Some customers like looking around and making comparisons when they want to take out a short-term loan. GoCompare (https://www.gocompare.com/loans/short-term-loans/),  for example, is a company that also deals in the short-term loans market that offers short-term loans to the public, even if the sector they are dealing with mainly, concerns insurance, motoring and travel. The company started out in 2006 and has since then built a good name for themselves. They also have a section that deals with short-term loans to assist customers that need short-term, fast loans, and it is part of what they do: they assist customers to receive short-term loans. There are many companies that do this, i.e., to lend money to customers that need this service.

BROKERS

There is also a different type of service that deals in money lending, even though they are not lenders, but brokers instead. Lenders are companies that lend to customers, but brokers act as go-between that match a customer with a good lender, one that is just right for their profile and circumstances. In other words, a broker such as, say, https://shorttermloansuk.co.uk/ will introduce their customers to a whole group of lenders that will look at their request and then decide whether or not to grant a short-term loan. More and more customers find that they prefer to deal with brokers, not lenders, since the broker does all the preliminary work to make sure the customer is matched with the best possible lender.

BROKERS DO THE HARD WORK

It makes sense that the broker takes a lot of stress off his customers’ shoulders, since the customer does not have to seek advice or service from every individual money lender, as they, the brokers, have a whole panel of money lenders that can assist the customer. For example, some  companies such as GoCompare do not offer Payday Loans, which is a very important service for customers all over the UK. The Payday – and similar – loans are offered to assist individuals that need quick access to money so that they can settle an immediate debt or take care of a financial commitment. Brokers such as Short Term Loans can assist in this regard.

DIFFERENT TYPES OF LOANS

GoCompare suggests avoiding Payday Loans and to take out other forms of short-term borrowing. Examples that they mention, include Flexible Loans. These are good for some individuals but not for all. Your bank may want you to meet certain minimum criteria before they will consider this type of loan, and the reason specifically for taking out a short-term Payday Loan, is because the bank may not be keen to help. The Payday Loan or other form of loan may indeed be the answer for the person that needs money immediately.

CREDIT CARDS, OVERDRAFTS AND P2P

The same goes for credit cards and overdrafts. Their interest rates are not that low either, and not everyone qualifies to use such a facility. Customers are also advised by a company such as GoCompare to investigate the so-called Peer-To-Peer lending option. While it may have benefits for the customer, there are also some risks involved. P2P lending works on the basis that individuals can borrow money from other individuals or groups. This type of borrowing and lending comes with its own risks since there is less protection because banks and other financial institutions are taken out of the equation. Also, the interest rates are not low. The same applies to Credit Unions that actually ask you to invest certain amounts with them before they will lend you money.

SHORT-TERM LOANS WITH THE HELP OF A GOOD BROKER

A strong case can be made out for the Payday Loan, or the short-term loan, especially if you deal with an experienced service provider such as Short Term Loans UK that acts not as lender, but as a broker. Such brokers offer the customer an amazing choice of lenders that may well consider their application positively.