The average income, according to YouGov, is £27,300 a year which equates to take-home pay of £1,841.65 per month. With rents and mortgages, the cost of public transport set to increase and other costs like food, energy and education, keeping afloat when expensive bills come in can be tricky. This is where QuidMarket’s short term loans come in.
Short term loans are one way to supplement your income for rainy days and we’re pleased to help out however we can. We’re also excited to announce that we’ve increased our maximum short term loan amount to £1,500!
£1,500 Short Term Loan Payment Guide
Short term loans, such as a payday loan, are just one form of credit and are not designed for long-term borrowing. This means that if possible, reducing your costs, looking for a long-term solution or seeking help from the likes of https://www.moneyadviceservice.org.uk/ should be your first port of call. However, if you’ve exhausted all avenues and are looking for a short term loan for up to £1,500, then look no further. We provide simple, short term loans with no hidden fees or catches.
Our handy loan calculator allows you to track exactly how much you’ll pay in payments and interest over your chosen timeframe. For example, taking out £1,500 can be broken down into:
Borrow £500 for 5 months
Interest payable £411.23
Total amount payable: £911.23 in 5
5 payments of £182.25
Representative 1297% APR
Interest rate 292% per annum (fixed)
Warning: Late repayment can cause you, serious money problems. For help, visit: moneyadviceservice.org.uk
As you can see taking out a £1,500 short term loan can be spread over several months. However, it’s important to weigh up how much you can afford to pay back monthly and plan the time frame accordingly. It’s also important to keep in mind that the longer your repayments go on, the more interest you will have to pay. Before taking out a £1,500 loan, be sure to sit down and work out your repayment plan. This will help you in the long run and help you avoid late repayment.
Short Term Loan Eligibility
Our service is quick and easy with no guarantors required, flexible repayments (you can even pay weekly) and bad credit is considered. To apply you only need:
- Live in the UK
- Be over 23 years old, and under 65 years old
- Have a mobile phone – we send a 4 digit SMS code during your application process
- Hold a UK bank account with a valid debit card – we run a verification check that costs 1p, which is returned to your account immediately.
- Be in employment and take home at least £1,100 per month
If you meet these requirements we can get to work processing your application.
All our loans are manually underwritten by our experienced and skilled underwriting team. We are committed to handling each request by hand to ensure you have the best service possible. QuidMarket is also a fully compliant and regulated FCA direct lender and not a credit broker. This means we work with your interests at heart.
For your convenience, your repayments will be automated through a CPA. This will debit the agreed repayment amount from your bank account every payday. If you change your Debit Card details please inform us as soon as possible.
If you would like to pay off the debt early you can contact us for an ‘Early Settlement’ figure. We only charge interest for the days you have the loan. If you are happy with the figure we will take the agreed amount from your account using the card details supplied during the application. Your loan will be closed, your credit file updated and the remaining interest removed from your account.
Late or missed repayment can cause serious money problems and should be avoided. Make sure you ask for help if you’re worried about falling into serious money problems. For assistance please visit, https://www.moneyadviceservice.org.uk/.
If you are unable to make a repayment, please contact us to discuss your options. We are flexible to our customers and will do what we can to help you stay on track. For example, we could split a missed payment over future instalments.