Short Term Loans

Short term loans allow you to borrow a smaller amount of money for a short period of time. This is to be paid back, with interest, usually in monthly repayments. They’re a great choice when it comes to needing to pay for unexpected costs or emergency expenses. 

We consider short term loan applications from everyone, no matter your credit score. We take into account various factors before making our decision and will always strive to help you with your circumstances.

Short-term loans and traditional loans have some differences:

• Loan Duration

  Short-term loans are repaid quickly, usually a few months to a year. Traditional loans take longer to pay off, often several years.

• Loan Amount

  Short-term loans offer smaller amounts, ideal to pay off an unexpected bill. Traditional loans can be larger for things like buying a house or car.

• Eligibility Criteria

  Short-term loans are easier to get if you have lower credit or limited credit history. Traditional loans need a higher credit score and more documents.

• Application and Approval

  Short-term loans have a quicker process with money sent fast, usually the same day if approved before 3.30pm. Traditional loans take longer, with more paperwork and waiting for approval.

• Interest Rates

  Short-term loans usually have higher interest rates because they are paid back faster and have more risk for lenders. Traditional loans often have lower rates, especially if they are secured with collateral.

Remember to think about your needs and situation before choosing between short-term loans and traditional loans. Consider how quickly you require the loan, what you need the loan for, the amount you require and think about a realistic time frame in which you can repay the loan.

Short term loans are a good choice if you require money, fast due to unforeseen circumstances or an emergency. They’re also a good option if you have bad credit as lenders, may focus on your current circumstances, more than your financial past and credit rating. 

With our quick and easy application process and same day payment options, if accepted, you’ll receive the funds you need in no time at all.

While many customers hope to find short-term loans without credit checks, it’s rare. As a short-term lender authorised by the Financial Conduct Authority (FCA), we ensure that our loans won’t cause financial problems for our customers.

We conduct a credit check using information from one of the UK’s three leading credit reference agencies to meet this requirement. This check gives us real-time information about any outstanding loans or defaults.

We also perform affordability checks to determine if the loan amount is manageable based on your monthly income and expenses. Your ability to afford the repayments is just as important as your credit history. After all, your credit score only sometimes reflects how well you handle your finances. 

We wouldn’t want to provide you with a loan that you can’t afford to pay back, further harming your credit score and overall financial situation. If you can comfortably repay the loan you’re applying for, we’ll often approve your loan application with no issues. 

For any further questions about the checks, we carry out, you can contact us here.

When you apply with The One Stop Money Shop, you have control over your finances. You get to choose the amount you want to borrow, how long you want to borrow it, and even the date you want your monthly payments to be collected. Usually, this date aligns with your payday.

Our application is quick and easy, taking just a few minutes to complete. After you submit it, you’ll receive an instant decision, letting you know whether you’ve been provisionally approved.

Once we complete additional checks, we can fund your quick loan directly to your bank account in one lump sum. And because we’re a direct lender, there’s no need to worry about involving a middleman.

Short-term loans help you with unexpected expenses such as an emergency dental bill or car repairs. These loans provide financial assistance for necessary costs when you don’t have enough saved money and are often required quickly, due to the often unexpected nature of the reason for needing the loan. That’s why applying for a loan with a direct lender is beneficial in this instance. 

The One Stop Money Shop is a short-term loan direct lender, meaning no brokers or go-betweens are involved in the application process. So, if your application is approved, we will directly deposit the funds into your bank account, often on the same day. Rest assured that we keep all your information secure in our protected servers too and never share your details without your permission.