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Loans from 2-12 Months | FCA Authorised | Direct Lenders | Instant Decision
Representative Example: 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).
^Making an application on allthelenders will not affect your credit score. If a lender accepts your application you will be redirected to their website to finalise your loan and the lender may perform a full credit check. We are a credit broker and not a lender. High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing
allthelenders offers a free and simple way to apply for short term loans in the UK. As a leading price comparison website, we allow you to compare up to 20 short term lenders offering loans ranging from £100 to £5000.
We only work with direct lenders so you will never be applying to a broker site. All of the lenders we work with are FCA authorised.
A short term loan is generally considered to be a personal, unsecured loan that is between 2 and 12 months long and up to around £1000.
Short term loans have superseded the payday loan – in the UK someone referring to a payday loan would probably be speaking about a short term loan. This is because many of the payday lenders now only offer short term loans and the term payday loan has stuck with them.
When the FCA took over regulation of the high cost short term credit sector and introduced the price cap many lenders left the payday loan behind and started offering larger loans over longer periods because it was more profitable – it’s near impossible for a lender to make any profit on a small loan for just a few days now.
Since 2015 the short term loan market has grown exponentially and many lenders have entered – and many lenders have also left – the industry. Competition is now strong among lenders and this has stimulated lenders into offering better deals and lower prices.
Short term loans are still considered high cost credit because they are used primarily by people with some bad credit that cannot get financial assistance anywhere else. They are more expensive than other means of borrowing and because of this they should be used with caution and only when absolutely necessary.
If you are looking for short term loans then you really are already in the best place. We compare more short term lenders than anyone else and our comparisons are fair and impartial.
Despite what many people may think, the cost of a loan can vary greatly between lenders and it’s always wise to shop around before agreeing to a loan – how do you know you’re getting the best deal possible?
We work with the very best short term lenders in the UK – all of the lenders we work with are FCA authorised and follow the strict guidelines set out by the FCA to ensure you get the most protection possible and they treat you fairly.
Short term loans should only be used to cover emergency short falls in cash or for something unexpected. Some of the things people use short term loans for include:
One of the benefits of short term loans are that they are usually paid out very quickly so if you need the money sooner rather than later, subject to approval and the time of day you could get your loan the same day.
The speed of service is something that makes these types of loans appealing to many people – whilst many alternatives are cheaper they cannot offer the convenience that short term lenders are able to offer.
It is important to remember that short term loans are high cost however and are not suitable for long term borrowing. With all this in mind, using the services of a price comparison site couldn’t be more important.
We are proud to be a trusted, FCA authorised price comparison website for short term loans and our primary goal is ensuring that if you do need to use short term lenders, you get the best deal from reputable and honest lenders.
We compare most of the lenders in the UK and have been doing so for over 8 years. We do not compare brokers or intermediaries on here so you can be sure that every company you see in our comparison tables are direct lenders.
Our price comparisons are 100% independent and impartial – we rank our loan products from the cheapest total amount payable to the most expensive, so you’ll always see the best deal first. Lenders cannot pay to be higher up the table and our commercial arrangement with lenders never affect the results of the comparison – the best deal will always be at the top and the most expensive at the bottom (where lenders have the same charge we display them in a random order every time).
The main difference between the two is the length of time you have to repay the loan. A payday loan would usually have to be repaid in full within 45 days. A short term loan can be repaid over a period of months, you decide how long when you apply, usually, it’s between 2 and 12 months.
Payday loans are useful if you know you can settle the loan in full on your next payday and then you don’t have any further payments to make, however, spreading the cost of the loan over a few months usually eases the financial burden payday loans can bring – losing a big chunk of your pay usually leaves many people borrowing again and then the cycle of persistent borrowing starts.
In the UK as the payday loan has all but ended the short term loan industry has flourished. When you hear or read reference to payday loans or payday lenders they will now inevitably be referring to short term lenders.
Short term loans are considered suitable for all credit types, including people with some bad or adverse credit.
You do not need a perfect credit score to apply and get accepted, basic criteria that the majority of UK lenders ask for is:
Short term loans are primarily used by those with some bad credit which is why they cost more than most mainstream credit products. However, this also means that the loans can be accessed by lots more people than mainstream credit products.
No, short term loans are different to guarantor loans and you will not need to ask anyone to guarantee the repayments for you.
Short term loans are unsecured personal loans and credit is granted based on an assessment of your own personal financial circumstances. This is done using a combination of information they get from you on your application form, the information they get from the credit reference agencies and various other forms of identification (anti fraud checks etc).
Short term loans are often a more attractive proposition than guarantor loans as you don’t have to find or speak to anyone else about the loan, however, the loan amounts will be much smaller as will the maximum repayment period in comparison to guarantor loans.
If you are considering a short term loan you may be wondering what advantages they have over other forms of credit, some of which we’ll cover here.
In some circumstances, borrowing from short term lenders can be cheaper than using an unauthorised overdraft from your bank.
If you need the money quickly, few options will beat the speed at which a short term loan could be in your bank account
Short term loan lenders are now strictly regulated by the FCA and offer excellent customer support and help if you fall into difficulties repaying the loan.
When considering the benefits of short term loans you should not forget that borrowing from high-cost short term credit lenders is expensive and not sustainable for longer-term borrowing.
This depends on how bad your credit is but assuming you do not have any CCJ’s then there is a chance that you would get accepted for a loan.
That being said, you should consider the reasons that you may have bad credit in the first place – would an expensive short term loan help your situation or potentially make it worse? If there is a chance it could make it worse we would advise against using short term loans and look at some short term loan alternatives.
The primary market for short term lenders are those with some history of bad credit, this is the reason the interest on short term loans is higher than most other products. It’s also higher because the loans are for a much shorter period of time than personal loans that can be up to 7 years long.
A point that is constantly argued is whether short term loans are good or bad for your credit rating. On the face of it, getting a loan and managing it correctly (as in making all of the repayments on time) would have a positive effect on your credit score, it demonstrates an ability to manage your finances and that you can borrow responsibly.
On the other hand, many other lenders (outside of short term credit lenders) look upon the use of short term loans as a sign that you are unable to manage your finances and that you could be too much of a risk to lend to.
We understand that mortgage lenders are particularly cautious of those that have used payday or short term loans even if it was some time ago.
You need to weigh up this risks of using short term loans before applying, if you are going to be applying for a mortgage in the near future you may wish to looks at other options first.
Generally speaking, loan applications would be made directly with the lender, however, using our price comparison can make that process much quicker for you.
We compare all of the best lenders in the UK and can tell you the cheapest lender for the loan you’re looking for and then you can proceed to the lenders site directly and continue with them.
Warwick Financial Services Limited is an authorised credit broker and not a lender. We may receive a commission from a lender that accepts your loan application, this commission does not affect your chances of acceptance nor the cost of your loan. Find out more about how our comparisons work here.