Which are the Best Companies to Get a Short Term Loan?

People need short term loans for different reasons. In most cases, people take these loans to pay for urgent expenses. It is important to have an idea of where you can get such loans, since you may find yourself in a situation where you need an amount of money urgently. In the UK, there are numerous companies that offer short term loans. These loans are required to be paid within a short period of time; perhaps a few months. This depends on the company from which you borrow your loan. Your choice of a lending company should be guided by the terms they offer; including the repayment period and the interest rate. Some of the best companies from which you can get such loans include:  


• Lending Stream Short Term Loan

Lending Stream is an excellent company for individuals seeking short term loans. New borrowers can borrow between £50 and £800, while the existing customers are allowed to borrow up to £1,500. The repayment period is 6 months with an APR of 1,272%. The company allows you to refund your loan earlier than the stated time. Early refunds attract no fee. 

• SafetyNet Credit

This is another outstanding short term loan lender in the UK. SafetyNet Credit offers loans to its customers of up to £500 and the APR charged is at 68.7%.

• Pounds to Pocket Short Term Loan

Pounds to Pocket offer loans between £200 and £2,000 with a representative APR of 277.5%. Applicants can pay their loans within a period of six months to 1 year.

• Square Today Short Term Loan

This lending company offers its customers loans ranging from £200 to £850 with a repayment period of 5 to 9 months. Its representative APR is 1,265%.

• MYJAR Short Term Loan

The loans offered by MYJAR range between £100 and £900 which should be repaid within a period of 3 months at a representative APR of 1,081%. Early refund does not attract interest for the remaining period.

• Satsuma Loans

This company offers loans between £100 and £ 1000. The borrowers are expected to repay their loans within a period between 3 months and one year, at a representative APR of 991%. 

• Sunny Now Short Term Loan

Loans borrowed from Sunny Now range between £100 and £950. The borrowers are given six months to complete their repayments, at a representative APR of 573%. There are also loans to be paid at a monthly interest (16.8%), whose repayment period is 6 months as well. If you refund your loan earlier than the time agreed upon, the interest for the remaining period is deducted from your debt.

• Wonga Flexi Loan

This company offers loans between £150 and £500. The debtors are given a period between 69 and 115 days to refund the money borrowed, at an APR of 1,261%; representative. Wonga Flexi allows its debtors to refund early. In this case, the interest is charged only for the period for which the debt lasted.

• PiggyBank

This company operates online, and it can offer you a loan at any time of the day. The loans offered by PiggyBank range between £150 and £1,000. Customers are expected to repay the debt within a period between 2 and 5 months. The representative APR for these loans is 1,272%.

• MoneyBoat

MoneyBoat is a short term lender with 0.7% interest rate per day, which attracts no further fee. The loans offered range between £ 200 and £1500, and they should be paid back within half a year. New customers are allowed to borrow up to £800. The company’s loans are repaid at a representative APR of 939.5%.


Benefits of Short Term Loans

 Short term loans have been greatly beneficial to many individuals, especially during emergency situations. The benefits of short term loans are:

• You pay the loan in a short time, so you do not remain indebted to the company.

• The interest rate is relatively lower than that of long term loans.

• It is a source of fast cash. This gives you a chance to cater for urgent expenses.

• These loans do not require collateral; borrowing is not a complicated procedure.

• Short term loans can be offered to people with poor credit scores.

• Short term loans are generally cheaper to repay than long term loans.


Parting Shot

If you have never taken a short term loan, you should consider finding out more about the companies listed above. In case you are overwhelmed with expenses, these companies may be of great help to you. Short term loans are accessible online, which makes it very easy for customers to borrow. It is quite easy to qualify for these loans, and the terms of payment are pretty convenient.  It is important that you pay your loan within the time agreed upon in order to be allowed to borrow from these companies again. Silvertonhouse.co.uk offers a solution for those who do not qualify for these loans.


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