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As the name suggests, a short term loan is a type of loan that has a relatively short repayment period. A short term loan can help you get access to finance quick, with only a short period of monthly repayments.
We work with some of the UK’s leading lenders, accommodating for a range of different applicants and their borrowing needs. Our online application is free to use, and can be completed in only 5 minutes. Click the “apply now” button below to start comparing with Proper Finance.
Short term loans can be used in numerous different ways. Many of the lenders we work with offer short term loans in various different forms. Below are some of the main loan types that can come with a short repayment period:
Short term loans can be used to fund various different things, such as paying for a holiday, a wedding, or home improvements. Many people also use short term loans to keep up with monthly bills before they get paid. This is referred to as a “payday” loan, helping borrowers to keep up with payments before they receive their monthly wages.
You can apply for short term loans even if you have a bad credit score. It’s known that many lenders will not accept applicants who have a low credit rating, as they need evidence that the borrower will be able to keep up with loan repayments.
This is commonly the case for unsecured loans, as there is nothing securing the loan, meaning the lender has to rely on the credit-worthiness of the borrower.
However, other types of short term finance, such as guarantor and secured loans, may accept those with a bad or non-existent credit rating. In fact, guarantor loans are often taken out by those with bad credit scores, using their guarantor as security that the loan will be paid back.
The guarantor will often need to have a good credit rating, and have other factors that show they are capable of keeping up with the loan repayments – for example, being a homeowner and having a good history with past borrowing.
Short term loans can even help to improve your credit score, as it shows to the credit referencing agencies that you are building up a good history of borrowing. However, this will only be the case if you keep up with the monthly repayments, and failure to do so can actually damage your credit rating.
As there are various different loan types you can get for a short-term period, the eligibility criteria can vary quite drastically. It might be good to read up on the different loan products available for a short term period, as this can help you to determine which loan will best suit your borrowing needs, and the criteria you must meet in order to be eligible.
Whilst criteria will vary, some of the main requirements most lenders will need of applicants includes the following:
Proper Finance work with a range of trusted lenders, and can help to compare loans for a whole host of different borrowers. Whether you’ve got bad, fair or non-existent credit, there are still loan options available for you, offered by our reputable lenders.
Proper Finance works with some of the leading lenders in the country, all of which abide by the rules and regulations set out by the FCA. This means any loan you find through our comparison site is safe and secure.
Our online application is free to use, and can be completed in only a few minutes. After completing your application with us, you’ll receive an instant decision, and can even get access to funds the very same day of approval.
We are dedicated to helping you find the loan that’s right for you. Our lenders offer a range of different financial products to help accommodate for various different circumstances and requirements.
Proper Finance can help you to find great short term loans. Use our online form to find the best short term loans for you from our panel of lenders. You will not be charged any upfront fees for filling in our application, which only takes 5 minutes to complete.
When completing our online form, we’ll require a few details from you, including the following:
Simply click the “apply now” button at the bottom of this page to start your application.