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Short Term Loans at FlexCredit

What are short term loans?

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About Short term loans

Short term loans can be a very useful tool when it comes to helping you manage your finances between one payday and the next. They’re a compromise between a long term loan and something like a payday loan, which is repayable within a much shorter period of time. Short term loans are unsecured, which means that you don’t need to have an asset such as a car or a property in order to borrow one.

How short term loans work?

You can borrow more with a short term loan too – between £100 and £5000 depending on your circumstances and your borrowing history. Thanks to the longer repayment period of a short term loan you won’t have the pressure to pay this back straight away. Instead, you can spread the repayments out over a period of time that suits you and make it easier to manage your money.

So, what can you use a short term loan for? Well the answer is basically, anything. You don’t need to use the money that you borrow for a specific purpose, it’s there to help you manage your finances better. Most people tend to use short term loans for a situation where they need to arrange some finance fast, whether that’s in an emergency or to help bridge that gap between paydays.

When is it best to avoid short term loans?

There are a few situations where it’s not usually a good idea to take out a short term loan and these include where you’re planning to spend it on a shopping spree or a holiday or you’re looking for long term finance. This type of finance is a great tool for helping with money management and tiding you over when life sends you a curve ball that you don’t have the financial safety net to manage. It’s not really designed to be used for luxuries or extras and it should only be considered a short term option.

Applying for short term loans

So how does the short term loan work? Well, you apply as you would for any other type of loan and you will be asked questions about your income and asked to choose the amount you want to borrow and the period within which you want to repay it. You need to be at least 18 years old and a UK resident, employed with a regular paycheck and a UK bank account. The great thing about short term loans is that they are fast so if you’re approved for your loan then you can get a direct bank transfer of the money within a short space of time. This is why short term loans are so useful when you need money fast – there’s no waiting around after you’ve made your application. In some cases you’ll even be able to get the cash into your bank account within 10 minutes after your application has been approved.

Repaying short term loans

When it comes to repayment you can choose the repayment period that works best for you. This flexible element means that you can manage your repayments in a way that ensures you won’t get into trouble – choose a period of time over which you won’t feel undue pressure to repay but will be able to make the repayments alongside your other monthly expenses, such as rent/mortgage and bills like utilities and food shopping. Remember that you need to make sure that you can make these repayments or you could face serious money problems.

 


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