What Are Short Term Loans?

So, what are Short Term Loans? In the loan industry, there are many types of products available. These include mortgages, guarantor, secured, unsecured and car loans to name a few. This article is designed to give you all the information you need on Short Term Loans. What is a Short Term Loan for? Who, where, when, how and why?

A Short Term Loan or Instant Loan is usually smaller than most bank loans you would take out. They range from around about £100-£1500 depending on your circumstances and the lenders own criteria. You would generally have the option to pay back your loan over 2-6 months.

Once you’ve shared a few details, you can get your application approved in no time at all. Also if you meet a lenders criteria, often you can have the cash in your bank within the hour. This all depends on the specific lenders’ terms and the time of day that you apply for your cash.

How Does PM Loans Compare

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Why Use Us

How much can I borrow?Up to £1,500No hidden fees
Chances of getting approved?GoodHigh approval
What are repayment terms?3-12 MonthsNo paperwork
How Do I Apply?Apply Online2 min application
Do I need to pay back a lump sumNoEasy repayments

Do Banks Give Short Term Loans?

Short Term Loans was initially created to support people that couldn’t access loans from typical lending sources such as banks. Often for this type of lending, potential customers required consistently good credit.

This meant there were no loans available for those who may have been reliable with money in general but had bad credit. For many people it can just be one or two small mistakes over the years that affect their credit negatively. This is where Short Term Loans can help. These days there are plenty of options for people with good and bad credit. Emergency Loans can be useful in an emergency whatever your rating!

Can I Get A Short Term Loan With Bad Credit?

Short Term Loans are ideal for anyone that has struggled to borrow money in the past due to a bad credit rating. All emergency cash lenders WILL still run a credit check. However, these short term/high-interest loans are a helpful solution for those who have had moments of financial struggle in the past. Especially when this may have affected their credit rating negatively.

These initial checks are a part of your loan application and are referred to as a soft search. At PM Loans our panel of lenders (including ourselves as direct lenders) often cater specifically for those who may have a slightly checkered credit history. This means you don’t have to worry too much when you need emergency money but you have bad credit.

How Much Would You Like?

Representative example: £15,000 borrowed for 24 months. Total amount repayable is £15939.20 in 24 monthly instalments of £664.13. Interest charged is £939.20. Interest rate 5.9% pa (variable), min 3.1% APR, max 1326% APR, min and max term: 12 - 60 months.

Where Can I Go To Borrow Money Fast?

PM Loans are available twenty-four hours a day to assist with your lending requirements. Specialists in Late-Night, 24hr, Emergency, Payday and Instalment Loans. As a direct lender and a broker, PM Loans can scour the market to find the perfect provider for you. We will look at our criteria and that of a panel of the UK’s top lenders to find an offer best suited to your needs.

Once you complete your application you can have the money in your account in as little as fifteen minutes! When this money enters your account you can spend it on whatever you see fit. It is entirely up to you to decide how best to use your money. You might want to use it on home repairs, to cover a forgotten bill or for a deposit on something like a great holiday deal you’ve found. Whatever you need to do to tide you over until payday we give you the freedom to do.

If you would like to apply for a PMLoan, then please click below:

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Warning: Late repayment can cause you serious money problems. For help, go to  https://www.moneyadviceservice.org.uk/en