A crisis arrives without any forewarning, ready to throw off even the most well-crafted life plans. Whether it’s a pet medical emergency or a car that won’t start, crises come in multiple forms, ready to disrupt your finances.
Given the difficult economic scenario, even with savings in the bank, you may find it difficult to tide over such major or minor crises. But with short-term loan providers offering quick access to funds, subject to meeting affordability and eligibility requirements, there’s a much-needed silver lining to the dark clouds for many, especially in times of struggle.
Short-term loans are a stopgap measure to help you lower the stress and pressure of a financial shortfall while you deal with other aspects of the crisis. You don’t have to be a frequent borrower to secure a short-term loan; you just need to know which lenders can make the process simple and straightforward, especially during emergencies.
Here are four short-term loan providers in the UK that offer a financial helping hand and support you, especially during times of crisis.
1. Salad
One of the UK’s leading direct lenders, Salad helps people in need of immediate funds through a quick and simple application process. Upholding their motto “More than your score”, Salad loans are designed for employed individuals who need funds immediately but may struggle to get them from traditional sources due to a poor credit score. Using Open banking assessments over credit scores, Salad ensures that your credit score won’t hold you back from being eligible. Their borrowing process is quite easy to follow, with options to modify your loan amounts and monthly repayments.
You can borrow amounts from £300 to £2000, with easy monthly repayments between 6 to 24 months. Salad clearly outlines their Annual Percentage Rate (APR) of 79.5% for smaller amounts, which reduces to 59.9% for higher amounts. This transparency in their lending rates and flexibility in repayment options helps you get a clear idea of what you can expect.
Salad’s website has an easy loan calculator tool where you can check the total loan charges before applying.
Key Features
● Borrow from £300 to £2000
● Simple loan application process
● Quick response times; payout within two hours after approval
● Flexible repayment options between 6 to 24 months
● Transparent terms, with no hidden charges or surprise fees
● Penalty-free early repayment options
● Uses Open Banking-based assessments
Why Salad Tops This List
Securing funds during a crisis brings in additional stress and worry. Salad understands this and offers a quick, simple and straightforward process. With fast loan processing times and transparent terms, you have one less problem to deal with, especially during emergencies.
Here’s What One of the Many Happy Customers Says on Trustpilot
So easy and simple
Cannot thank the team at Salad enough. My credit rating isn’t the best, but it is improving. I applied this morning, and within an hour, I was accepted and had money in my account. Thanks for believing in me!
2. Mr Lender
Mr Lender is a short-term credit provider that offers responsible lending options to UK borrowers. They offer short-term loans from £200 to £1000 twice a year.
First-time lenders can apply for a loan up to £500 with reasonable exceptions. Once you pay it back, you may be eligible to subsequently borrow up to £1,000.
Mr Lender carries out credit checks and affordability assessments before extending a line of credit to its customers.
Key Features
● First-time borrowing limit is only £500
● Borrow from £200 to £1000 for up to 6 months, only after the first loan is paid off
● Approved loan amount credited within an hour
● Rate of interest of 0.80% per day for every £100 borrowed
3. CreditSpring
CreditSpring is a short-term loan provider that follows a subscription-based model, allowing you to sign up and access up to two loans per year.
Once you apply, they will check your eligibility, including your credit rating. They believe in following responsible lending practices, which is why they also offer a 14-day waiting period for borrowers. If you meet their eligibility criteria and choose to proceed, they’ll disburse the first half of your loan to be repaid in six months. Only after repaying your first loan can you unlock your second loan with a six-month repayment period.
Key Features
● Borrow up to 2 x £1,200 loans, subject to eligibility
● Clear repayment schedules
● APR depends on the loan amount
● Membership fee applicable
● 14-day waiting period
4. Lendable
Lendable relies on technology to simplify its lending process, offering borrowers a paperless approach to securing a short-term loan.
Banking on the simplicity and speed of their platform, it offers loans at fair and transparent rates, with access to manage your loan online. They market as offering a loan “every 30 seconds” without any hidden fees, making them a popular choice among UK borrowers for quick finance options.
Key Features
● Minimum borrowing amount £1,000
● Repayment periods from 1 to 5 years
● Leverages technology for straightforward borrowing
● Connect to customer service via live chat/email/phone, or text on all 7 days/week
● Classify customers under “credit bands” from “Limited to Great”
In Summary
Short-term loans can be the much-needed interim arrangement you need in times of crisis. Fortunately, these four reliable and regulated short-term lenders offer you the financial support you need when the situation is dire.
As always, it’s recommended to do your own due diligence before applying for any loan.