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.