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Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97% Representative APR: 79.5% (variable).
£100 Short Term Loan
A £100 short term loan is often considered when you have a minor emergency or an unexpected cost, which has left you short of money until the end of the money. A quick £100 loan short term from an online direct lender can help you when faced with a tricky financial situation.
When it comes to this type of loan, you can apply via the internet within minutes without having collateral and receive a decision within minutes. If you are approved, you can sometimes have the money in your account that day or the next day, depending on what time you make the application. This type of loan is often also offered to those with bad credit, as the online lender looks at your eligibility and affordability, not only at your credit report.
Can You Get a £100 Short Term Loan The Same Day?
It’s understandable that emergencies happen. We have all experienced those unexpected costs from time to time and maybe you don’t have the money in your bank to see you through to your next pay day. Approaching your bank can result in you waiting days for approval, along with mountains of paperwork, which is why approaching an online direct lender can be the right choice, giving you the cash quickly when you need it the most.
Online direct lenders offering £100 short term loans offer a quick online application process with fast decisions and speedy payouts, often the same day. In some cases you may be paid the next day, directly into your bank account, based on the time of application and approval.
Are £100 Short Term Loans Offered to Those with Bad Credit?
One of the biggest questions you may have is whether you will be approved for a £100 short term loan if you don’t have the best credit history. You may be hesitant in applying if you have a bad credit rating, worried you will not be approved. Maybe you have already been turned down by your bank for having bad credit in the past.
Using an online direct lender for a £100 short term loan may be the answer you are looking for. These are responsible lenders that carry out affordability and credit checks, ensuring you can repay the loan as agreed. Though your income, expenses and whether you are employed or not, are all taken into consideration. This means having a poor credit rating doesn’t rule you out of being approved for a small short term loan.
What You Can Use Your £100 Short Term Loan For
A £100 short term loan is a quick loan for a small amount. These are designed for emergencies, covering urgent costs that you cannot wait for, such as car repairs, boiler repairs or helping you get to the end of the month when you find yourself short on cash.
You can use this short term loan for car repairs and services, or to pay for your MOT or car license. You can also use it to replace or repair applications in the home, computers or boilers. Maybe your pet took ill and you have been faced with a surprise vet bill. In some cases, maybe you have paid for the unexpected expense, which has left you short on cash to get to the end of the month.
Can I Only Apply For a £100 Short Term Loan?
The £100 short term loan option may not be quite enough for what you need, most online direct lenders can offer loans from £100 to £1,500, based on certain requirements. This is a great way to cover those larger costs and get the money you need for a short period of time, with fast application and approval and quick pay outs.
The repayment term is usually determined based on how much you want to borrow. Ideally the term should enable you to spread the cost over a few months, in regular monthly instalments.
Options for £100 Short Term Loans
When you need to borrow £100 quickly, you want to find a loan that meets your needs and fast. This is usually a pay day loan or a short term loan. Both provide emergency funding with some key differences.
Payday loans require a faster repayment and you usually pay the loan amount plus interest on your next pay day. They come with high interest rates and strict penalties if you cannot afford to make the repayment as agreed, which can cause a vicious financial cycle, leading you in financial trouble in the long run.
£100 short term loans are more manageable. They are set over a few months and at an agreed monthly amount, so you can budget for them. They also offer lower monthly instalments, making them easier to manage. They are fast, easy to apply for, offer fast approval times and provide fast funding when you need it in a hurry.
You can apply online with online direct lenders for a £100 short term loan, as long as you meet their eligibility criteria. This is usually being over the age of eighteen and being a UK resident. You need to be employed, either part or full time and some lenders will take your monthly salary into consideration. You also need to have a bank account and debit card in order to be approved for a short term loan.
Once your eligibility has been confirmed, the online lender will take a closer look at your credit score, income and your ability to afford the repayments. Remember you don’t need the perfect credit score to be approved for a short term loan of this nature.
Benefits of a £100 Short Term Loan
There are many reasons why you may benefit from a short term loan. The main benefits is that you receive fast payouts, your credit history may not impact your approval and even though the interest is high, the repayment term is quick having less time to accrue interest.
Probably the main reason you are looking into a £100 short term loan is that you need money and you need it fast. Short term loan applications can be approved within minutes to hours, making them helpful in emergency situations. The approval process is not lengthy for this type of loan, as you would experience if you were applying for a personal loan from your local bank.
The majority of these short term loan applications are done online, sometimes with some confirmations done via the telephone and in some cases, you can even receive the funds in your account the same day. The money is paid directly into your account, which is a major advantage, providing you with instant access.
Approval with Bad Credit
When it comes to a £100 short term loan, lenders do not pay such close attention to your credit history when considering you for approval. They are more worried about you having a steady income and being employed, even if you are only employed part time. They also want to ensure you have a bank account and no outstanding loans.
This means your credit history doesn’t have to hold you back when you need a short term emergency loan. You can get the cash quickly to cover those unexpected expenses. When paid back on time and as agreed, they can help improve your credit rating.
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