What is a Short Term Loan?
A short-term loan just means that the loan is designed to be repaid in a short amount of time. Typically from a matter of days and is typically paid back within months, but can be considered a short-term loan if paid up to 12 months’ time. Most short-term loan lenders can be accessed online. Here you can see the terms they offer, the repayment options and what criteria different lenders require. Maybe most importantly the APR they charge.
Most short-term loan providers have easy online applications. They will ask a series of questions so they can access your credit file. Confirm your identity and check your income and expenditure. Short-term lenders offer quick and easy processes. If you need cash in a hurry, they may be the option for you.
Short-term loans provide help to people whom have had an unexpected financial situation arise. Maybe they do not have access to cash to cover the cost. This could be anything from your car breaking down, or an unexpected bill such as your gas bill is higher than you might have budgeted for. If you find yourself in this situation, you may wish to consider QuidMarket Short-Term Loan. They provide help for people who do not have access to cash to cover the cost.
Do Quid Market offer Short-term loans?
Yes, we offer a range of options, currently as a new customer you can lend from £300-400 and you will be able to take this over 3-6 months dependant on affordability. Our repeat customers are able to lend from £200-1000 over1-6 months.
At Quid Market, we pride ourselves on our high levels of customer service. We have tried to make our online 4-step application as user friendly and straight forward as possible. Our aim is to turnaround all applications within the hour; we do everything we can to verify your details without asking for proof of documents. We also do not believe in phone queues, so a member of our team will answer you straight away.
To be eligible for a Quid Market Short-term loan we require you to have:
- UK residency
- UK bank account
- Salary of at least £1000 per month
- Over 23 years of age.
- In full time paid employment
We asses each short term loan application on its own merits together with affordability checks. A poor credit history will not necessarily mean we are unable to lend to you. We take many things into consideration, not just your credit score. Our payment periods can be spread over 1-6 months. This is depending on whether you are a repeat customer or not. It also depends on what we deem affordable for you based on the income and expenditure you provide us with, on your application.
Difference between a short term loan and a payday loan
A pay-day loan is just a type of short-term loan. The difference is in the repayment terms offered. Pay-day loans are usually paid off on your next pay date, whether that is 2 or 30 days away. However short- term loans offer more flexibility and can be paid off between 1 and 12 months. A short-term loan therefore gives a bit more flexibility with repayment. So if you have a smaller disposable income each month, it might be better to spread the cost over several months rather than choose a payday loan. The more our customers use Quid Market, the more options they get in terms of repayments and the amount that can be borrowed. It is worth remember however, the longer period you take the loan over, the more interest you are likely to pay.
QuidMarket Short Term Loan
|If approved, you can borrow over 3, 4, 5 or 6 Months?||Yes|
|What is the standard fee for fast funding?||Free|
|How much can new customers borrow?||Up to £600|
|How much can returning customers borrow?||Up to £1,000|
|What is the total amount repayable for 4 month, £300 loan?||£499.34|
|What is the total amount repayable for 4 month, £300 loan?||1297%|
While short-term loans are easy to access online, it is extremely important that your lender be registered with the Financial Conduct Authority. The FCA regulate the short-term lending market and ensure that consumers are treated fairly. The FCA provide sets of rules, that all lenders in the high-risk short-term lending industry must abide by.
Look at the lender’s website check they have a FCA number. Ask yourself if you feel confident to leave all your details in their hands. Ensure that the connection with the website is secure, and you are operating from a protected computer or handheld device.
It is also worth making sure that you are dealing with a lender direct. Many websites that look like a direct lender, could also be a broker. Meaning they will pass your details onto a number of lenders, hoping to find the best option for you.
Benefits of Short term loan or Payday loan
- Most lenders are online today, meaning you do not have to leave the comfort of your home if you do not want to. Also means you can shop around for the best deal for you.
- As many short-term loan lenders will be able to offer support if you struggle to complete the application on-line yourself, here at Quid Market we will happily complete your application over the phone for you.
- Many short-term loan lenders will aim to have the funds (if you are successful) over to you on the same day and many are much faster.
- Short-term loan lenders will not just look at your bad credit history, but will take into account many other factors.
- Short-term lenders usually offer flexible repayment options.
If you would like to learn how our short term loans work, visit our FAQ’s, or, if you are ready to apply now, use the sliders at the top of this page.
Reasons for choosing to apply for a short-term loan
Below we have listed a few reasons, to help you make a decision:
Short term loans have flexible terms
With a short-term loan you usually can choose the date you repay. Most lenders will offer repayment over 1-6 months. This means you can spread the cost to make the repayments more affordable. Please remember; the amount of interest you pay back will also increase.
Short term loans are available quickly
Due to a short-term loan being a smaller amount, lenders will have a much faster process in order to assess your affordability & any other checks they have to carry out. Therefore, if you pass all the checks and the lender has everything they require, you can expect a quick turnaround.
Short term loans are unsecured
Banks often provide loans to those who have good credit ratings. On the other hand, if you don’t have a good credit score, banks often turn you away. Payday/short term loan companies are the exception. They will provide money to people, even if they have a bad credit history, as long as you meet their criteria.
Short term loans are accessible
On two counts here;
- Firstly, most lenders are online 7 days a week with late opening hours (operating a 24 hour service). Meaning you can apply in unsociable hours, such as before work, late at night or even on a Sunday. You can apply from the comfort of your home direct from your mobile phone if you prefer.
- Secondly, short-term loans are available to customers with a poor credit score or a history of bad credit.
Loan comparison table
By using a comparison site, you can see easily the different rates and terms of many of the major lenders such as Wonga or Sunny loans.
|Type of Loan||Description||Bad Credit – can I apply still?||Will I need a guarantor?||Direct lender or Broker?|
|Payday loans||Repaid in full from your next payday||Payday loans for customers with a poor credit history can be obtained online from direct lenders such as Wonga.||Payday loans with no guarantor are very common in the UK.||Payday loans can be obtained by both quite easily – read our blog with regards to which is best for you!|
|Short term loans||Repaid by monthly instalments. Typically from 1 to 6 months||Customers with poor credit history can apply for short term loans. Each lender will apply it’s own criteria||Short term loan requires no guarantor and is a good option for people that can afford it.||QuidMarket is a short term loan, direct lender.|
|Loans online||Loans offered by on-line lenders rather than through traditional high street branches||Loans online for bad credit focus on affordability and the customers ability to repay the loan. QuidMarket loans are fast and reliable||Many online loans do not require a guarnator, however if you credit is quite poor this could be an option for you||Loans online in the UK can be obtained directly from lenders.|
|Cash advance||Repaid in full from your next payday||You can apply for a cash advance or wage day advance loans with poor credit score.||No Guarantor cash advance or wage day advance loans are available in the UK.||Some direct lenders offer cash advance loans online.|
|Personal loans||Repaid by monthly instalments. Typically from 6 to 60 months. Use to fund specific purchases such as cars||As these are usually offered over a longer period for a bigger amount, they would usually require a better level of credit||A guarantor is not required to apply for a Personal Loan, however this may be an option if your credit is not great.||Probably best to go to a direct lender, however a price comparison website may be helpful|
Online Short Term Loan with Same Day Pay out
When you apply for a typical loan, funds do not normally land in your account on the same day. Especially when you are dealing with a high street bank. A few days to a week is a long time if you require funds for an emergency.
Short Term loan lenders know that many of their customers use them, due to an unexpected emergency. They recognise in these circumstances, it is important to underwrite the loan as soon as possible. They try to get the funds over to the customer, if they are approved as quickly as possible.
Cash loans with same day pay-out?
A number of companies offer loans online with same day pay-out guarantee. If we approve your loan, you will receive the money the same day. Not all short term loan companies offer same day pay-outs. Some will charge an extra fee for this. Make sure you read the small print carefully on any short term loan website.
Do QuidMarket provide short term loans with same day pay out?
YES, if you pass our approval checks without complications. We can sometimes approve your loan and send funds within half an hour of receiving the loan application. This means that you can have the money in your bank account within an hour of approval. However sometimes there can be a delay in the process, if we require anymore more information from you. Unlike some other lenders in the UK, QuidMarket offers same day pay-out with no extra charges.
Do you need a short term loan?
You need a short term loan and you need it ASAP. Even with poor credit, Quidmarket short term loans may just be the right credit option for you. The online loan application process is simple, and you can complete it in 4 steps on your computer or Smartphone. When we approve your online loan application, the cash transfer will reach your bank account on the same day. You can repay your short term instalment loan as early as you want. This may save on the overall cost of interest.
- Thousands of people are using FCA-approved short term loan/payday loan companies each month. From different professions including NHS nurses, teachers, drivers, administrative workers, and people that need some cash advances to cover unexpected expenses.
- Did you know? QuidMarket short term loans are calculated using simple interest rate. Unlike most loans that banks in the UK offer, QuidMarket never charge interest on the interest. You pay only for the money you borrowed over the loan term.
- QuidMarket short term loans are available for people with poor credit who cannot go to a high street lender. QuidMarket is a direct lender! We give you the loans directly.
Thinks to think about before applying for a short term loan!
It’s tempting to get a loan to make up the extra at the end of the month. Whether you’re struggling with essentials such or are thinking about treating yourself. But think about how much you can afford to pay back each month before you take out the loan.
Make a list
Write down of all your monthly expenses that you already have to pay back. For example, rent/mortgage, bills, council tax, transport, car loan and the weekly food shop. Then add the expected monthly repayments from your loan to this list. This will ensure you can pay it back without going over your budget. Remember to make sure you’ve some money left each month for fun things, otherwise you’ll never stick to your budget!
Short term loans easy repayment
Easy repayments are an advanced feature of short term loans. In essence, it allows people to repay the short term loan at any time without additional fees. QuidMarket short term loans always come with an easy repayment option. Since QuidMarket calculate the interest daily, any money you pay early will save you interest. Regardless, you can repay your short term loan as early as you want without any fees. You may also save on interest charges.