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Short Term Loans in the UK – check out our alternative

Searching for a short term loan with easy repayment? SafetyNet Credit offers smart online alternatives to short term lenders in the UK.

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Representative Example:

0.8% per day
for up to 40 days (292% per annum, variable)
68.7% APR (variable)
For free independent money advice, see moneyadviceservice.org.uk
SafetyNet Credit offers a permanent revolving line of credit with no minimum or maximum repayment terms. Representative 68.7% APR.

What is a short term loan?

To put it simply, short term loans are loans which are expected to be paid off in relatively short periods of time. What counts as ‘short term’ is of course fairly variable and can differ quite a bit between different lenders. Generally though, it is understood that a short term loan agreement will involve paying off the amount owed within around six months after first taking out the loan.

How are short term loans different from other types of loan?

It is essential to have an understanding of the different loan types available before deciding to take out any kind of financial commitment so you can make the most informed choice as to which loan is right for you. It is particularly important to learn about the different lengths of loan available, because this is one factor which can have a big impact on several other significant aspects of a loan.

Short term loans have shorter repayment periods relative to things like personal loans or mortgages, which typically have repayment periods of years or even decades. However, short term loans may, despite the name, have longer repayment periods than other common kinds of short term credit, like many so-called payday loans. This is because, while a payday loan is often (though not always) designed to be repaid in only a single or very small number of instalments, a short term loan generally refers to an arrangement where repayments will be spread over a higher number of instalments.

Another difference between short term and longer term loans is that the former will almost always involve a smaller amount of credit being offered. Similar to payday loans, short term loans will generally fall within a credit range of a few hundred pounds, while longer term loans almost always involve larger amounts running into thousands of pounds.

One other thing to consider is the application process and assessment criteria involved with various loan types. Because longer term loans will involve much larger amounts of money and can constitute a lengthier, more ongoing relationship between the lender and borrower, the application procedures will be more lengthy and detailed. There will also likely be less room on the lenders part to consider those with a less than perfect credit rating. These factors tend to make longer term loans often inappropriate for those in need of money in a short space of time, who only require smaller amounts, or those who may have past issues with their credit history. This is where a shorter term loan could be the best choice.

When should I use a short term loan?

If you are concerned about your credit rating, need money fast, or only require a small amount of credit, then a short term loan may be the best option for you.

There should always be a real need for taking out a loan, however. Critical house repairs would be one good example. Perhaps a hole has appeared in your roof and needs fixing as soon as possible to prevent further serious problems developing. It could be that you simply don’t have the necessary funds available right away, and paying for the repairs would push you into an unauthorised overdraft, leading to expensive charges from your bank and potentially ongoing financial trouble. If you have no other options available, such as borrowing money from a family member, then this may be a good situation in which to consider a short term loan.

Why is SafetyNet Credit such a good alternative to short term loans?

There are many reasons why SafetyNet Credit’s innovative UK credit facility makes such a good alternative to short term loans. One of our biggest benefits is flexibility, both in terms of how you use your credit and how you repay it.

As part of our simple, online application process we will make an affordability assessment, and, if successful, you will be granted an initial credit limit determined by this. This limit can then be used in one of two ways. The first is as a smart safety net linked to your bank account, a feature you won’t find anywhere else. You will have the option to set a balance level at which a portion of your credit will automatically transfer into your account, designed to prevent you from unintentionally entering into any unplanned borrowing and incurring fees or charges from your bank. The second way you can use this credit is in a similar way to a more traditional loan, making a transfer any time you need it.

We are also completely transparent about our costs. Any credit you do use will only cost 0.8% per day. There are no extra fees on top of this, and it does not cost anything to connect your account with us, regardless of whether or not you ever need to make use of SafetyNet Credit’s unique services. Even better, the daily interest rate only applies for 40 days. This means that the most you would pay on £100 borrowed is £32 in interest.

For those looking for a short term loan with easy repayments, SafetyNet Credit’s alternative to short term loans excels. Using the same cutting-edge technology behind our unique safety net feature, we have been able to develop one of the most flexible repayment systems available, allowing you to pay back your loan both automatically and manually. The automatic repayments work by monitoring your bank balance, and only taking an instalment after we see you have been paid and can afford it. We will also always leave you with a buffer of £30 above your account’s trigger level to ensure there are never any accidental credit transfers resulting from a repayment. In addition to these automatic repayments, you also have the option to make manual repayments at any time. This allows you to save money on your loan by paying off the balance even sooner than planned, whenever you are able to.

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