised by the FCA. Get an instant term loan decision, with cash transferred on the same day direct to your bank account.
Your loan search and resulting quotes through NowLoan leave no footprint on your credit score.