Short Term Loans.

A lifeline for anyone needing emergency funds, fast.

Affordable online loans for 3 to 36 Months.

100% secure online application process

Money can be sent in just 15 minutes#

Applying does not affect your credit rating

Thousands of loans found every month

Representative APR 49.9%

Representative Example: Borrowing: £1200 for 18 months, Total Repayable: £1628.28, Total Interest: £428.28, Interest Rate (Variable): 49.9%. Rates between 9.3% APR to Maximum 1294% APR

The Money Shop is a registered trading name of New Horizons Finance Limited, which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker not a lender. Loan repayment terms are between 3 and 36 months.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Guide to Short-term loans.

At The Money Shop, we are a team of financial experts who are dedicated to helping you find the right solution for your needs. We’re on hand with the latest short-term loan guidance, all the things you need to know about avoiding long-term debt, and the implications of taking out a short-term loan.

Short-term loans, ranging from £50 to £5,000, can be a lifeline for anyone needing emergency funds, fast. Life can be far from predictable and there’s no way of knowing what’s around the corner. From emergency vet bills for your beloved best friend to urgent boiler repairs in the coldest winter months, sometimes life throws unexpected situations at you that can be extremely stressful. Being short on funds to resolve these situations can take them from stressful to a full-blown nightmare.

This is where short-term loans can really help. In your moment of need, short-term loans can help you secure funds when all other options have been exhausted and time is running out. Short-term loan applications take place online so you can get an instant decision, then-and-there, and have the funds sent to your bank on the same day in most cases.

This means you can say ‘yes’ to your vet fixing your furry pal’s leg, or look forward to a hot bath in the evening, safe in the knowledge that your short-term loan has you covered.

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It’s really important to remember that short-term loans should only be used in emergencies when you have no other options. They are not designed to be used for long-term financial problems. These types of loans can be expensive as they come with high interest and certain charges.

They’re great for anyone who is facing a financial emergency and doesn’t have any savings, or friends and family to ask for help. Applicants are usually people who are facing an unexpected bill and have nowhere else to turn. We also help people who are self-employed and rely on certain things, like their car or laptop, to generate income. If these were to break and couldn’t be replaced, cash flow problems can arise. Short-term loans bridge the gap between finding a short-term solution for your financial problem and your next payday.

Our customers use short-term loans to pay for scenarios, such as:

  • Urgent car repairs.
  • Technology replacements that can’t wait, such as laptops.
  • Unexpected veterinary or medical bills.
  • Home emergencies, such as a replacement boiler, fridge or washing machine.

Short-term loan questions:

What you need to know before you apply.

Before applying for a short-term loan, double-check you’re eligible to do so. Some lenders accept applications from people with bad credit so don’t let this stop you from seeing if you meet the criteria below. The usual criteria are:

  • Aged over 18.
  • A UK resident.
  • Employed, either by a business or you work for yourself.
  • A UK bank account holder.
  • Receive a regular income.

To apply for a short-term loan, you’ll need to complete a quick and easy online application form. You can do this on a laptop, desktop computer, or even on your smartphone. The process starts by confirming the amount of money you’d like to borrow and for how long you’d like to borrow it. Short-term loans are intended for short-term borrowing so, the loan duration is usually a minimum of 3 months.

Lenders will ask for information about you, your employment status and whether you receive a regular income. You may be asked to provide proof of residency for the last three years as well as bank account information, or payslips from your job. You might also be asked for a breakdown of your monthly outgoings, such as your mortgage or rent, utility bills, food bills, transport and other common expenses.

Once you’ve provided all the necessary information and have submitted your application to the lender, they will run a credit check on you and review the information you’ve provided. It’s important you can meet the repayments of your loan so they’ll also conduct affordability assessments to make sure your payments will be in line with the agreed schedule. A poor credit history can adversely impact your application, but each lender is different, offering loans to suit different financial backgrounds, with a range of terms and conditions.

Once the loan has been approved, the funds can be in your bank account within 24 hours of applying. This instant decision and fast transfer mean you can resolve your financial emergency quickly.

The total cost of your loan will depend entirely on how much you borrow, and for how long. The less you borrow and the shorter the length of time you borrow it for, the less you will repay. There is a cap on the interest of short-term loans – it will never be above 0.8% per day. In most cases, the daily interest rate drops as the size of the loan and the length of borrowing increase. This means that whilst you will pay more interest for large loans over long periods of time, spreading out the repayments can make them more affordable.

Most short-term lenders use a continuous payment authority (CPA) to collect loan repayments. This means that an agreement is put in place between yourself and your lender, allowing them to automatically take repayments from your bank on a specific date. The agreement is made during the application process and you can request reminders to be sent by the lender before each collection date. This can help you to make sure you always have enough funds in your bank account to meet the repayment.

In most cases – absolutely! The majority of lenders welcome early repayment if your circumstances change and you no longer need the loan. Check the individual terms of your agreement though as this can vary from lender to lender. If you repay your short-term loan early, this will reduce the amount of interest you need to pay. Some lenders also offer a 14-day cooling-off period after a loan has been taken out.

If you wish to cancel your loan, get in touch with your lender to find out about their specific requirements for paying it back.

Life can be unpredictable and financial emergencies can be some of the most stressful situations we will ever face. Short-term loans can help you to resolve financial emergencies in the short term, but it’s important to assess your own situation on its merit and work out if a short-term loan is the right choice for you. Only apply for the amount of money you need because borrowing any more could put you at risk of falling deeper into debt.

  • Ensure your loan is affordable:

Short-term loans are only intended for financial emergencies when no other help is available. It is really important that you are confident in your ability to repay your loan in line with the proposed payment schedule, as well as terms and conditions, before you apply. Failing to meet repayments will lead to prolonged debt so, if you’re in any doubt at all about your ability to repay what you borrow, look for alternative financial solutions.

  • Read your agreement carefully:

It’s easy in the heat of the moment, under financial pressure and worries, to skim over the terms and conditions of your agreement, especially if you’re dealing with an emergency. You must take the time to thoroughly read through the loan agreement, so you fully understand what you’re signing up for. Use your smartphone or kitchen fridge calendar to make a note of the repayment amounts and scheduled repayment dates set out in your agreement; this way, you’ll never be caught by surprise. Staying on top of your outgoings and meeting your repayments will prevent you from falling into deeper, long-term debt.

  • Know what happens if you do struggle to make the repayments:

Sometimes, even the best-laid plans go awry. It’s important you know what to do and what the implications are if your circumstances change, and you can no longer make your repayments. You must get in touch with your lender immediately if this happens. Contact them and have an honest discussion about your situation because burying your head in the sand and ignoring the issue will only make it worse in the long run. Most lenders have processes in place to help their customers in situations like this, often in the form of payment plans.

Some lenders offer flexibility around repayments, such as being able to change the payment date or defer repayment for a month. This flexibility can be extremely useful but may also incur additional interest and costs. Read the terms of your agreement carefully so you know exactly what your lender does and doesn’t offer.