Short Term Loans

A short-term loan is a loan with a relatively short repayment period.  The amount borrowed and the interest are paid back in less than a year. It’s not like a bank loan, in that you don’t pay a short-term loan off over years and it often comes with a higher Annual Percentage Rate (APR).

The process of applying for a short-term loan is often much quicker than traditional forms of credit. Your loan outcome may feel instant.

Short term loans may be appropriate for people who all of a sudden find themselves with a big expense they feel they cannot avoid, like a home or a car repair. They might also be helpful for people who don’t get regular work,  need something to tide them over until their next pay cheque, or a cash boost through a financial emergency.

Usually, this type of borrowing is what’s called an unsecured loan, which means you aren’t borrowing against something you already own such as a car. Should you not be able to pay a loan back, the items which you secured the loan against will not be repossessed as payment.

A direct debit is set up from your account, so your repayments are automatically deducted until the loan settles so you don’t have to worry about a thing!