Need Money Now?

Need money now?

A short-term loan is designed for people who need financial help immediately and have exhausted their other options. Once you apply, you’ll usually receive an instant decision, and if approved, you should receive the funds straight into your bank account on the same day.

We’ve all been there – a financial emergency hits, and its timing couldn’t be worse. With no savings in the bank and no friends or family who can help, the sudden need for cash can feel incredibly stressful and overwhelming. When it feels like you’ve got nowhere else to turn, borrowing through a short-term loan online can often be the best way to secure the money you need to fix the emergency you’re facing. Often, applying for short-term loans online comes with an instant decision and same-day transfer of funds straight into your bank account.

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Who is eligible for a short-term loan?

Once you’ve decided that a short-term loan is the right way for you to get the money you need now, it’s time to apply online. Before you do, double-check your eligibility to apply using the bullet points below. These are the main criteria that lenders use when assessing your application for a short-term loan:

  • 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.

Bad credit history can negatively impact your application, but each lender is different, offering loans to suit different financial backgrounds with a range of terms and conditions. 

How can I apply for a short-term loan?

Once you’re happy that you meet the eligibility criteria, you’ll need to complete a quick and easy online application form. The lender will want to know how much you’d like to borrow, potentially what the loan will be used for, and how long you’d like to borrow it. Short-term loans are – as the name suggests – designed to be borrowed for a short length of time. This is usually a minimum of three months. The lender will ask for more information about you, your employment status, and your income. You may be asked to provide proof of where you’ve lived for the last three years, as well as bank account information or job payslips. They might also request estimates of your monthly outgoings for things such as your mortgage or rent, utility bills, other bills, transport and other common expenses. 

Once you’ve filled in the form and provided the requested information, it’s time to hit the submit button. Now it’s over to the lender – they’ll run a credit check against you, review the supporting information you’ve given, and assess whether you can afford to borrow the loan and make the repayments in line with the schedule set out in the agreement.

If you successfully pass the lender’s checks, your loan will be approved, and, in most cases, you will receive the money within 24 hours of being approved. This fast transfer of funds directly into your bank account is one of the reasons why short-term loans are well-suited to people who need financial support in an emergency.

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Your questions, answered

How much will it cost me to repay my short-term loan?

The total cost of your loan and your interest will depend entirely on your individual loan agreement. The more you borrow and the longer the length of time you borrow it, the more you will repay. In most cases, the daily interest rate drops as the size of the loan and the length of borrowing increases. This means that whilst you will pay more interest for large loans over long periods, spreading out the repayments can make them more affordable. It’s also useful to know that there is a cap on the interest accrued on short-term loans – it will never exceed 0.8% per day.

How will my repayments be collected?

During most short-term loan application processes, you will agree to your repayments being collected automatically by your lender. This is called a continuous payment authority (CPA) and means your lender can automatically take repayments from your bank on a specific date – this is usually the day you get paid. You can arrange for your lender to send you reminders before the scheduled repayments are taken to ensure that you have sufficient funds in your bank account to make the repayment.

Failing to make your repayments can harm your credit rating and may incur additional charges. On the other hand, making your repayments on time shows your ability to adhere to financial agreements and help your credit score improve.

Can I repay my loan early?

Most lenders welcome early repayments if your circumstances change and you no longer need the loan, but you should refer to the individual terms of your agreement as this can vary from lender to lender. Repaying your loan early can reduce the amount of interest you accrue and therefore need to pay. Some lenders also offer a 14-day cooling-off period once the loan has been approved, which means you can change your mind if you wish to.

For more information about repaying your loan early, get in touch with your lender directly as soon as you’ve made the decision. The longer you leave it, the more interest you might accrue.

Should I go ahead and take out a short-term loan?

Sometimes, when a financial crisis hits, there is nowhere else to turn. For people who have no savings and whose family or friends can’t help out, facing an emergency with no money can feel like an untenable situation. Short-term loans are designed with these people and situations in mind, but you must assess your own situation to decide whether a short-term loan is right for you. Only borrow the amount of money you need to solve your problem because borrowing more than you need can put you at risk of falling into deep, long-term debt.

What do I need to apply for a short-term loan?

If you’re ready to apply for a short-term loan to solve your financial emergency, run through this final checklist to ensure that you have everything you need before going ahead.

  1. Can you definitely afford a short-term loan?

You should only take out a loan if you are confident that you can make the scheduled repayments on time and in full. If you fail to make your repayments, you run the risk of falling into persistent debt. It can also be detrimental to your credit score, and you may incur further charges from your lender, such as missed payment fees. This type of loan is only meant for short-term borrowing so, if you have any doubt about being able to afford the repayment, look for alternative financial solutions.

  1. Have you thoroughly read the terms of your agreement?

If you’re under immense pressure in a financial emergency, it might seem like a good idea to skip through reading the terms and conditions of your agreement to save time. Skimming through the information is a bad idea. You must take 5 minutes to thoroughly read through the agreement and terms so that you fully understand what you’re signing up for.

When you get to the section about your repayment schedule, make a note of the repayment dates and amounts on your smartphone or calendar. This will help you stay on top of your outgoings and make sure you have enough money available for each repayment. This, in turn, will prevent you from missing any payments and falling into persistent, long-term debt.

  1. Do you know what to do if you’re struggling with repayments?

Sometimes, there are scenarios in life where your circumstances might change, making it difficult for you to meet the agreed repayments for your short-term loan. If this happens, you must know what to do and what the implications are if you miss a payment. Contact your lender immediately if your circumstances change. Don’t be tempted to ignore the situation because this 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 payment plans. They will treat your case with empathy and support so, don’t be afraid to get in touch with them and have an honest conversation.

You should also check the terms of your agreement because some lenders will offer flexibility around repayments. This means that you might be able to move your payment date around or even miss a payment without incurring a fee. This does differ between lenders, though and isn’t guaranteed. Be sure to double-check exactly what your lender does and doesn’t offer.

  1. Do you understand the terms and conditions of your short-term loan?

The Terms & Conditions of your short-term loan are the most important part. You must make sure that you read and understand them before proceeding with your loan. If you’re dealing with a financial emergency and time is of the essence, you might be less likely to give the Terms and Conditions the thorough attention they require. Don’t skip this step, and make sure to only  agree to the loan once you understand the terms.

What alternative loan options are there?

Short-term loans are designed for short-term borrowing in financial emergencies when all your other options have been exhausted. They won’t suit everyone, though. .

The Money Shop guides are available to help you make informed decisions about borrowing money or if you are feeling confused about how to proceed with your short-term loan application. We’re here to offer assistance on short-term loans, staying out of long-term debt and whether taking out a short-term loan is the right option for you.

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