Many people get confused when discussing short term loans. In a way, their definition is not important. What is important are the terms of any loan, and that the loan suits the borrower’s needs. Short term loans however, tend to refer to loans under a year. A well-used type of loan in the UK in recent years has been payday loans. Payday loans have attracted a lot of attention in the media. Payday loans are certainly one variety of short term loans, and refer to loans repayable within a month or so. Their interest rates tend to be much higher because of the short repayment period.
A potential borrower must decide what repayment period is best for them. The longer the repayment period, then generally the lower the interest rate, or APR, will be. However, with a longer loan term, you might still end up paying more in total over the period of the loan. Do your research and decide what is best for your unique circumstances.
Short term loans is a general term, and there are many sub-divisions. Moolr offer brokering services for general loans, but there are specialist types of loans available out there too. You can get specific wedding loans, logbook loans, guarantor loans and more. We offer a range of advice on this site to sort out all the confusion that reigns in a crowded market!
Use our service to find the best rate available to you from our lending panel – it couldn’t be simpler or quicker.
Complete our application form in as little as 60 seconds and hit the submit button – it’s free and won’t impact your credit score. It also comes with no obligations to proceed.
Our smart technology on our cutting-edge website presents your details to our lending partners to enquire if they have any personal loan offers. This is based on the information you have supplied in the application form.
Our personalised service is a speedy way to get personalised instant loan offers from online lending partners. What’s more, many of our lending partners on our panel can send funds on the day of the application.
The team here at Moolr work hard to ensure that all of customers constantly receive a responsible and transparent service during their time with us.
We would like to highlight that we do not charge any fees for our service (hidden or otherwise). We also advise that we do not endorse the use of our website by individuals who are experiencing financial difficulty, nor would we suggest that a potential borrower take out a loan that is unsuitable for their needs. To use an example, we wouldn’t advise anyone to take out a payday loan if they would like to borrow a sum of money to be repaid over a course of 12 months or longer.
Entering into a short term loan agreement would be unsuitable to support sustained borrowing over long periods of time. It would be expensive as a means of longer-term borrowing. If you are experiencing financial difficulty, then taking on further debt is unlikely to be the best option.The exception is if debt consolidation saves you money on a monthly basis. Moolr are passionate about following all necessary regulatory practices and legal guidelines in order to be compliant. Such information is available to each of our customers via the homepage of the website (please see our Terms and Conditions and Privacy Policy).
We ask that anyone wishing to apply for credit via our website considers the re-payment cost and ensures that they will be able to meet this re-payment cost in full and on time, so that they may avoid any added fees or penalties.