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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).
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Short Term Loan Direct Lender UK
We are not a short term loan direct lender – we work with 30+ FCA-approved direct lenders. We can help you find a loan and our services are 100% free. You will not be charged for using Short Term Loans UK.
Having to borrow money is a reality for thousands of businesses and individuals throughout the UK every day. The economy is, at times, uncertain, and money is therefore not always available to meet one’s financial obligations. For most the answer is to borrow money, and fortunately there are many avenues.
You can ask a friend or family member or approach your bank or another institution to assist you. Not all of these will be the best option. Therefore people approach companies that offer their services as direct lenders for short-term loans in the UK. These direct lenders for loans are often the fastest and most effective services to assist clients that need quick access to cash. These loans are extended to customers over the short term, normally not longer than 36 months.
DEFINE SHORT TERM LOANS DIRECT LENDER
What is a direct lender of short-term loans in the UK? The short-term loans direct lender is a service or company that lends money directly to customers. In other words, they have money immediately available, or they have the backing of another source.
It is important to know that the reputable ones will always operate within the requirements and regulations of the Financial Conduct Authority in the UK when they act as short-term loans direct lenders. They must act in a responsible way and clearly show the interest rate at which they lend, as well as the repayment period that applies for the customer that makes use of their services as direct lenders of short-term loans.
FINDING A SHORT-TERM LOAN FROM A DIRECT LENDER IN THE UK
It is embarrassing and difficult to find yourself in financial difficulty, especially if there are options to offer you assistance and peace of mind. A short-term loan from a direct lender is often the solution to help customers get over the worst hurdles.
More and more people in the UK and elsewhere are turning to direct lenders and brokers for a short-term UK loan.
These loans are often a quick answer to solve immediate financial problems, with no negative effects in the long term. If the customer that applies for a short-term UK loan from a direct lender or broker honours the stipulations of their agreement, there is no reason that they would be viewed negatively for future loans and access to credit. This is true, too, for the client with bad credit ratings.
ARE DIRECT LENDERS OF SHORT-TERM LOANS GOVERNED BY REGULATIONS?
Yes, all reputable direct lenders of short-term loans in the UK are regulated and their processes controlled by the Financial Conduct Authority. If the lender cannot prove that they are regulated by the FCA, avoid them.
WHAT IS THE REPAYMENT STRUCTURE ON SHORT-TERM LOANS FROM DIRECT LENDERS?
This will depend on the terms and conditions of the contract between the customer and the direct lender of the short-term loan. The amount borrowed, and the repayment period (normally not longer than 36 months) will determine the repayment amount and the dates on which these amounts must be paid.
ARE THESE SHORT-TERM LOANS FROM DIRECT LENDERS AVAILABLE ONLINE?
Yes, these days most business is done online: it is fast and cuts out a lot of administration and the need to wait for calls to be returned.
A good service has their online tools in place, and answers are often given within a matter of hours and even minutes. This speeds up the process for the customer that wants access to the money they want to borrow from the direct lender.
HOW LONG DOES IT TAKE FOR THE LOAN FROM THE DIRECT LENDER TO BE AVAILABLE?
This depends on a few issues. The lender may have to consider the profile of the customer first, and no two customers have the same needs. Therefore the lender may give a quick answer where one customer’s application is concerned, and longer in other instances. In many cases money can be transferred into the customer’s account on the same day.
BROKERS AND LENDERS FOR SHORT TERM LOANS – WHAT IS THE DIFFERENCE?
Direct lenders of the short-term loans must not be confused with short-term loans brokers. Short Term Loans UK is a broker and not a lender of the short-terms loan in the UK. This means that even though they share certain qualities and characteristics with short-term loans direct lenders, there are differences. The lender lends money whereas the broker acts as introducer, or intermediary, or a service that finds the customer a lender.
BROKER ACTS AS GO-BETWEEN
The broker acts as go-between to match the customer with the lender. Once the broker has made a successful introduction, the lender and customer enter into the agreement of lending (the lender) and borrowing (the customer). It is noteworthy to mention that the broker has access to the services and profiles of many direct lenders of short-term loans in the UK. The broker matches the customer with the best direct lender for short-term UK loans.
SHORT-TERM LOANS IN THE UK – DIRECT LENDERS VS BROKERS:
Both the broker and the lender of short-term loans offer advantages and disadvantages, or pros and cons.
THE DIRECT LENDER
- Customers that personally know or have had dealings with a specific direct lender of short-term loans, may have an advantage over other customers or the broker looking for a lender on their behalf.
- Direct lender customers will not pay additional broker fees, and they may be able to negotiate a better deal and interest rate.
- The customer may not be offered the best terms, such as the lowest, or most suitable interest rate, even though all reputable direct lenders of short-term loans are regulated by the FCA.
- Customers do not always have a way of knowing whether or not they are offered a good deal since there are often no comparisons.
- The main, and most important, advantage of using the services of the broker instead of the direct lender for short-term UK loans is the fact that the customer’s application is presented to several lenders, not only one. This way the best deal can be negotiated.
- The broker will make sure that the customer’s application is presented even if he/she/they have bad credit to their name – their application is not immediately turned down, as may happen with a direct lender.
- The broker saves the customer time by comparing different lenders on the customer’s behalf.
- The broker may be able to negotiate a better rate for the customer when they talk to different direct lenders of short-term loans.
- Some brokers may charge an additional fee for their work, but the reputable ones do not. They receive their commission for their work from the lenders they introduce the customer to.
- More paperwork may be needed, but a good broker takes care of that.
IS THE SHORT-TERM LOAN FROM A DIRECT LENDER THE BEST OPTION?
This will very much depend on a few factors, such as what other avenues may be available to the individual or business. Those that do follow the short-term loans route from direct lenders in the UK are offered a service that is quick and easy, with money available almost immediately in most cases.
List of Short Term Loan Lenders
- Short Term Loans UK – We can help you find the loan that you need as we work with a large panel of FCA-approved direct lenders.
- 118118 Money – A company offering credit cards as an alternative to short-term loans.
- CASHASAP – Are a direct lender who can help you find the loan that you need.
- CashLady – One of the biggest brokers in the industry also can help you find a lender for free.
- Drafty – One of the biggest lenders in the UK now after the collapse of Wonga and Quickquid
- Fast Loans UK – Another lender who can help you find a loan quickly.
- Go Compare – Probably the biggest company of the list, they can help you find a lender as they are a broker not a direct lender.
- Money Boat – Another direct lender who can offer you a loan from £200 to £1,500.
- Quidmarket Loans – A very trustworthy lender who you can apply to get a loan short term for,
- Swift Money – Offer £100 to £3,500 loans with an instant decision.
FAQs on short term loans direct lenders?
No we are not a direct lender, however, we work with around 30+ FCA approved direct lenders.
It is down to preference, we work with direct lenders and don’t charge any fees. So we will match you with a direct lender free of charge. Working with a broker will increase your chances of getting a direct lender loan.
For more information on credit brokers please read this.
This comes back to when the payday loan industry wasn’t regulated and brokers used to charge a fee. In some cases, brokers would charge a fee and were still unable to find the customer a loan. Obviously, this didn’t go down well and when the FCA stepped in to regulate the industry a lot of broker fees were gone.
Short Term Loans UK does not charge any fees so it was 100% free to use.