Do you need funds to cover an emergency bill? Have you had an unexpected cash flow issue that you need to cover? Financial situations crop up from time to time, and whatever the problem, short term loans could help you recover and carry on with your life. Traditionally, this type of loan is used as a quick solution for an unanticipated issue, then repaid with interest over a small number of months. However, they can often come with high interest rates, so they could be a costly option that should be carefully considered.
QuidMarket are short term direct lenders, and we offer an alternative to payday loans. We allow new applicants to borrow between £300 to £600, and returning customers may be able to borrow up to £1,500. This is to be paid back over a period of 3 to 6 months, which allows you to choose a repayment plan that suits your current finances. If you are looking for a short term finance option that could be easier to manage than other loans, we may be able to help.
- FCA authorised, responsible lender
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- No hidden fees
- No guarantor required
- Bad credit applications considered
- Quick and easy applications
- Decisions made personally by humans, not computers
*Loan amounts and repayment terms are dependent on affordability checks
What Are Short Term Cash Loans?
As the name may suggest, short term cash loans are a type of personal loan that is usually borrowed for less than 12 months, however, the repayment terms will vary between lenders. They are typically designed to cover emergency payments, such as urgent car repairs or to cover a broken down boiler, so they are usually available at quite short notice. However, as the repayment terms are fairly short, you may find that the interest rates on short term payday loans are higher than other types of loans.
Because this type of loan typically carries a higher interest rate, borrowers with bad credit may have a greater chance of being approved by lenders. You can find many lenders providing short term loans for bad credit online, who should offer affordability checks to ensure you will be able to make the repayments on time. It is essential that you shop around first before applying to find a trustworthy lender who can cater to your needs, and make your own comparisons to find the best short term loans for your situation.
How Much Do Short Term Loans Cost?
The cost of these loans is capped by law, under regulations from the FCA. These regulations limit the amount of interest and default fees that you can be charged by lenders, so you should never pay more than is lawfully expected. Interest and fees on short term cash loans have been capped at 0.8% per day. As well as this, the total cost of the loan cannot be more than one 100% of the original amount borrowed. While there is a cap, using payday advance loans could be a costly way to borrow, so you should consider other alternatives first or seek lenders that ensure affordability. Here at QuidMarket, we closely follow the FCA regulations and personally check all applications for affordability before making a lending decision. If we feel that an applicant may not be able to make the monthly repayments on their instalment loan, we will suggest other alternatives.
Can I Get Short Term Loans For Bad Credit?
QuidMarket was launched with the intention of helping hardworking people to cover their financial emergencies, even if they have poor credit, so we can provide loans to borrowers in a range of situations. We understand that it can be difficult to be approved for a loan if you have a low credit score, but we prefer to take your affordability into account instead, which means we can offer short term loans for bad credit.
This means that we will review your monthly income, essential outgoings, and other financial commitments to make sure that you can afford the monthly repayments on your emergency loan. If we feel as though you may not be able to comfortably afford the repayments, it would be necessary to decline your application to avoid leaving your in further difficulties. We offer responsible short term lending and always keep our customers’ best interests at heart, so you can apply in confidence with us.
Am I Eligible For Short Term Payday Loans?
To take advantage of the short term lending options from QuidMarket, you will need to meet the following criteria:
- You are aged between 23 and 65 years old
- You are a resident of the UK
- You have a current UK bank account and an attached debit card
- You are in employment with a take home salary of at least £1,300 per month
If you meet these requirements, we can begin the application process, starting with our online application form. Every application is subject to affordability checks to ensure that you will be able to make the monthly repayments, and we take the time to personally conduct these. As part of your application, we will run your application through Credit Reference Agencies and Fraud Prevention Agencies, so please make sure that you fill the form out carefully to avoid mistakes that could slow the process down.
We never like to turn applicants away from our loans, but if we feel that you would struggle to meet repayments, it would be necessary to help you avoid any further financial difficulties. Missing repayments have to be recorded on your credit file, which is the same with any form of credit, and this can make it more difficult to be approved by future lenders.
Choose QuidMarket As Your Short Term Direct Lenders
By choosing QuidMarket as your short term direct lenders, you can be confident that you are in reputable and safe hands. We have made the application process for our loans quick and easy so that we can take the time to evaluate each submission to ensure your affordability. If we didn’t believe that you could meet repayments, we would not approve your application for your own wellbeing, so we always have your best interests at heart.
By operating online, we are able to keep our costs down, so we pride ourselves on our competitive interest rates and we do not charge late payment fees. We will always be completely transparent and honest with every applicant, so there will be no nasty surprises or hidden costs along the way.
If you have any questions about our short term finance options, pick up the phone for a chat. Then once you are ready, you can apply for the best short term loans and get the cash you need without any hurdles. If you need any more financial support, please visit the Money Advice Service for free and impartial help.