Online Short Term Loans UK by My Quick Loan
Short term loans in the UK are a type of credit that is designed to be repaid over a short period of time, typically within a few weeks or months. They are also known as payday loans or quick loans online. Short term loans in the UK are typically unsecured, meaning they do not require collateral such as a house or car.
Short term loans are often used to cover unexpected expenses or emergencies, such as car repairs, medical bills, or home repairs. They can also be used for regular expenses such as rent or utilities when cash flow is tight. My Quick Loan Short term loans range from £100 to £5,000.
FAQ’s on quick short term loans UK
Here are a few frequently asked questions we receive regarding short term loans, hopefully, you’ll find your answers in this guide.
What is the typical loan amount for a short term loan?
We find that the average loan amount through My Quick Loan is £300, but this varys from customer to customer. How much you borrow is completely up to you.
How long do I have to repay my loan?
Here at My Quick Loan, we offer short term loans from 3 months, to 36 months depending on how much you borrow, your credit score and which lender you get matched with.
What are the interest rates for short term loans?
My Quick Loan has a representative APR of 49.7%, however, this will change depending on which lender you get matched with and your credit score.
Can I get a short term loan with bad credit?
Yes, it is possible to get a short term loan with bad credit with MQL, but the interest rates and fees may be higher. We work with FCA-approved lenders that specialise in providing quick bad credit loans to borrowers with poor credit, so it’s important to shop around and compare offers.
What happens if I can’t repay my loan?
If you can’t repay your short term loan on time, you may face late fees and penalties. We strongly recommend not taking a loan out if you can’t afford to make the repayments.
How does APR work on a short term loan?
APR works on short term loans the same way as it does on other types of loans. The APR on a short term loan represents the annual cost of borrowing money, including interest rates and any fees associated with the loan. It is expressed as a percentage of the total loan amount, and it helps borrowers compare the cost of different loans.
Short term loans often have high APRs compared to other types of loans, due to being designed to repay over a short repayment period and the risk involved for the lender. Short term loans are typically repaid within a few weeks or months, so the APR is calculated based on the assumption that the loan will be repaid over a one-year period.
Here is an example of how APR works on a short term loan:
A borrower takes out a £500 short term loan with an APR of 300%.
If the loan is repaid in full within 30 days, the borrower will owe £625, which includes the original loan amount plus £125 in interest and fees.
It’s important to keep in mind that APR on short term loans can vary widely depending on the lender and the borrower’s creditworthiness. Borrowers should carefully compare APRs and other fees when considering short term loans to ensure they are getting the best deal for their financial needs.
Why choose My-QuickLoan for a Short Term Loan?
- We are an introducer, not a direct lender which should be used to your advantage. As we have access to a large panel of lenders that includes many of the UK’s leading lenders, they are able to search multiple lenders in one hit of the apply button saving you hours of filling out different application forms with different lenders.
- You will also always be matched to the lender that has the best rates available to your circumstances almost guaranteeing that you will always be getting one of the best rates out there in the market.
- We also don’t charge you any fees for our services as we are paid a small fee by the lender that we introduce you to. This means it is a win situation for you, and for us!
- Even if you have bad credit, we still promise to provide you with the same service for your same-day loans for bad credit.
The My-QuickLoan promise
We use award-winning technology which searches through 50+ lenders within milliseconds of applying, and if approved, you will automatically be directed to the lender who offers loan same day.
We have designed our website to be as fast and easy as possible with you in mind. Our promise to our customers is that everything we do is with our customers at the very heart of it. We hope this guide will help when you are making a decision on your short-term loan.
Get your free loan quote todayAccess from £100 to £5,000
Representative 79.5% APR
Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.