When unexpected bills come along, it can be stressful working out how to pay them. That’s where short term loans come in. This type of loan is designed to cover urgent bills and be paid back in a short period of time. To help you weigh up the benefits and requirements of short term loans, we’ve created this handy guide. We’ll help you explore your options and decide whether a short term loan is for you.
What are short term loans?
As the name suggests, short term loans are loans designed to give you instant financial help. You will be given a lump sum from a lender and are required to pay it back in monthly instalments. They are paid back fully in a short space of time; this could be over a few weeks, months or a few years.
Short term loans are designed for people who are hit with unexpected bills or need emergency funds. You may be approved for short term loans with a bad credit history.
How do short term loans work?
Short term loans are usually meant to tide you over until your next payday. You could see funds in your bank account within a matter of hours or days. Unlike traditional loans, unsecured short term loans don’t require collateral.
Our lenders offer flexible repayment schedules. You could pay your short term loan back over a period of 3 to 36 months. They will offer you a quote for a short term loan and you can decide whether you want to accept it or not. You may be approved for a short term loan with bad credit, depending on the lender.
How do I apply for a short term loan?
The lending process couldn’t be easier. Simply fill out our online application form and we will try to match it with suitable lenders. You will need to provide information such as your personal information, salary and your regular expenses.
If you approve the quote you are given, we will ask you to e-Sign the agreement. The funds will be quickly transferred into your account.
Make sure to carefully read the details of the agreement before signing it and ensure you understand it. You are under no obligation to accept the quote provided to you.
Short term loans for bad credit eligibility
The lending eligibility criteria from our lenders that you must meet before you can apply for a short term loan. You must be at least 18 years of age and live in the UK. You must have a regular income from work and have a UK bank account. Our lenders also require you to have a valid email address and phone number so that we can stay in touch with you.
Benefits of short term loans
Despite how hard you try to save and plan ahead, it can still be incredibly difficult to cover unexpected bills. Short term loans can help you bridge the gap until your next payday and allow you to pay your urgent expenses. Some of the benefits of short term loans include:
- Short repayment term – the loan can be paid back within a few months or years
- Small loan amount – you could borrow between £100 and £5,000 with Tendo
- Online application – complete your application in no time
Types of short term loan for bad credit history
Here at Tendo, our panel of lenders offer different types of short term loans to help you cover urgent expenses. This includes:
- Instalment loans – pay back your loan in monthly instalments
- Payday loans – pay back the short term loan on your next payday
Why choose Tendo for a short term loan if you have bad credit history?
We are a trustworthy, reliable broker rather than a direct lender. You could be matched with a lender within minutes of filling out our easy online application. We work with a panel of over 50 lenders who often lend short term loans for bad credit.
What to do if you’re struggling with debt
Short term loans are a quick way to access funds. However, it’s important you understand the implications of taking out a loan. If you need financial advice or assistance, it’s a good idea to seek help from any of the following services:
If you feel you are struggling, or may struggle with your loan repayments, we would recommend you always speak with your lender at the earliest opportunity
