What is a Short Term Loan?
In many ways, short-term loans and payday loans are the same; a payday loan is a type of short-term loan. “Short-term” just means that the loan is designed to be repaid in a short amount of time, normally less than a year. It’s easier to apply for a QuidMarket Short-Term Loans online from the comfort of your own home, or on a mobile while on the go.
They are designed to help people whom have had an unexpected situation arise and do not have access to cash to cover the cost. If you find yourself in this situation, you may wish to consider QuidMarket Short-Term Loan. They are designed to help people who do not have access to cash to cover the cost.
Why Choose QuidMarket
Our short-term loans are an alternatives to payday loans. Our four step online application is designed to make it simple and fast, and should take 5 minutes to complete. We aim to turnaround all loan applications (where there are no further questions required) within 1 hours, we also have no queues when you call our call center.
- We require the following:
- UK residency
- UK bank account
- Salary of at least £1000 per month
- Over 23 years of age.
As a repeat customer you will be entitled to apply for a higher amount, and you can choose to pay it back over a smaller period.
We are a reputable short term lender, with our FCA authorisation.
Each application is assessed on its own merits along with affordability checks when applying for a short-term loan, 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 4-6 months, reducing the monthly repayment to suit your needs. However should you wish to pay back your short-term loan sooner, we will reduce the interest payable to the amount of days you have had the loan saving you money!
Difference between a short term loan and a payday loan
Short term loans and payday loans are very similar in the fact that it’s a smaller amount of money, principle usually ranging from £200 – £1500. The main difference would be that a payday loan is usually due to be paid on your following pay date after you have taken the loan, where as a short term loan can offer more flexibility over a longer period of 2-6 months typically to repay the loan back. 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.
QuidMarket Short Term Loan
|If approved, you can borrow over 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 £750|
|What is the total amount repayable for a 4 month, £300 loan?||£499.34|
|What is the total amount repayable for a 4 month, £300 loan?||1297%|
While short term loans are easy to access online, they are not necessarily the cheapest option for you. It is extremely important that these lenders are registered with FCA authorised.
Look at the lender’s website check they have a FCA number , and ask yourself if you feel confident to leave all your details in their hands. Ensure that the connection with the website is secured, and you are operating from a protected computer or handheld device.
Benefits of Short term loan or Payday loan
- Many lenders are online, so you can make an application anywhere on your mobile, tablet or desktop,
- Here at QuidMarket if you struggle to complete your application, we can complete over the phone for you,
- So long as you pass our criteria and the loan is affordable, you can expect to get the funds same day making it great for emergency funds,
- We don’t just look at your credit history; we look at a number of variables to help make a decision,
- Many short term loan lenders offer flexible repayment options, making it more convenient for you,
- The industry is regulated by FCA, so you know that lenders are fair and transparent,
- There are many comparison sites, so you can see APR’s and different offers from all the major lenders such as Wonga, PDUK or Sunny loans.
Learn More About QuidMarket Short Term Loans Online
If you would like to learn how our short term loans work, visit our FAQ’s, or, if you are ready to apply now, click the button ‘’Apply Button’’.
4 Reasons to get a Short-Term loan
There are a number of good 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, and most lenders will offer repayment over 1-6 months, meaning you can spread the cost to make the repayments more affordable, but 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. Meaning if you are approved on the day you apply, you may be approved within 24 hours or even on the same day. Lenders do this as they know many customers use them for emergency cash, so they ensure they can provide a speedy top service.
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, first of all most lenders are online 7 days a week with late opening hours if not 24 hours. Meaning you can apply in unsociable hours, such as before work, late at night or even on a Sunday, from the comfort of your mobile phone if you prefer. Secondly Short-Term loans are available to customers that don’t have a great credit score or have a history of bad credit.
|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 throgh 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 applying for a typical loan funds are not usually instant, especially when you are dealing with a high street bank and 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 and recognise in these circumstances, it is important to underwrite the loan as soon as possible and try and 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 you are approved, you will receive the money the same day. Not all short term loan companies offer same day pay-outs, and some will charge an extra fee for this, so 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 are approved and there are no complications or queries that need answering, 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. Once your online loan application is approved, the cash in your bank account the same day. As well, you can easily repay your short term instalment loan as early as you want, saving on the overall cost on your 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 whom cannot normally go to a high street lender in the UK. 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 to make sure 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 the interest is calculated daily, any money you pay early would save you interest. Regardless of your original instalment plan, you can repay your short term loan as early as you want without any fees.