Short Term & Payday Cash Loans

Short term loans or Payday loans provide a fast short term borrowing solution to those who need a quick smaller loan paid instantly or on the same day. Payday loans typically have to be repaid within 30 days, while Instalment loans can be repaid over a series of payments from 1 month to 12 months and for amounts of between £50 and £2500. However the repayment terms and loan amounts do vary between lender to lender and may vary depending on your credit file and if you have a history of bad credit.

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Why you should compare payday loans when looking to borrow

Payday loans have become very popular

Payday loans have become very popular

Thousands of people across the UK struggle to get the loans they need in order to complete repairs, buy new items or to cover expenses. If you are one of this group, then you may have already tried to get a loan from your bank or building society, tried to borrow from friends and family, and even turned to your industry union for the money you need. It doesn’t even have to be a large sum: you might be struggling to raise £100 or £200 pounds. Yet even with a good job and a monthly salary, you may still struggle to get a loan. This is where the payday loan industry has been so successful, offering money on a short-term basis to people regardless of their credit rating, and no matter how much they need. You can ask for as little as £100, or as much as £1000. Before you decide that a payday lender is the only solution, however, you may wish to do a little bit more research, and compare payday loans companies.

What is the point of comparing payday loans?

Despite the press which has managed to connect all payday lenders together, there are still some differences which mean that each payday company offer different advantages and disadvantages. For example, it might be useful for you to know whether a lender has declared that they are part of the fairness and respect agreement which will mean that you are at least protected from the worst type of lender. You will also be able to look at different levels of APR, and see which lender can offer you the best deal. This can be very important if you need a large sum such as £1000 in order to ensure that you can repay the loan without having to hold money back from other required payments.

What should you be looking for?

Same day short term cash loans

Same day short term cash loans

One of the most important things which borrowers can look for in their payday lender is proof that they have some connected with the Financial regulators, the FCA in this case. Almost all reliable payday lenders, plus the payday loan brokers who deal with them, need to be granted Interim Permission by this group, otherwise they are not permitted to trade and may demand that you pay a higher rate of interest than is standard for payday lenders.

It may also help to deal with direct lenders, rather than with companies who outsource the loan. Both the companies themselves and the brokers who work with them should not require third-party lenders in order to get the money their customers need. This is because most third-party payday lenders and brokers will be charging a fee for commissioning the loan, as well as the interest which is paid on the money borrowed. This can increase the debt to be paid significantly, and may cause the borrower a great deal of trouble. Comparing payday lenders will allow you to assess whether they are running off of their own steam, or handling a third-party loan.

Is it worthwhile to compare payday loans companies?

If you only want your loan for a short time, it can seem like a lot of work to research a range of companies. This is particularly true if you are desperate for money, and need help. However, taking the time to research the different lenders can help you to save money. It can also prove to be very useful if you have to borrow money fast, but don’t know the difference between established payday lenders, and those who have just started out. Careful research will help you to manage your borrowing and repayment to these payday companies, and in this sense is certainly worthwhile.

How do short term cash loans work?

Borrow what you need over the short term

Borrow what you need over the short term

Want money quickly, but want to pay it back within a short period? Short term cash loans can help those who need money in tight circumstances, but also want to avoid having a debt hanging over their head for the future. Short term loans cover borrowing that has a shortened repayment period. The time between the beginning of the loan and the final repayment can differ between lenders and is based on the way in which the company uses their loan. So, for example, one lender might require payment at the end of the calendar month, while another might extend the loan for three months. The reason why they are called short-term loans is that they vary considerably from the usual bank loans or building society loans, which tend to require payment over a longer term, generally between 1 – 7 years for larger loan amounts.

What makes short-term loans convenient for customers?

There are several reasons why you may find a short term loan better for your immediate needs than a longer-term loan. Firstly, short-term cash loans are easier to obtain than the standard bank loan, and you are more likely to be able to get the loan, even if you have bad credit or have a history of IVA or other financial problems. This is because the amounts tend to be smaller, usually under £1000, and this reduces the lender’s risk. In addition, the small amounts tend to mean that lenders don’t require security for the loan, and this can make it easier to get the amount you need in an emergency.

Short term loans for any requirement

Short term loans for any requirement

Short term cash loans are also easier to obtain quickly. Bank loans, and a number of other lenders’ loans, are more likely to take a period of weeks to process, so that if you need a loan to cover an emergency before the next payday, you will not be able to get this through a traditional loan. Instead, you can choose short-term loans because they tend to have a faster turn-around time, and you may receive the money in a few days or instantly (sameday), rather than the normal weeks for your loan application to be approved.

Short term loans are also ideal for those who don’t want to take out a large loan in order to get the small amount of money that they need. If you only need £100, but the bank won’t allow an overdraft, then you can struggle to get agreement on such a small amount from other types of loan. Short term cash loans can pay you quickly and easily, and will allow you to get the money that you need quickly.

Are there downsides to short term loans?

There are two main downsides to the short term cash loan. Firstly, there is the fact that most lenders will require payment within a few weeks of the loan being made. It can be hard to meet the repayments. The second problem is the amount of interest you will be charged on the loan. The APR can be very high, sometimes as much as £20 or £25 for every £100 borrowed. This can be very costly when the time comes for repayment and you may find that there are cheaper alternatives such as borrowing on a credit card or from friends and family, and these options should always be considered first before taking out a Payday Loan.

Instant payday loans could be the solution if you need cash fast

Some lenders pay out loans instantly same day

Some lenders pay out loans instantly same day

Do you need to be able to find a fast solution to your money worries? Payday lenders can arrange your loan within hours of your call, so there is no waiting, and delays while payments are processed by the lender. Many people who need money fast turn to instant payday loans as a solution to their problem, and do research to help them decide which lending company is best for them. There are several different types of payday lenders, including some that are able to process your payment in the middle of the night. This means that a cash loan can be provided for you by the lender whenever you need it.

What are the alternatives to payday loans for bad credit?

What are the Payday loan alternatives?

What are the Payday loan alternatives?

The financial climate has left a lot of ordinary working people with poor credit ratings, so-called ‘bad’ credit, and even with debt collection orders that they have no way of paying. Even without the lack of lending facilities for these people, the dramatic collapse of the banks has caused the average UK resident to distrust and even resent the banks for their behaviour. This has led to the rise of other lending companies, including the well-known payday lenders. Although payday loans are not always as bad as the media declares, there are still plenty of alternatives to taking out a loan with these companies, or with the banks. If you are looking for a fast alternative to the payday loan company, then you can still find help with money, with or without a bad credit file.

Borrowing on your credit card

Can you get a lower rate on a credit card?

Can you get a lower rate on a credit card?

After the credit crunch, people are embarrassed about the way in which the banks and other secure lends behaved, and this includes the credit card companies. Borrowing against your credit card seems to take back to those times before the financial crisis, and can make people nervous. However, if you have a low rate of interest, you may find that you get a better deal with your credit card than with a payday loan. Even credit rebuilding cards, which usually charge a high rate of interest, will be better than taking out a payday loan with its very high rate of interest.

Guarantor loans with family and friends

Guarantor loan alternatives?

Guarantor loan alternatives?

If the problem which is holding you back is not being able to get enough credit to fund your loan, then you should try borrowing using the credit of family, friends or neighbours. Known as a guarantor loan, a person with good credit helps you to apply for the loan, reassuring the company that you can pay. You repay the loan, often over a period of more than one year, or the person who guarantees the loan will have to take on the debt. This can be a good way of getting money if you have a regular salary, but can place tension on your relationships if you do not manage to repay the loan.

Borrowing with a credit union loan

If you want a simple solution to your debt without having to go to a payday lender, then you may be able to borrow the money you need from a credit union. You may not have even thought about this kind of loan, but they can be a great way of dealing with emergency debts. They often have a reasonable rate of interest, and long borrowing periods of up to one year. There are over 400 credit unions in the UK, with more than £600 million on loan to their members. You can easily locate the nearest credit union to you using local directories. They will lend to people in the local area, or the same industry, with bad credit, low credit scores, and with a need for a loan of up to £1000.

What do I need to do to get an instant loan?

If you need a cash loan fast, then the first thing that you will need to do is to research the companies who are offering this type of finance. There may be good offers from some lenders for a slightly smaller loan, while those offering higher loans may want to perform longer checks, and could also charge more fees. Taking the time to research the lenders on offer will benefit you in the long term, particularly when it comes to repaying the loan.

Once you have found a suitable lender, you will need to fill in a form or online application in order to get the loan. You may be able to do this online, which is a fast and simple way to apply, or you could instead ask for the lender to call you to discuss the loan and proceed with the application on the telephone. The caller will then fill out the form for you. Your loan application will then be assessed in order to establish whether you can afford to pay, and then the money will be sent to your account.

What can I get from an instant loan?

Loan funds can be used for any purpose

Loan funds can be used for any purpose

The value of an instant loan will depend very much on what you need to cover. These instant loans are not usually for a high sum, and this can mean that they are virtually worthless to those who need them to fix shingles, repair water damage, or fix a car for example. However, an instant loan could still be of help if you need this sort of money, as it could allow you to put down a deposit on the repairs, although it will not cover the entire work required. You can expect to get below £200 for an instant payday loan, and this amount may be lower, depending on your credit rating and if you have borrowed from the lender previously.

What time period am I looking at?

When you need money desperately, time can be of the essence. There are several different time periods for money arriving in your account, from the instant loan time of between 10 and 30 minutes, to slightly longer, for example a couple of hours. The time when the loan arrives in the account will not, of course, be the time that you can draw it out, since your bank will still need to process it. This can take between a minute and several hours, depending on your bank’s processing period, and how it views the transaction.

Get out of trouble with a same day payout payday loan

Some lenders pay out loans instantly same day

Some lenders pay out loans instantly same day

Having a cash crisis that requires you to find money immediately? If you need an emergency loan to cover you until your next payday, then a bank loan or other type of application loan simply isn’t going to happen fast enough. You can choose to take out these loans to cover your expenses in the long-term, but when you need money the same day, your options are likely to be limited to same-day payday loans.

These are the kinds of loans which have caused payday lenders to have such a bad reputation, but if you are sure that you can manage to pay your debts and pay off the loan on time, then you should certainly look deeper into getting one of these loans.

Finding a same day payday loan

Not all payday lenders offer same-day or instant payouts on their schemes. Searching for lenders online is likely to pay off, since online forms are one way that same-day lenders assess customers. In an emergency, these online forms and mobile apps can give you access to the money you need within a few hours simply by sending a text message. This process is fairly streamlined across the industry, and there are several steps to be completed between application and being able to use the money. The online form or application is completed and sent via email to the lender, and then the borrower is likely to receive a phone call to discuss their needs further, or in many cases loans are approved automatically using credit checking software. You will then be approved, which means that the company will assess your credit details and consider you for the loan. On approval, the money you need will be sent straight to your bank via a wire transfer, and once it is cleared it can be spent immediately.

How much can I expect to receive in a same day loan?

Same day loans are generally for small loan amounts

Same day loans are generally for small loan amounts

Fast payday loan services such as same day loans often means that the lender safeguards their money by only lending small amounts and charging high rates of interest on the loan. If the borrower does have a low credit rating then the amount borrowed could be only around £50, although some lenders will go up to £150. This is for a first time loan, and regular borrowers may be allowed to borrow more in the future, as long as they have shown that they can repay the money and built up trust with their lender.

How much will I have to repay?

The amount lent can sometimes be as low as £50, but the lender may charge a considerable amount for that, between £5 and £15 in some cases. This can mean that the borrower has to pay back a lot more than they borrowed, which can be difficult when times are tight. With a sameday loan, because the credit checks are fast and often incomplete, the lender raises interest rates in order to get back a profit on their repayments.

What different types of small loans are open to me?

Small loans repaid quickly

Small loans repaid quickly

Small loans are often required by borrowers who need money in an emergency. These small amounts are between £50 and £1000, and this means that they are often too small for traditional banks and lending societies. If you are looking for the best type of small loan, then you may not be sure what options are open to you. There are many different types of small loans, some with very short term loan dates, and some which are available for longer periods. If you don’t know what a short term loan is, then you may not realise how much you can borrow, how long you have to pay it back, and whether there are any other alternatives to taking out a loan from a payday lender. There are two main types of small loans, known as secured and unsecured loans. Learning more about both of these types of loans, and which is best for you, and ensure that you get the perfect loan for your needs.

The difference between secured and unsecured small loans

Secured and unsecured loans are often available through the same lenders, but they offer different advantages which are designed to let the borrower get the most from their loan. Although most secured loans are for larger amounts, it is still possible to get these loans for lower sums. The benefits to getting these leans is that they tend to be lower in interest rates, and you should be able to get more for your loan than if it was not secured. However, you may risk being forced to sell the assets you have used as security in order to over the loan if you default. Secured loans include loans on jewellery and personal items, on cars or vans, or guarantor type loans.

Unsecured loans tend to be limited in the amount of money that they offer the borrower, and may also be for much shorter terms. There is no security on these types of loans, and this means that there is likely to be a higher rate of interest. Lenders of these types of loans tend to be payday companies, although you may be able to obtain small loans from other sources too.

Payday loans and guarantor loans

If you have bad credit and can’t offer any type of security, payday loans and guarantor loans are two of the best options available to you. They can be obtained without security, and they usually don’t mind if you have a previous history of bad credit or low credit score. Payday lenders can offer a range of services, including one month, three month and six month loans. Although they have a reputation for demanding a high rate of interest, the time period can make up for the APR, or annual rate of interest.

Guarantor loans require that your loan agreement be signed by a third person, who agrees to secure the loan if you default. Many borrowers choose this method because they are able to get better loans, at lower rates of interest to be repaid over longer periods of time, and as long as they repay the loan there are no consequences for the guarantor.

Pawnbroker loans and car title loans

Pawn you valuables for quick cash loans

Pawn you valuables for quick cash loans

Secured loans can provide very different types of small loans, including pawnbroker loans and car title loans. The former mean offering up some of your personal items as security for the loan, and can require that these items be sent to the lender for safekeeping. Lenders may offer loans on gold, on wines, watches or fine art, or other costly items in the home. This type of loan is best for emergency borrowing.

Car title or logbook loans are a more complicated form of loan, where you hand over the title of your car to the lender, and they provide you with the loan. As long as you keep up repayments, you can continue to drive your own car, but you no longer have ownership or possession of it.

Are payday loans with no credit check required the right solution?

Some lenders don't use credit checks

Some lenders don’t use credit checks

Need a loan but have a bad credit history, or no credit score at all? There are few ways that people with bad or no credit can get loans, and the traditional banks and building societies are unlikely to lend you money if you are in this position. One solution can be to choose a payday loan with no credit check, which means that the lender won’t regard your previous credit history when deciding whether to offer you a loan. There are both benefits and negatives to this kind of payday loan, and if you are in this situation and think that you need to get a no credit check loan from a payday lender, then you can still check out what companies are offering.

Reasons to choose a no credit check payday loan

Credit checks provide lenders with information about the trustworthiness of the person borrowing the money, and it is also there to help ally types of lenders to decide whether they want to lend you money. With a no-credit check loan, you can get the money you need whether you have a bad credit past or not. You can also benefit from getting a payday loan if you repay it on time, since the company can report your repayments to the credit agency and you can start to build up your credit rating. Of course, if you fail to repay the loan, your credit score will drop even further.

Are there reasons to avoid a no-credit check loan?

Short term cash loans without credit history checks

Short term cash loans without credit history checks

There are several reasons why people who find themselves in financial difficulties might have to reconsider taking out a loan which offers no credit or file history check. Firstly, most of the lenders offering these types of loan do, in fact, check your credit history. Rather than using it as a basis to decide whether to lend you money, however, most payday lenders will consider your application regardless of your low credit score.

In addition to the matter of being checked despite the title of the loan, the amount of money you receive from the loan may also be a problem for you. The issue here is that lenders who consider you despite your poor score will also only be willing to lend you a small amount of money. The loan will be for maybe £50-£150, and not much more than this. If you want a substantial loan, then the chances are that you are not likely to receive the money you need through a payday loan. Instead, you may need to explore other options, and consider what type of lenders might be willing to offer you money despite your low credit score. You may also look at other types of payday or bad credit guarantor lenders to see whether they would consider you despite your poor credit score. Guarantor loans offer the chance for adverse credit applicants to borrow money money often upto £5000 that can be repaid over 1-4 years at far lower interest rates when compare to a payday lender.

Seeking information about Payday loan brokers?

Short term loan brokers can remove the hassle from finding a loan

Short term loan brokers can remove the hassle from finding a loan

Are you looking for a payday loan, but don’t know how to go about choosing a company or discussing your needs with them? Many borrowers are no longer certain about which payday lenders to trust, and they may also not feel confident about approaching the company themselves and discussing what they need. Instead, you may have decided that you would like to conduct your business through a payday loan broker, a middleman who can help you to work through the large numbers of lenders offering payday loans, and ensure that you are selecting the right one for your needs, and for your ability to repay the loan. Although many borrowers are aware of brokers, there are a lot of businesses out there who promote themselves as brokers, and then send high fees to the borrowers. By knowing more about the risks and advantages to using brokers, you can work out for yourself exactly what you will need from your intermediary.

What a broker can do for you

When you need a payday loan, it can be hard for a first time borrower to decide which is the best lender for them. There are comparison sites which will help you to research payday lenders such as this one, but you may still need the help of a third party. This is where a broker can be of great benefit to you. They are able to offer you advice and information about different payday lenders. They will also be able to research your lenders, contact the chosen company, and then work out a payday deal with them on your behalf. The broker then receives payment for these services in the form of fees. While these fees make your payday loan higher, overall they can benefit you by finding cheaper loans with reduced fees and charges. If you are struggling to find a company that fits your needs, then a broker could be the perfect solution to that problem, and is definitely better than making an agreement which is wrong for you, and that you are unlikely to stick to.

Why using a broker has become more risky

Brokers will complete your loan application upon your behalf

Brokers will complete your loan application upon your behalf

In the past, a payday loans broker was of much the same standard as other financial service providers such as mortgage brokers. In recent years, however, a specific type of broker has appeared in the payday loans industry. These brokers are not actively sought out by borrowers, but instead design their website as though they were a payday lender themselves. When the borrower applies for a loan, the broker then researches the loan, and finds a company who can lend the required amount. The broker then passes the loan on to the borrower, but with increased fees and charges. Some of those charges have now been ruled illegal by the FCA, but for many borrowers, the damage has been done, and they now view all brokers with the same suspicion.

Finding a payday loan broker

If you don’t feel able to find a payday lender by yourself, and want the assistance of another party, then you need to start looking for a responsible broker. There are some ways that you can find out which companies are legitimate brokers. The first clue is that they will be regulated by the FCA – Financial Conduct Authority, who will be regulating their services and will ensure that they are not overcharging customers. Secondly, the payday loan broker should be upfront about any types of fees that they will charge, so that you know exactly what to expect from them. They should be able to work with you in order to obtain a payday loan, researching companies that you have suggested, or that they think will work with your stated needs. The broker should also not start raising the level of the loan, or increasing the fees that they are charging without explaining why. There are many good payday loan brokers out there, and you should be able to find a responsible company who can handle your loan transaction.

What are the alternatives to payday loans for bad credit?

What are the Payday loan alternatives?

What are the Payday loan alternatives?

The financial climate has left a lot of ordinary working people with poor credit ratings, so-called ‘bad’ credit, and even with debt collection orders that they have no way of paying. Even without the lack of lending facilities for these people, the dramatic collapse of the banks has caused the average UK resident to distrust and even resent the banks for their behaviour. This has led to the rise of other lending companies, including the well-known payday lenders. Although payday loans are not always as bad as the media declares, there are still plenty of alternatives to taking out a loan with these companies, or with the banks. If you are looking for a fast alternative to the payday loan company, then you can still find help with money, with or without bad credit.

Borrowing on your credit card

Can you get a lower rate on a credit card?

Can you get a lower rate on a credit card?

After the credit crunch, people are embarrassed about the way in which the banks and other secure lends behaved, and this includes the credit card companies. Borrowing against your credit card seems to take back to those times before the financial crisis, and can make people nervous. However, if you have a low rate of interest, you may find that you get a better deal with your credit card than with a payday loan. Even credit rebuilding cards, which usually charge a high rate of interest, will be better than taking out a payday loan with its very high rate of interest.

Guarantor loans with family and friends

Guarantor loan alternatives?

Guarantor loan alternatives?

If the problem which is holding you back is not being able to get enough credit to fund your loan, then you should try borrowing using the credit of family, friends or neighbours. Known as a loan with a guarantor, a person with good credit helps you to apply for the loan, reassuring the company that you can pay. You repay the loan, often over a period of more than one year, or the person who guarantees the loan will have to take on the debt. This can be a good way of getting money if you have a regular salary, but can place tension on your relationships if you do not manage to repay the loan.

Borrowing with a credit union loan

If you want a simple solution to your debt without having to go to a payday lender, then you may be able to borrow the money you need from a credit union. You may not have even thought about this kind of loan, but they can be a great way of dealing with emergency debts. They often have a reasonable rate of interest, and long borrowing periods of up to one year. There are over 400 credit unions in the UK, with more than £600 million on loan to their members. You can easily locate the nearest credit union to you using local directories. They will lend to people in the local area, or the same industry, with bad credit, low credit scores, and with a need for a loan of up to £1000.

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