Proud to offer the cheapest instant short term loans in the UK
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Warning: Late repayment can cause serious money problems. For help, go to moneyhelper.org.uk
Representative example:
Borrow: £300 over 8 months. 8 repayments of £70.31. Total amount payable £562.44. Interest rate: 130.21% pa (fixed). Representative APR: 840.75%
Enabling you to borrow smaller amounts of money and repay over a few months rather than years, short term loans can be the ideal solution when you need money fast in the short term. Whether it’s for a financial emergency or to help you pay for unexpected bills before payday, at Fast Loan UK we can look to help, even if you have a poor credit history, subject to affordability assessments.
To apply for a loan of up to £800 as a new customer, or up to £2,000 as a returning customer, click apply now to start your application. We’ll give you a decision in principle fast so that you can spend less time waiting and, if approved, receive the cash you need the same day where possible.
Find out more about our direct lender loans, or begin your application when you’re ready for a quick decision.
What Are Short Term Loans?
As a form of small loan, we can offer our customers short term loans that will help to cover a short term expense, and this is without the need for a guarantor if you are someone with bad credit. They can be used to apply for a smaller amount of borrowing when compared to personal loans, whilst still providing you with affordable, flexible repayments. If you’d rather not have to borrow for longer than necessary, you can choose repayments for up to a maximum of 8 months and choose either weekly or monthly instalments that fit your budget – whatever is best for you.
As we are short term loan direct lenders, we work in the interests of our customers whilst complying with responsible lending guidelines. As a Financial Conduct Authority (FCA) authorised lender, we ensure that a loan is the right option for your circumstances before approval. However, this doesn’t mean we will turn away those with a poor credit history. Instead, we can focus on what you can afford to pay and if you can sustain the repayments needed. Our affordability assessments enables us to help many more people who need quick funds with our short term loans for bad credit.
Our simple, straight-forward application process and willingness to look at your affordability as well as your credit score make us different to other lenders. If we can help you borrow money despite a low credit rating, we will do so – all you have to do is ensure a loan is affordable for you, pass our affordability assessment, and meet our eligibility requirements below:
- Be a current UK resident
- Be over the age of 18
- Be in either part-time or full-time employment
- Have a regular income
- Have a UK bank account and a valid debit card
Whilst we cannot guarantee your short term loan application will be approved, we won’t decline you just for having a low credit score, without first assessing your current finances and affordability. There could be many reasons you have bad credit, so if your financial difficulties are firmly in the past and you can afford the repayments you want for the loan amount you need, we could help today.
Click apply now to start your application for a quick decision.
Benefits of Short Term Loans
Why choose a short term loan? To help you decide if this type of loan is the right choice for you, here are some of the key benefits so you can make an informed decision:
Smaller Loan Amounts – sometimes you only need to borrow a small amount to help resolve your situation. Rather than take out a personal loan, where typically the minimum amount is £1,000, you can borrow between £50 and £800 as a new customer.
Fast, emergency funding – they can be ideal when you have no available options to resolve a financial emergency. If you are short on savings, do not have available credit already, or cannot rely on the help of friends and family, a small loan can be a good last option to help you get back on track.
Flexible loan repayments – having the option to choose repayments that fit in with your budget can make borrowing money when you need it much simpler. You can choose either to repay in full after a month or up to 8 monthly repayments, whichever is best for you and makes the loan affordable. Returning customers can choose up to 12 months if they need to.
Quick application, same-day cash – we can give you a decision in minutes so you won’t be left waiting to know if we can help. Then, if approved, you could have the funds transferred to you within 15 minutes.
No hidden fees – as short term loan direct lenders, we do not charge any hidden fees so that there are no surprises. We’re not a broker so there are no broker fees to worry about either and no late payment charges. Our default fees are capped at £15 in line with FCA guidelines and we only charge interest for the days you’ve borrowed.
Types of Short Term Loans for Bad Credit
Payday loans – payday loans are a form of short term lending, but customers usually have to repay the loan back in full with 1 scheduled repayment. As their name suggests, traditionally they would be repaid on your next ‘payday’. In the past, these types of loan have generated bad press due to some payday lenders not lending responsibly and charging high amounts of interest. Fortunately, the industry has since been heavily regulated further by the FCA to ensure that lenders work to responsible lending guidelines.
Instalment loans - these provide customers with the option to choose repayments with more flexibility. Usually, you can choose between 3 to 12 months to repay a short term loan, depending on credit and affordability checks. At Fast Loan, we provide our customers with this flexibility, so if you want to pay weekly, fortnightly or monthly, you can do so.
No guarantor loans – this type of loan is unsecured, meaning there is no requirement for an applicant to have a guarantor if they have bad credit. Unlike a secured loan that would generally have property or collateral attached to the loan to help guarantee it, no guarantor loans can be ideal for those looking for a short term loan for bad credit.
Loans like those above are all now subject to an industry-wide interest rate cap introduced by the FCA in 2015. This means that the maximum daily interest rate is 0.8% a day, default fees are capped at £15, and borrowers will not pay back more in interest and fees than 100% of the initial loan value. This provides peace of mind for many customers and at Fast Loan UK we are proud to be one of the leading short term loans direct lenders on the market today.
How Do I Apply For a Short Term Loan?
Applying for a small loan is a straightforward process here at Fast Loan UK if you can meet our eligibility requirements above.
Just click apply now and you can start the online application process, where you’ll be required to fill in your personal and financial details. Choose how much you want to borrow and how long for, and use our loan calculator to see the approximate repayments required.
Once completed, we’ll provide you with a decision in principle if you meet our requirements at this stage after a soft check of your credit file. You’ll be assigned a customer care manager who will oversee your application, and if required, they will contact you for further information to help with your application – generally, this shouldn’t take longer than 5 minutes if they need to call you.
We’ll then perform the necessary hard credit check and affordability assessment before approving or rejecting your application. This process is generally computer automated, meaning you can receive an instant decision. In some cases, this can be completed in only a matter of minutes.
If approved, you’ll receive your loan agreement to digitally sign and once completed, we can then process the loan to transfer the funds to your bank account straight away. In many cases, this can be as quick as within 15 minutes of signing, but will depend on your bank accepting faster payments.
Your loan repayments will be set up automatically on your bank account using a Continuous Payment Authority (CPA). All you need to do is ensure you have available funds at least the day before your payment is due according to your repayment schedule. This will automatically cancel once the loan is paid off in full. If you have any further questions about our short term loan application process, please feel free to contact us for more help. Below, you will find further information that may help you before applying today. If you are ready to begin your application, please click apply now.
More Useful Additional Information
Are short term loans ideal for me?
If you require quick funds to cover an immediate expense or financial emergency, a short term loan can be ideal. Before you apply, it’s important to think carefully about your circumstances and whether you can afford the repayments needed. Will borrowing money help you resolve your financial situation without causing further difficulties? It is not recommended to prolong long-term financial problems with small loans, as it could just make the problem worse in future rather than help. If you have no other means to resolve your situation, such as with savings or help from family and friends, a short term loan may help you get back on track quickly.
What are the advantages of short term loans?
There are many advantages including immediate access to funds when you’re in urgent need once approved. Short term loans at Fast Loan UK have a quick application process, meaning you could have the funds within 15 minutes of signing your loan agreement if approved. You can choose flexible repayments to suit your lifestyle and repay the loan in full early if you can afford to, helping you save money on the interest charged overall. There are no hidden fees either and we do not charge you for late payment.
How much will a short term loan cost to repay?
This is dependent on how much you wish to borrow, with our customers able to borrow anywhere between £50 and £2000. The best way to see how much a loan will cost at Fast Loan UK is to use our loan calculator, where you can enter the loan amount and repayment term you want and see how much the approximate cost will be including interest. This way, you’ll be informed of the costs before proceeding, and with no hidden fees, there won’t be any surprises either. Our flexible repayments mean you can then adjust the slider to fit your budget and then proceed if the loan is right for you.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
Are short term loans expensive?
A short term loan can be an expensive option when compared to other forms of borrowing such as a personal loan. However, comparing the interest rates and APR with these types of loans is difficult, mainly as short term loans are for borrowing over a few weeks or months rather than over a year. Instead, it’s best to use a loan calculator to work out what the repayments and interest charges would be for the loan you need, helping you make a more informed decision. Here at Fast Loan UK, we provide transparency so that you can see how much the loan you want will cost before proceeding. We also carry out thorough credit and affordability assessments to determine if the loan is affordable and can be sustained. If you require more information, please visit Money Helper for impartial, independent financial advice.