Short-Term Loans
Need to put out cash-emergency fires? Call us into the picture. We'll get you some cash instantly.
How Much 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).
Short-Term Loans, Your Go-To Plan In Times of Need
A stifled cashflow or temporary dip in company profits should not stop you from taking advantage of growing markets or making necessary infrastructure repairs. You can pull together good capital in 60 minutes by accessing short term loans.
Short term loans are borrowed cash used to support business capitals or individual obligations, and expected to be returned within a year of borrowing.
Perk: no collateral involved. Our broker enterprise through direct lenders provide business owners and individuals short term loans to take care of their emergencies. Prospective loanees can borrow as little as £100 and as much as £5,000. Unlike several others, our program has no hidden costs and includes even people with bad checks.
Are There Any Differences Between PayDay Loans and Short-term Loans?
Payday loans and short-term loans aren't one and the same thing as you might think. While both loan schemes allow you access money very quickly in the case of an emergency, a payday loan has a shorter repayment timeline, typically your next pay day. They also have higher interest rates.
Short-term loans on the other hand allows you to spread the costs over as many as 12 months. Also, what you pay at the expiration of your loan window is what you have agreed to upfront. The interest remains the same for as long as the payment window remains open.
How To Get A Short-Term Loan?
1. Apply online
The application process for short term-loans is in no way as tedious as that of traditional loans. The entire process is done online and is thus, usually faster. To access short term loans in the UK, all you need to do basically is enter WeLoans via a browser, click on Apply, and fill out the application form, which is clutter-free and easy to understand. The entire process is pretty easy.
2. Get Instant Decisions
Our loan lenders make decisions in an instant. They'll go through your credit history, check out your credit score, verify your employment status and review your application all in a few minutes. Once this is done, you should get a quote almost immediately.
3. Get Your Funds
Once the lender panel reviews your application and certifies you fit to access a short-term loan, you should be credited.. We consider that you might be in an emergency, and so do not drag our feet. Get underway with your business plans. We'll support you with the funds to carry out those plans soonest.
Why Choose Us For Short-Term Loans For Bad Credit?
Bad credit? Don't fret. We've got you covered.
Although we are not direct lenders, we have a large and rich partner network that includes lots of direct lenders with the financial capacities to provide you a loan amount that matches your emergency needs toe-to-toe.
Transparent & straightforward application
Our processes are as clear as daylight, transparent and easy to understand even to short-term loan arrangement newbies. The interest rate agreed upon is what's expected of you to fulfil. No hidden fees or extra costs incurred by using our services. Also the application process is pretty straightforward. No paperwork, no queues. No fuss whatsoever.
Get Your loan within 60 minutes
You are not subjected to so much suspense, which can be excruciatingly painful if the application later comes out unsuccessful. If your application is approved, you can also be expected to be credited within an hour.
Secure and private
Our site has a SSL certificate and is well-encrypted. So, you can be sure all data entered into the site is safe and secure. We also don't save, store or share your data. Your data is only used to search out lenders willing to lend someone some money. That's it! Nothing more.
Network of reliable direct lenders
We have a network of reliable direct lenders looking to help you even if your credit score is far from perfect. They are reliable and so won't rip you off with exaggerated interest rates either. PayDay Loans increase your chances of meeting lenders who are genuinely interested in helping you.
Bad credits welcomed
Bad credits? You are welcome regardless. We provide short term loans for bad credit. WeLoans' got you.
What Is the Maximum Amount I Can Borrow?
How much you can borrow typically depends on the lender and their loan terms. Loan terms like the repayment window, interest rates, and whether or not you are eligible for a credit line from a bank. As expected, the interest rate is higher when you are not eligible for a credit line from a bank.
Specialist short-term loans however will allow borrowing of over £100 to about £5,000. Some lenders lend out even more.
When Should I Get A Short-Term Loan?
Short-term loans are loans applied for in an emergency.
Consequently, the best time to get one is when you are in a fix and do not have available funds to resolve your problems. They should not be used for satisfying cravings or luxury holiday bucket lists.
Instead, you should apply for one when you need to make emergency repairs, fulfil pent-up market demand, finance startup costs, cover short-term operational costs (buy a new equipment, fulfil an unusually big client order), and take advantage of pre-order or supplier's discount for making advancement payment for a large order.
How To Know What Short-Term Loan is Best For Me?
Compare their respective annual percentage rates
Take a case study of some select short term loans and compare the cost of interest on your borrowing. Which of these short-term loans would be of greater benefit to you in the long-run?
Repayment plans
Will you be able to take the loan out for a shorter period of time or return it sooner?
What type of interest rates is involved
This is also a very important consideration to make. A fixed interest rate means the interest rate remains no matter how long the repayment window is. The variable interest rate on the other hand increases with the time it takes to pay back. Therefore, think about how much impact an increase in interest will have on your ability to repay the loan.
FAQs
1. What are Short-term Loans?
They are relatively small sums (typically unsecured loans) that are paid out to businesses and individuals to help them through tough times and emergencies. What makes this loan type particularly attractive is that it can be accessed online, ruling out paperwork synonymous to traditional loan applications. When you get a short-term loan, you are required to pay a percentage of the amount borrowed to the lender each month till the total amount borrowed plus accrued interest is paid.
2. Will My Credit Score Be Negatively Affected?
Your credit score will definitely take a hit if you fail to repay your loan as and when due. However, this isn't unique to short-term loans. It's the same for all loan types. On the other hand, your credit score will receive a boost if you meet all your repayment commitments in full and on time. Literally, this means you can be trusted to manage your credit well.
3. What Are The Criteria For Short-Term Loans?
For starters, you must be at least 18 years old and be in full or part-time employment. Other criteria that must be satisfied include: you must fill out our application forms, be a UK resident, have a working mobile phone and email address, be able to afford to repay over the loan terms and have a UK bank account with a valid debit card.
4. Are the Interest Rates Higher Than Other Regular Loans?
Yes, interest rates on short-term loans are typically higher than those that accrue on regular loans. A major reason is that they cater to people with poor credit scores or no credit history at all. The lender in this case is taking a bigger risk since the borrower is likely not to repay their loan. The lender's risk is passed on to the borrower in the form of a higher interest rate.
5. Can I Apply for a Short-Term Loan with Bad Credit Scores?
Yes. A bad credit score doesn't spell doom for you. You can still apply for short-terms loans as long as you can afford to pay them. Our panel of investors and partner short-term lenders will review your application to certify you loan worthy or not. However, you may be charged higher interest rates.
6. Do I Need a Guarantor?
No, you don't need one. The loans need not be backed by collateral either. They are unsecured, and so not secured against company assets, a building, car or any other such assets. You may need to contact your lender in the event you can't pay up.
Get Your Short-term Loans Fast Today!
WeLoans partners with 100+ lenders who are willing, and ready to help you sort out those bills. They'd consider your application and offer short-term loans within a day.
Apply now