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If you’re in need of some cash fast, a short term loan could be just the ticket. Short term cash loans are a type of payday loan designed for you to payback over a short amount of time.

What Is A Short Term Loans?

A short-term loan is a cash loan that you pay back instalments, usually within a year. Whether your boiler is on the blink, your car won’t start of you just find yourself in a sticky situation, short term cash loans are ideal if you’re in need of cash quickly. Typically, people will take out a short-term loan for the emergencies, To tide them over until next payday or If they go overdrawn.

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It’s important to remember every time you are refused an application for a loan it may impact your credit rating. It is advisable to only apply for the loans that you are confident of being accepted for.

Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.

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Short Term Loans FAQs

After taking out a short-term loan, you’d pay it back in regular instalments, usually between 3 months and a year. Note that, usually, the longer your borrowing window, the more you’d end up paying back in the long run. However, the FCA have recently put caps onto the interest rates, meaning daily interest cannot exceed 0.8%, in order to help keep short term loans from being as expensive as they once were.

  • Cash when you need it – often on the day you apply.
  • Quick – the clue’s in the name. You borrow, you pay back quickly.
  • Flexible – you pay back in instalments, so they’re manageable.
  • Interest rates for short-term loans can be higher than other loan types.
  • Additional fees are sometimes applied.

A cashback credit card allows you to earn back a percentage of the money you spend on that card. The amount earned depends on the card and its rate; some cards may offer as much as 5% cashback, but you should try to ensure you can clear the balance each month or you might end up paying more in interest than you earn in cashback. Also, there are different terms for different cards and some offer tiered levels of cashback, so make sure you understand the deal.

Short term loans differ from payday loans in that you pay short term loans over a set period of time (3 months, 6 months etc.). Payday loans however are paid back in one fell swoop. One of the most notable things that you should consider is that short terms loan are not like secured loans such as a mortgage. This means that to take out one of these you need to put down an asset such as your house or car as collateral.

The short term loans market is full of lenders. To choose the online small short term loans provider that’s right for you, you will need to think about annual percentage rates (APR), additional fees, whether the interest rates are fixed, and whether you can change the payment schedule. There are a number of different payday loans and short terms loans that you can choose from here, we aim to match every application with the best loan in terms of affordability and the application requests.

The short answer is yes. The majority of our lenders will base their decision on the credit history of the applicant but also take into account their present financial status. Most lenders reach their decision on the basis of whether you can afford to pay the loan back within the necessary time frame. This is completely dependent on the details provided during the application process and of course a credit check.

In short, yes. When you apply for a short loan online, it will leave a footprint on your credit report. Of course, if you miss any repayments, this will also show on your credit report and can ultimately affect However, when you pay on time in accordance with your agreement, this could be seen as a reliable payer by some lenders. Some scores such as Equifax credit score should give you a higher credit score when you show a history of good repayment on your loans.