If you find yourself in need of urgent financial support and are unable to apply for standard loans or alternate funding options, applying for a short term cash loan may be the perfect solution. With loans available for those with a non-perfect credit score, easy application and fast decisions, obtaining the funds you need when you need them is made simple with Wizzcash.
What Is A Short Term Loan?
A short term loan is designed to provide relief for those in urgent need of cash. They are typically paid back over a set period of time, typically less than a year, and it will be paid back in instalments that are agreed before you accept and sign for the loan. As a short-term loans UK provider, we ensure that these are available in situations where you may unexpectedly find yourself in need of additional cash. For example:
- If you are overdrawn due to adversity
- For emergencies
- For unexpected medical or dental bills
- A car repair bill
- To tide you over until payday
The amount borrowed with a short term loan tends to be fairly low, usually anywhere between £50 – £1,000, although more is possible with some short term loan lenders. We act as a lender and a broker so if we can’t provide you with the money you need, we may be able to direct you to one of our trusted partners who may accept your application. It’s important to note that short term loan tends to attract a higher APR than other loans and for this reason, they tend to be paid back more quickly.
How Do Short Term Loans Work?
Once you have taken out a short term cash loan, you will be required to pay it back in instalments which usually span between three months and a year. It is worth bearing in mind that the longer you take to pay back the loan, the more interest you are likely to accumulate on top of the original amount. Once the loan has been agreed, you will start making repayments on an agreed date and continue to make these payments until the loan is repaid in full.
When you apply for a short term loan, the total amount repayable and interest rate will be explained to you. These loans are typically paid out quickly, sometimes before the end of the working day, making them ideal for emergencies or unexpected cash flow problems
Am I Eligible For Short Term Loans?
You must meet eligibility criteria to receive a short term loan and these criteria may differ between lenders. To apply for a loan online with Wizzcash, you must be at least 18 years of age, a resident of the UK, in current employment and taking home at least £750 per month. This is to ensure you will be able to make the agreed repayments. As part of the eligibility check, we will also assess your credit score.
How Do I Apply For A Short Term Loan With Wizzcash?
We offer an easy application process and have made applying as straightforward as possible. Simply visit our website and click ‘apply’. You are then taken to our form where you can enter the amount you wish to borrow, plus your personal details. It only takes a few minutes to find out if you are eligible for a short term cash loan with us, and you could have the money in your account within hours.
What Is A Direct Lender?
We are a direct lender and a broker. This means that if your loan application with us is successful, we will communicate and lend directly to you. If we are unable to offer you a loan, we also provide broker service for those who are approved, and we only offer loans to successful applicants who apply via our website. As a direct lender, it is important to note that we do not charge any fees for applying for a loan, and no fees are charged for early repayment of the loan. We also do not work with any companies who may charge you upfront fees.
A benefit of using a direct lender is that you will not be charged broker fees, and your personal details are only used by the company who is directly dealing with your loan. At Wizzcash, we will directly lend to all successful applications.
The Pros And Cons Of Short Term Loans
There are a number of things to take into account when applying for a short term loan. UK residents can get cash quickly when they need it and benefit from being able to pay the loan back in manageable instalments. If you’re confident that you will be able to repay the loan on time, then applying for short term loans online can help you when you are in need of quick cash.
However, short term loans are not suitable for everyone, and there are a number of things you should be aware of before you make the decision to apply for a short term loan. These include the fact that interest rates for short term loans UK can be higher than for other loan types. However, as a responsible lender we will always conduct affordability checks before we agree your loan. This way, you will never be provided with a loan that you can’t afford to repay.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Short Term Loans Vs. Payday Loans
Short term loans differ from payday loans in that short term cash loans are paid back over a set period of time. This can be anything from three months to a year. Payday loans are paid back in one go, usually on your payday which may be just a matter of days.
Can I Get A Short Term Loan With Bad Credit?
Short term loan lenders want to ensure you will be able to pay back any loan. Therefore, FCA regulations mean that a credit check will be done when you apply for short term loans online.
Having bad credit can restrict the loans and other financial services available to you. However, if you’re looking for the best short term loans online, good short term loan lenders will still consider your application even if you have poor credit.
Are There Any Alternatives To Short Term Loans?
There are a number of alternatives to short term loans that you may consider prior to applying for a short term loan online. These options include things such as borrowing from friends or family or applying for a bank loan. If you have a poor credit history or need cash quickly, then a bank loan may not be suitable to meet your needs.
What Can I Expect From Wizzcash When Applying For A Short Term Loan?
We are a responsible lender, and as such we always act in the best interests of our customers. We aim to ensure customers do not borrow more than they can repay, and our terms and conditions are clear and transparent. Before you accept an online loan with Wizzcash, we will provide you with information on the APR and the total value you will repay.