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If You Need Money Quickly Don’t Stress – There Are Fast, Secure and Affordable Solutions Available

Updated on August 23, 2013

Something That Could Happen To Almost Anyone

As regards getting the extra funds they need in a timely manner, regrettably, many people don’t always get them. The application process for loans is sometimes very long-winded and even a tiny black mark on your credit reference can delay the process and push up interest rates or, worse still, cause you to be declined for a loan.

However, happily, if you do find yourself with a short term need for a small cash amount of up to £1000, then there are a great many loan providers out there who may be able to help you in such cases.

Their facilities are usually available online, 24/7 and decisions quite often take just a few minutes to obtain.

When You Need Cash In A Hurry, This Is What To Do

Do you need cash in a hurry? Has there been a household disaster such as a burst water-pipe, a smashed window or has the oven or washing machine broken down? Maybe you have just received a final demand letter through the post-box with regards to an unpaid bill or your heating boiler has broken down again leaving you a bit short of cash.

The above examples are typical of the kind of things that can happen while you’re waiting for that much anticipated payment to arrive into your bank account – and it surely seems to be the case that such domestic emergencies and unexpected bills land on the doormat exactly when your carefully planned monthly budget has run out!

In these circumstances, a question often asked is could a short term loan help?

So You Need Funds Quickly, Just What Options Do You Have?

When you need a short term loan; that is, a small to medium sized advance until your next salary arrives, what should you do? When you are right up against your overdraft limit at your bank you may run the risk of your account going overdrawn – and then the ensuing fees for unarranged overdrafts can be extremely high and end up biting heavily into your salary when it finally does arrive in your bank!

Alternatively, you could put the surprise bill onto a credit card, if you have one of course, but the problem with such a course of action is the long term debt that may ensue - you could just end up building up a much larger overdraft balance which could take a long time to repay, and lots of people prefer not to put themselves in temptation’s way by having a credit card.

Finally, of course, there are options such as arranging up loans with a bank – but again, these can end up as being a long-term debt which you may rather avoid. Added to which, the lending criteria for such loans are generally a lot more stringent these days.

So when you do need extra funds on a short term basis, it is probably worth having a look at the option of a short term money advance.

Short Term Loans Are Quick and Easy to Organise and Setup

Short term loans are, in essence, designed to provide simple, quick-fix cash advances to cover any unexpected short term needs until you get paid. If you do need funds, there are many companies that are able to provide you with these loans. The main selling point for most of those organisations is that they are very quick and easy to arrange – many of them simply involving the completion of a brief online form with the decision being made almost instantly. The whole process can, nowadays, be completed online without needing to go anywhere or have anyone visit you.

Usually, once arranged, the loan will be released into your account quickly; more often than not this will be on the same day. It should be noted however that this can vary between lenders with some taking up to 48 hours. By contrast, however, others will transfer cash directly into your bank within an hour of completing the application.

Following this, you would then pay back the loan amount directly from your salary when you get paid. There is usually a single payment fee to incorporate charges and interest together rather than having a long-term interest rate applied to the loan.

So What Is The Likely Cost Of A Short Term Loan And How Can I Be Sure To Get The Best Deal?

Let’s be open, honest and clear about something, this kind of short-term emergency borrowing carries a much higher cost than that of longer term loans. Your short term loan will be sorted out quickly, your credit score will be sympathetically assessed and you will be told well in advance of taking out the loan, exactly what your total costs will be, so long as you make sure that you repay it arranged time.

Whilst it varies from one lender to another, this all means that you are likely to have to repay around £29 per £100 borrowed.

If possible you should try to deal with a loan broker as opposed to dealing directly with a lender. This is because loan brokers can look at your personal individual circumstances and compare the products on offer from a number of different lenders in order to find the one that is best for you and gives the you the most favourable deal in your circumstances. Usually there will be no up-front fees payable when you use a loan broker.

If used properly and if they are repaid on time, short term loans can prove to be an efficient way to cope with most unexpected financial requirements. To summarise, all In all, they mean that when you need funds unexpectedly, you can get hold of them rapidly, securely and without the concerns of a longer-term repayment commitment being involved.

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