Short term loans present you with the opportunity to get the money you need for a relatively short period of time. There are a whole number of reasons why someone may need a short term loan, although it is usually to ease a cash flow problem or pay for an unexpected expense like car repairs or an emergency bill. Situations like this can often leave people in the need of a relatively small amount of cash over a short period to get them through. There are now lenders available who will look to lend money over a short period. Whether it is for 1 week, 6 months or 12 months, there is a likely a solution for you.
The best place to start would be your bank, but more and more people are finding that when they do turn to their bank, they are unable to help. Since the financial market crash in 2008, the banks lending criteria has been tightened significantly, and it is likely only customers with a near perfect credit score will be considered.
Although frustrating, this has left gaps in the market for a whole range of specialist lenders who will look to lend to people who find themselves in this position. Applying to a loan broker who works with these lenders can be a good place to start in sourcing the cash you need. Make an application for your short term loan today, and see if the Easy Loans Company can help you find it, as an Introducer to Monevo using their Lender Panel.
There are so many types of loans available today but their terms and conditions may not be the same. When applying for a loan, it is always advisable to take your time to understand the policies of the lender and decide if they suit you or not. Short term loans are usually offered by a variety of different lenders, to be repaid over a short period of time (just as their name suggests). In most cases, the borrower is required to repay within a year, but you will likely be able to find a loan for any length of time up to 12 months.
It’s important to make sure you can afford the repayments. The interest for a short term loan will often be higher, so spreading the payments over 6 months rather than 3 may mean the new repayment fits inside your budget, although it’s also important to know that the longer the term of the loan, the more you will pay back overall.
A credit search will be performed as with any borrowing application you make, and this will determine how many options there are available to you. If you have a bad credit score, you may find that your options are reduced, and you may be paying back at a higher interest rate than those with a good credit rating. This is where it may be best to start with a specialist broker with access to a panel of lenders who offer short term loans. They can look at your circumstances and try and find a solution which fits, and more importantly you can afford.
It should be made abundantly clear that short term loans are only meant to solve cash deficit problems within a short period of time. It is not recommended that short term loans are used on a regular basis to cover living costs.
The high interest can put a strain on your budget, especially if you were already struggling to make ends meet. If you find that you have to rely on short term finance just to live, it’s worth taking a look at the Money Advice Service website. There you will find lots of tips and tricks with money management and budgeting.
You’ll also find information on where to go to receive free debt advice both face to face and on the phone. If you have written down your income and outgoings and know you can comfortably afford the repayments on a short term loan, feel free to apply using the form above and we’ll get to work looking for that loan for you.