Short Term Loans
Looking for short term loans? At Lending Stream, you can get a short term loan from £50 - £1500 to your bank in 90 seconds, if approved. We are a reputed direct lender in the UK, who consider bad credit too.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for short term loans?
Fast
Cash sent to your bank in less than 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments.
Pay early with no extra fees and
save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
What are short term loans?
Short term loans are financial products which are designed to provide immediate access of funds to borrowers for a short period. These loans are meant to be repaid within a few months which is why they are often compared with payday loans.
A short term loan is often used to cover unexpected expenses like medical bills or home repairs. These loans are unsecured, which means that they don't require collateral. Approval is usually based on factors such as borrower's income and repayment ability.
At Lending Stream, we offer short term loans from £50 - £1500, giving a repayment period of 6 months to the borrowers. You can apply online to borrow money and get the money to your bank in 90 seconds, if approved.
How do short term loans work?
Short term loans work by providing quick access of funds to the individuals who need it to meet their unexpected financial emergencies. Borrowers can get the funds to their UK bank account with a few minutes to few hours, once approved.
To get a short term loan, borrowers need to fill out an application form, providing information like their income, employment details, and personal identification proof. Once submitted, the lender will review the application and, if approved, the funds will be directly sent to the borrower's bank account.
Repayment of these loans are usually fixed in the form of monthly instalments, which typically ranges from a few weeks to a few months.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Is a short term loan good for me?
Yes, a short term loan can be a good option for you if you require immediate access to funds. These loans can help you manage unexpected expenses. Short term loans usually have high interest rates and fees which is why it is important to carefully consider the loan terms and your repayment ability before applying.
It is advised to compare different lenders, review the terms, and see whether taking a short term loan can help you with your specific needs and circumstances.
What can I use a short term loan for?
Short term loans can be used for various purposes which can help you in different financial situations. Below are a few reasons for which it can be used:
- Unexpected medical expenses
- Car repair
- Urgent home repair
- Utility bills
- Debt consolidation
- Home repairs
When considering a short term loan, check the interest rate and monthly repayments. Also, borrow only what is necessary. It is important to use the funds responsibly and ensure that you can comfortably repay the loan and pay interest within the given time duration.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How much money can I borrow from a short term loan?
Being a UK resident, the loan amount you can borrow from a short term loan direct lender depends on factors such as lender's policies, your income, and your creditworthiness. Typically, a short term loan ranges from £50 to £5,000. However, it's important to borrow only what you need and can comfortably repay within the designated repayment period.
How to check if I am eligible for a short term loan online?
To check your eligibility for a short term loan online, lenders usually require you to meet the following criteria:
- Age: You must be at least 18 years old to apply
- Income: Lenders often require you to have a regular source of income to ensure that you can make timely repayments
- Residency: You must be a UK resident to be eligible for a short term loan
- Bank account: Most lenders require you to have a valid UK bank account with a debit card for loan disbursement and repayments
- Credit score: While some lenders consider your application only with good credit score, there are lenders available who even consider individuals with bad credit
You can visit the lender's website and see if they have any specific requirements. Many lenders even provide an online eligibility checker which you can use to see if you meet their eligibility criteria.
If you are looking to apply for a short term loan with Lending Stream, then in order to meet our eligibility criteria, you must:
- Be a UK resident
- Be at least 18 years old
- Have a valid debit card
- Have an active bank account
- Be in regular employment with a monthly income of at least £400
During our application process, we might ask you about your income as a proof to see if you can make timely repayments. We might sometimes verify these details discreetly.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How to apply for a short term loan?
Applying for a short term loan is an easy process and can be done online too. Here are the basic steps which you need to follow:
- Find a lender: Find a reputed short term loans direct lender who lend short term loans and is regulated and authorised by the Financial Conduct Authority (FCA). You can use search queries or keywords like “short term loans near me”, “short term loans UK”, etc
- Check eligibility: Before applying, check your eligibility. Almost all lenders provide either an eligibility checker or mention their eligibility criteria on their website
- Application form: Visit the lender's website and fill the online application form. Provide all the required details
- Approval process: Once submitted, the lender will then review your application to see your eligibility and creditworthiness. This process may involve a credit check
- Review and accept the terms: If approved, please read the terms and conditions of the loan carefully. After accepting you'll enter in the consumer credit agreement with the lender
- Receive the funds: After accepting the loan offer, the funds will be transferred to your bank account within a few working hours
If you are looking to apply for a short term loan with Lending Stream, you need to fill out our online application form by giving us the following details:
- A few personal details
- The amount which you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once your application is received, being a responsible lender, we'll run a credit and affordability check on your profile. If approved, we will send the approved amount to your bank within 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
What are the different types of short term loans?
There are different types of short term loans each with its own characteristics and repayment terms. Some common types are:
1. Payday loans
A payday loan is a type of short term loan that are meant to be repaid on your next payday. These loans provide a quick access to cash for urgent financial needs. However, be careful as these loans often come with high interest rates and should be used responsibly to avoid potential debt cycles.
2. Instalment loans
Instalment loans are also a type of short term loan where you need to repay the loan and interest in fixed monthly instalments over a given period of time. These loans provide flexibility and a structured repayment plan, allowing you to manage loan repayments in a better manner.
3. Line of credit
A line of credit provides you with a defined credit limit. With a line of credit, you can withdraw the funds you need but only up to a given credit limit. Interest is only applied on the amount you borrow, making it a flexible borrowing option.
Can I repay my short term loan early?
Yes, in most cases, you can repay your short term loans early without any extra fees. However, it is important to review the terms and conditions of your loan agreement as some direct lenders may charge an additional prepayment fee from you for closing your account early.
At Lending Stream, we give you 6 months to repay your loan, but you can repay early if you want to, and we won't charge any extra fees from you.
Remember, by repaying your loan early, you can save money on interest and become debt-free sooner.
What happens if my short term loan application is rejected?
If your short term loan application is rejected, it can be disheartening but don't panic. Look for the reasons why your application was rejected.
At Lending Stream, we don’t guarantee any loan approval. If your application is rejected based on the information, we receive from one of the credit reference agencies then we'll let you know the name of the credit reference agency by email. You can check your credit file with them directly.
What happens if I can't repay my short term loan?
If you find that you are unable to repay your short term loan, contact your lender immediately. Your lender might work with you and give you a suitable repayment plan or offer some alternative solutions, but it's important to communicate your difficulties openly.
If you'll ignore the situation then it can result in additional fees, increased interest rates, and damage to your credit score which can impact your overall credit report.
What are the advantages of short term loans?
- Fast cash: You can get the cash you need to meet your unexpected financial needs with a short term loan within a few minutes or hours, if approved
- No collateral required: Short term loans are also known as unsecured loans and in most cases, you don't have to put any collateral like your house, cars, and other assets
- You may get approved even with a bad credit: Some lenders might approve your loan even if you have a poor credit history, giving you an opportunity to rebuild your credit. These are often known as bad credit loans
- Fixed monthly repayments: You don't have to repay your short term loan in one go. You can repay in fixed monthly instalments which will make it easy for you to repay your loan on time and get debt free
What are the disadvantages of short term loans?
- Higher interest rates: Short term loans usually come with high interest rates compared to long-term loans, making them more expensive to repay
- Limited Loan amounts: These loans typically offer smaller loan amounts, which may not be sufficient for you if looking for larger expenses
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs - short term loans
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Can I get a short term loan with bad credit?
Yes, you can get a short term loan with bad credit. There are lenders who offer short term loans to people with bad credit, although the interest rates may be higher.
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Will short term loans affect my credit score?
Yes, short term loans can impact your credit score. Timely repayment can have a positive effect, while late or missed payments can negatively impact your credit score.
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What is the shortest term for a loan?
The shortest term for a loan varies depending on the lender, but it can be as brief as a few days to few weeks.
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Why are short term loans better?
Short term loans offer quick access to funds you need, flexibility in repayment, and may be available to individuals with bad credit.
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Is short term loan good or bad?
Whether a short term loan is good or bad depends on your financial situation, ability to repay on time, and how you manage it.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk