Short Term Loans
allthelenders is the UK’s largest comparison website for short term loans. Our comparison engine only compares direct short term loan lenders and all of the lenders we feature are authorised by the FCA, so you have peace of mind knowing that you are working with a legitimate lender.
We make comparing the cost of short term loans simple. allthelenders offers an eligibility test allows you to fill in a few basic details for free and require a list of lenders most likely to accept your application. There are no fees for applying and since you can click through the lender directly, your information will not be passed onto several companies without your permission.
allthelenders is an FCA registered broker and has been acknowledged as one of the leading price comparisons in the UK, with partnerships with over 40 lenders. We are dedicated to responsible lending and helping our customers find the right product for them and save money in the process.
Short term loans from allthelenders
Our process is simple. Choose the type of loan you require, the amount you need & over how long, and we’ll return your results in just a few seconds.
- Choose how much you wish to borrow
- Choose how long for
- Get results in just a few seconds
Given the popularity of short term loans, there are now plenty of online lenders with a variety of different loan terms and loan amounts. The need to compare payday loans or monthly instalment loans arises because there are so many different lenders with different rates of interest. In fact, the FCA confirmed that the role of the price cap and improved comparison websites has helped customers save over £150 million per year.
When would you use short term loans?
If you are in need of immediate cash for an emergency, such as when your car breaks down or certain house repairs are urgently needed, the role of short term loans can help tide you over and give you much needed breathing space.
The ability to apply for a short term loan and receive funds on the same day is very effective. You then have the flexibility to spread repayments over 3,6 or 12 months and pay in instalments, allowing you pay off your debt and get back on your feet.
Whilst the need for instant loans might be attractive, we must not be tempted to go with the first option we see. If you can compare short term loans effectively, you are able to potentially save money and find a repayment term which is more flexible for you.
In addition, the eligibility test from allthelenders helps you narrow down your searches to a lender who is more likely to approve your application. Thereby you potentially avoid going through numerous loan applications which can damage your credit score in the short term.
Finding the right lender for your short term loans
The regulation enforced by the FCA states that providers must ensure they lend only to people with the ability to repay the loan within the given period. When you approach a short term loan lender featured on allthelenders, you can expect to be treated fairly and the cost of the loan will be very transparent. This is shown through our comparison tables including the representative APR and repayment example.
How long does an application take?
Applying for a short term loan only takes around 5 minutes. A lender’s application will typically ask you to fill in information such as your name, address, contact details, monthly income, employment, expenses and bank details so they know where to transfer the money to.
Whilst payday lenders tend to have a general criterion, further checks are always carried out to match the amount you to wish to borrow with what you can afford to repay. Lenders will commonly carry out credit checks and affordability and usually a phone call to confirm the details of your loan. If successfully approved, funds can be transferred to your account within 1 to 2 hours.
Are you allowed to repay earlier?
Yes, every short term lender allows their customers to repay their loans early without any financial penalties and repaying early is absolutely encouraged. Paying your payday loan back early will reduce the interest on the loan as you will only pay interest for the time that you actually had the loan for, saving your money in the process.
You can typically repay your loan early by calling up the lender’s customer services team directly or logging into the ‘my account’ section of the website and simply paying off your loan in full.
What happens if you repay the loan late?
If you find that you cannot repay the loan on the date agreed upon, you should contact your lender as soon as possible. By giving the lender notice, they may be able to offer you forbearance and a more flexible repayment structure, freezing any interest costs as well.
Please be aware that late payments may result in penalty charges of up to £15. Lenders have a duty to ensure that they treat their customers fairly and should work with you to find a suitable resolution to settling your loan.
Before taking a short term loan, it helps to compare
The allthelenders website is the best place to start your research. It is the UK’s first price comparison website for short-term loans, and the site is authorised and regulated by the FCA.
You can rest assured that we’ll always provides 100% independent & impartial comparison results to help you find the best loan at the best rate.