Most Popular Lenders

Wage Day Express is a direct provider of short-term loans, with weekly loans being their main speciality. In the market, there are already many lenders...

Short Term Loans

There are many different types of short-term loans available in today’s financial market. These loans get their name from the small duration of the loan, after which they have to be repaid. This is also the most distinguishing feature of these loans that sets them apart from bank loans. Bank loans are usually provided with more detailed applications and their payments plans extend over months and years of due payments, as compared to the quick repayment of a short-term loan. Some enterprises also offer an alternative money borrowing solution known as text loans. However, the easiest method to get a loan is to apply online for a short-term loan as compared to visiting a bank or money lending company. Most short-term loans offer a principal amount of £1500 or less. They are generally repaid, after you have received your next pay check. The purpose behind short-term loans is to help you out in tight spots in life, when you are in urgent need of a small sum of money.

Finding the Right U.K. Based Short-Term Loan

There are many occasions where you need immediate finances to tackle emergencies, and this is when you need to opt for a short-term loan. However, when taking a loan, you should carefully consider your moneylender, as the wrong selection on your part will fail to provide you with the financial security that you need.

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Popular Direct Lenders

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Short Term Loans Lender - Comparison Table

The comparison table below highlights some of the top UK short term loans companies. You can quickly spot those one out that would suit your needs and help you with the cash flow that you so desperately need.

The short-term loans tables contain those top short term loans lenders that have a high acceptance rate and even with a bad credit history would be willing help you out.

Lender
Representative APR
Min Loan Amount
Max Loan Amount
Terms
Example
993%
£ 200
£ 1,000
Up to 12 Months
Borrow Amount: £ 200
Time: 3 Months
Interest Accrued: £ 92
Total Repay: £ 292.00
Monthly Repayments: 3 x £ 97.06
1058%
£ 50
£ 500
Up to 5 Months
Borrow Amount: £ 500
Time: 5 Months
Interest Accrued: £ 536.82
Total Repay: £ 1036.82
Monthly Repayments: 5 x £ 207.36
2692.8%
£ 50
£ 400
Up to 4 Months
Borrow Amount: £ 150
Time: 4 Months
Interest Accrued: £ 184.52
Total Repay: £ 334.52
Monthly Repayments: 4 x £ 83.63
1971%
£ 50
£ 500
Up to 5 Months
Borrow Amount: £ 500
Time: 5 Months
Interest Accrued: £ 469.10
Total Repay: £ 969.10
Monthly Repayments: 5 x £ 193.82
2814.2%
£ 50
£ 750
Up to 18 Months
Borrow Amount: £ 150
Time: 28 Months
Interest Accrued: £ 633.06
Total Repay: £ 783.06
Monthly Repayments: 18 x £ 43.51
278%
£ 200
£ 2,000
Up to 12 Months
Borrow Amount: £ 1000
Time: 10 Months
Interest Accrued: £ 855.20
Total Repay: £ 1,855.20
Monthly Repayments: 5 x £ 185.52
999.6%
£ 100
£ 750
Up to 6 Months
Borrow Amount: £ 450
Time: 6 Months
Interest Accrued: £ 405.00
Total Repay: £ 855
Monthly Repayments: 6 x £ 142.50
746%
£ 150
£ 1,000
Up to 6 Months
Borrow Amount: £ 580
Time: 4 Months
Interest Accrued: £ 266.72
Total Repay: £ 846.72
Monthly Repayments: 5 x £ 211.68

Rate and Terms

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Interest-Rate-CalculatorFirst Colonial Allows You To Make Quick Comparisons Between The Rates Offered By Different Loan Lenders So That You Can Choose The Best One To Fund Your Urgent Needs!

All short term loans, as the name suggests, are provided by lenders for a small duration of time, after which, they have to be repaid. In most cases, the repayment is usually done after the borrower has received their next paycheck. This is why they are known as payday loans.

APR Rates for Payday and Short Term Loans

Being short-term loans, payday loans often have high APRs or Annual Percentage Rates. However, the annual rate of interest varies amongst different moneylenders and thus, it is important to choose the rates that provide you with the best value for your money.

 

First Colonial Provides You With Comprehensive And Accurate Reviews Of The Leading Short Term Loans and Payday Loans Lenders Within The U.K. So That You Can Make Comparisons Between Their APR And Decide Which Rate Is Most Suitable To Your Needs!

Terms and Conditions

Just like all other loans, payday loans also have their terms and conditions based on which, loans are provided to individuals to finance their immediate needs. These include:

Short Term Loans Basics

Some of the most basic terms that apply to all short term loans and payday loans are:

  • The maximum loan limit for a payday loan offered by moneylenders varies from £1000 to £2000, whereas the minimum limit can be from £100 to £200.
  • The time for repayment of the loan can be from 2 weeks or 3 months to 12 months, depending on your particular needs.
  • The cost of your loan or the rate of interest will vary according to the amount of the loan you take, as well as the duration you take it for. This means that the more the amount and the more the duration, the higher the rate of interest and overall cost of the loan.

Loan Fees

Most payday loan lenders will aim to make the process simple and transparent. This is why they charge no hidden fees on your loan. A payday is free from:

  • Annual fees
  • Draw fees
  • Early repayment fees
  • Application fees
  • Fast funding fees

However, each missed payment may be charged with a small penalty fee and your bank may charge you with a Non-Sufficient Funds (NSF) fee if the lender has debited your account in case of insufficient funds.

Terms of Repayment

Payday loans are usually repaid by one of two methods:

Debit Card – You can schedule your payments in advance and they will be deducted from your debit card at the due dates without any additional charges.

Direct Debit Authorisation – For people who do not have a debit card, they can authorise the lender to collect payments on fixed dates directly from the bank account.

In spite of its high APR, and terms and conditions, payday loans remain as the best and fastest way of obtaining money in emergency scenarios when no other financial aid is available.

 

If You Are In Need Of A Payday Loan or a Short Term Loan, Read Our Payday Loan Lender Reviews At First Colonial, And Select The Ideal One For Your Monetary Requirements!