Short Term Loans
- Loans from £100 – £5,000
- Free no obligation online quote
- Money sent the same day
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Short Term Loans UK
Looking for a short term loan? With the cost of living going up, every now and then we need more money and you are not alone. This guide will highlight what short term loans are and if they are right for you.
Short-term loans should only be taken out as a last resort. When used sensibly they can have a few benefits which we’ll go through in this guide.
Why should I choose Sunny Loans UK for my online short term loan?
We have helped thousands of customers get an online short term loan. We work with a large panel of lenders that are FCA-approved. Working with a large panel can increase your chances of getting a loan. Here are some other benefits of choosing Sunny Loans UK:
Instant decision and same-day pay-out
At Sunny Loans UK we give you an instant decision on whether you’ll be accepted or not and we also work with lenders who do the same-day pay-out. This means if you apply for a loan today you should get your money the same day. In some cases as quick as an hour, however, each lender is different so it all depends on which lender you get matched with.
FCA Approved UK Company
We are an introducer to T DOT which is authorised and regulated by the FCA under reference number 688026. We are also a registered limited company in England and Wales under the company name 1st Class Finances PJMO (company number 11547109) you can find us on companies house here.
100% Free
Our services are 100% free to use, we make a commission from the lender we match you with meaning you get our services 100% free. Unlike some brokers who charge the customer and lender, we believe it should be free to the customers.
How do I apply for a short term loan?
To apply for a short term loan head over to our apply page by clicking ‘Get a quick quote’ button above or below. You will need to fill in our quick application form that takes around 2 minutes. If you have already applied for a loan before, enter your email at the top of the page and you could go to our quick application form which takes less than 30 seconds.
What are the benefits?
There are some benefits and some negatives to online short term loans. We recommend that loans should only be used when you need emergency funding. Here are some benefits when you need some quick cash:
- Instant decision – get a decision in a matter of seconds.
- Quick payout – Nearly all lenders pay out on the same day.
- 100% online – no awkward or embarrassing phone calls asking why you need the money.
- Fewer requirements compared to other loans. Lenders are less strict for a short term loan compared to a personal loan.
- Bad credit considered – You still have a chance to get a loan even if you have bad credit.
- Quick and Easy – some may say this is a negative, however, if you do need quick cash, short term loans are quick and easy to get.
It’s not all benefits though, short term loans UK can be expensive, especially if you take them over a long period and don’t pay them back on time. It can also be easy to get caught in the cycle of relying on them and taking another one out to pay the next loan. If this is happening to you, we do recommend you seek financial help from a debt charity that can help.
Do I qualify for a short-term loan?
Not everyone is eligible for a loan, so you need to make sure you are the following:
- 18 or over – All applicants need to be over the age of 18 to apply.
- Have a UK bank account – The lender needs to be able to pay the money into a UK bank account.
- Have an income – you need to have an income to receive a loan, otherwise you won’t have any chance to pay the loan back.
- Live in a UK residence – You need to be living in the UK with a UK residency.
Have a mobile phone and email address – Your lender will need to be able to contact you if required.
FAQs on Short Term Loans
These types of loans are usually over a 3 to 12-month period. However, they can be extended or paid back early. If you are paying back early please make sure there are no early repayment penalties.
Short term loan APR is calculated by dividing the amount of interest paid by the amount borrowed. Then you want to multiply that by 365. Then divide that number by the length of the repayment term and multiply by 100.
Example – if you borrowed £100 over 30 days and paid £124 back (interest of £24) then you would calculate the APR like this: (24 / 100 = 0.24), (0.24 * 356 = 87.6), (87.6 / 30 = 2.92), (2.92 * 100 = 292% APR)
These are small-value loans over a short period of time. An example would be £100 over a 3-month period. Short-term loans usually come with very high APR because they are paid back over a short period of time. These loans are usually £1500 or below. Loans above £1,500 are usually personal loans.
Short-term loans are small loans over a 3-6 month period, whereas payday loans are usually small loans over a 1-month period.
If you can’t afford the repayments, don’t take out the loan. Missing payments can damage your credit score and in some cases leave you with a CCJ.
Conclusion on short term loans UK
Every now and then we all need emergency cash to pay for bills, vet costs, food, kids etc. Sometimes short term loans will be the answer however, this all depends on your financial situation. You need to make the right decision for yourself. Short-term loans can be dangerous if used irresponsibly.
Here at Sunny Loans UK we hope you make the right decision for you and if you do need a short-term loan we will be happy to find you a direct lender who can approve your loan completely free of charge.