Short Term Loans
How much money do you need?
Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
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- Bad Credit Considered
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- 24/7 UK Service
What Are Short-term Loans in the UK?
The Term Short-Term Loan refers to a small amount of money that is paid within a short period of time, possibly on the borrowers next payday. The lenders will try and help you, even if you have bad credit. Nevertheless, the fixed interest rates tend to be relatively higher than some other loans available.
As a result, most people only use this type of loan for short-term money problems. Once you decide to get a short-term loan, you should ensure you read the repayment terms and loan conditions before proceeding.
What Are the Common Types of Short-term Loans in the UK?
The Term “Short Term Loan” refers to a small amount of money that is paid within a short period of time, possibly on the borrowers next payday. The lenders will try and help you, even if you have bad credit. Nevertheless, the fixed interest rates tend to be relatively higher than some other loans available.
As a result, most people only use this type of loan for short-term money problems. Once you decide to get a short-term loan, you should ensure you read the repayment terms and loan conditions before proceeding.
Wonga loans
Wonga Loans were one of the most well-known lenders in the short-term loan industry, the loan capacity was from £50 - £5000.
Online short-term loans
This type of loan requires you to use the Internet to apply, and every step of the process, from applying for a loan to getting that loan, is done online.
Bad credit short-term loans
A bad credit short-term loan is a type of small, unsecured loan, which is given to people with bad credit scores. The companies that provide these loans specialise in lending to people who generally have trouble getting loans from regular banks. As a result, they have fairly high-interest rates compared to regular loans.
Instant short-term loans
These loans are given to people who need money urgently. They are for emergencies so that the borrower can get them a short while after they file an appeal.
What Are The Requirements For Getting a Short-term Loan in the UK?
When it comes to the requirements for borrowing a short-term loan in the UK, the criteria aren't that difficult to fit in. Approval depends on you meeting the following eligibility requirements:
- As per the Consumer Financial Protection Bureau of the UK, you must provide your bank account details.
- You must be 18 years or older.
- You should have a regular income, with full or part-time employment.
- You should be a resident of the UK.
How Do I Apply For a Short-term Loan?
Although you can find all types of loan funding service providers in the UK. Some of them may be scammers. So it is recommended to go for platforms that can be trusted.
CocoLoan is one of the most prominent short-term loan brokers, as we offer to pass your application to all the authentic lenders based in the UK. Also, all of our services and procedures are carried out online, so you can apply for short-term loans very easily.
Follow the steps to apply for Short-term Loans in the UK through CocoLoan:
Step 1: Fill Out the Application Form
Open our online application form, which will ask you to enter details specifically needed to initiate the loan process.
Step 2: Sign Your Loan Agreement
Based on the details you've entered, we'll help you connect with the right lender from our network. Once they verify the information, you will be given an online loan agreement to sign.
Step 3: Get the Short-term Loan
After signing the offer letter, the short-term Loan will be transferred into your bank account in 60 minutes.
Get My QuoteShort-term Loans With Bad Credit: Is It Possible?
Yes, there is a possibility to get quick loans with poor credit history in the UK. However, the amount of loan you can apply for may be significantly less. However, lenders and brokers tend to give loans for higher rates since you don't have good credit.
What You Should Know Before Applying For Short-term Loans?
You should be well aware of the different circumstances you have to face before going forward with the application. Initially, you must have a definite source of income so that you can pay back the loan you have borrowed, or else you have to face dire consequences, such as interest rates being raised.
Moreover, If you're considering taking out a loan, remember it's important to calculate how much you need. We suggest going through your costs one by one and seeing whether you can reduce any outlays.
Additionally, as a consumer, when you make a loan application, it's important to study your agreement contract closely. This is to make sure your rights or privileges are well protected.
Ready to Get Short-term Loans? Check Your Eligibility Now!
Need quick money to cover unexpected expenses?
Don’t worry! Apply for our immediate short-term loans even if you have a bad credit score!