Need some cash for just a short while? Enjoy plenty of flexibility with short term loans from Personal Loans Now! Apply now for £500 up to £25,000* with loan terms starting from just one month up to 10 years plus, even with bad credit. Instant decision and same day funding from the FCA-authorised lenders on panel, to solve your short term money crisis!

Short term loans - Personal Loans Now

Find answers to all your questions about short term loans.

Short term loans

If you need some money fast, a short term loan could be your solution. Short term cash loans are designed to help you over a temporary monetary shortfall or financial emergency, enabling you to receive the money quickly when you need it. Short term loans are usually repaid over a relatively short time period, ranging from a few weeks up to a full year.

What is a Short Term Loan?

The key feature of a short-term loan is the length of the repayment period. Short term loans are usually repaid within a year, often in instalments but sometimes in one lump sum. They tend to be for smaller amounts, usually up to around £1,000 loans, although some lenders may offer more.

Short term loan definition: A loan taken out over a relatively short time period, usually between a few weeks and one year.

Short term loans - Personal Loans Now

Short term money loans are intended for use in financial emergencies, for example:

  • A household appliance needs repairing or replacing
  • Your car broke down
  • You are going into unauthorised overdraft or will miss another bill that would result in heavy fines and charges
  • There is an urgent medical expense that needs to be covered
  • Other unexpected expenses

Do you need more money, or over a longer time period? At Personal Loans Now, you can apply for a loan of up to £25,000 and you can select a repayment period of up to 10 years plus!

How do short term loans work?

Watch the following video for a detailed explanation of what a short-term loan is, how they work, and how to select the short term loan that is right for you.

What do I do to apply for a short term loan?

We’ve designed our application process with simplicity and speed in mind. You apply fully online, with no paperwork or phone calls necessary. The application form should take about 2 minutes to complete, and you will receive an instant online decision within 90 seconds.

What Are the Lending Criteria for Short-Term Loans from Personal Loans Now?

Because we are not a direct lender, we are free to help a much wider range of people. To apply for a short term loan with Personal Loans Now, you do have to be at least 18 years of age and a UK resident.

However, unlike many short term lenders in the UK, we can help you if you are looking for:

  • Short term loans for unemployed
  • Short term loans for self-employed in the UK
  • Non-homeowner short term loans
  • Short term loans for students
  • Both Short term loans no guarantor and short term guarantor loans
  • Short term loans for bad credit

Apply now – it will only take 2 minutes – and receive an instant online decision for a short term personal loan within 90 seconds.

Short term loans - Personal Loans Now

How much can I borrow short term?

Short term loans tend to be for smaller amounts than long term loans. If you go for short term payday loans, you may find lenders willing to offer as little as £50. At Personal Loans Now, we offer short term loans starting from £500 and going up to £25,000*. Borrowing a large amount of money over a short period of time will mean that you have very large monthly repayments, so make sure you will be able to meet them before signing on to your loan.

Short term loan costs

APR definition: APR stands for Annual Percentage Rate, which is the interest you would pay if you had the loan out for exactly one year. It is always calculated the same way and is considered a standard measurement. Every lender will display a representative APR on their website, which you can use to compare your options and find the best short term loan deal in the UK.

Short term loans’ fees and charges

It’s important to look out for any fees and charges that may apply to your short term money loan to get a real idea of how much it will cost you. For example, is there an application fee? Will you have to pay more if you want to repay your loan early? What about if you default? Make sure you’ve accounted for all of these factors when deciding whether you can afford the loan.

Need a short term loan? Other lenders not interested?

Apply now at Personal Loans Now for a short term loan with instant decision and high approval rate


Unlike some brokers, at Personal Loans Now we will never charge you for applying with us. We only offer short term loans with no fees. We’re here to help you get the money you need, and we do not charge you a penny for our service.

Short term loan repayments

Most short term loans are repaid in instalments. These tend to be monthly, for example, on your payday each month. However, depending on the lender and loan term, they could be weekly or bi-weekly. However, not all loans are short term instalment loans. Some lenders will offer you the option of repaying the entire amount in one lump sum at the end of your loan term.

Worried you’ll forget about a repayment? Almost all of our loans will come with an automatic repayment system, where you will receive a reminder before each due date. On the day, the money is taken automatically from your bank account, to save you the bother of arranging it yourself each time. Remember, you can cancel this at any time throughout your loan by contacting your bank, although you will still have to repay the loan.

Short term loans - Personal Loans Now

If you know that you will miss a repayment, it is vital to contact your lender before the payment is missed. In most cases, this can help you avoid any missed payment charges, and allow you to rearrange your repayment plan without negatively affecting your credit score. Do not just avoid your lender and ignore their attempts to contact you as this can escalate into a County Court Judgement (CCJ) which will remain on your credit report for the next six years.

How long is a short-term loan?

Just as with long term loans, there is no real answer. Some people will want a 2-week short term loan, or a two-month loan, but anything up to 12 months can still be considered short term.

Have you heard of short term payday loans? You may find the term confusing – is it a payday loan or a short term loan? To clear this up for you, here is a table explaining the different types of short term cash loans you may see advertised:

Type of Short Term Loan

Search Terms Explanation
Short term payday loans Short term payday loans for bad credit A payday loan is traditionally lent over a month, until the borrower’s payday. Nowadays, there are short term payday loans online which offer an additional month or two, essentially combining the two loan types.
Best short term payday loans
Short term payday loans no credit check
Short term personal loans Low interest short term personal loans A personal loan is lent to an individual ‘person’ as opposed to a business or organisation. Personal loans can have a short loan term, or it can up to many years or even decades long. A short term personal loan will be maximum one year long.
Short term personal loans for bad credit
Small short term personal loans
Short term instalment loans Short term instalment loans online direct lenders The term ‘instalment loan’ means that it is repaid in instalments as opposed to a lump sum at the end. These can last many years, but a short term instalment loan is unlikely to be longer than a 12-month loan.
Short term instalment loan lenders
Bad credit short term instalment loans online

There is one important point to note before selecting the length of your loan: the longer the loan term, the more money you will pay in interest. This is a general rule but is almost always true, so don’t increase the loan term unnecessarily as this will make the loan more expensive.

Considering a Short Term Loan?

As with any financial product, it is imperative to consider all your options carefully before proceeding. Small short term loans are a useful product to cover a temporary cash shortfall, if you need the money fast and know that you will be able to meet the short loan repayments. However, these loans are not for everyone.

Here are some pros and cons of short term loans:

Pros of Short Term Loans

  • Fast decision – unlike a mortgage or other long term loans, a short term loan decision is very quick
  • Same day payout – many short term lenders will send you the money on the day of approval
  • Shorter loan term – you don’t have the loan hanging over your head for years
  • Manageable – the monthly instalments make the repayments easier to budget for
  • Unsecured – you generally do not need to put down an asset such as your house or car as collateral, so there is less risk if you do not repay

Cons of Short Term Loans

  • More expensive – interest rates do tend to be higher for short term loans than other types of loans
  • Lower amounts – there are limits to how much money you can borrow short term, usually up to £1,000 although some lenders will offer slightly more.
  • Extra fees – they may be additional fees applied for a variety of reasons.
  • Credit rating – failing to repay on time will have a negative impact on your credit score. Additionally, some lenders may be reluctant to lend to someone who has used short term loans.

You should only apply for a short term loan if you are confident that you can meet the repayments on time. Be aware that late repayments will add extra costs, and may have an effect on your credit rating.

Use short term loans responsibly! They are not a long term financial solution, and should never be used to manage or repay existing debt. (Find out more about debt consolidation loans if this is what you need.)

Not sure if a short term loan is for you?

Are there any short term loan alternatives?

A short term loan should always be your last resort. Try to obtain the money from cheaper sources, such as friends, family, or maybe a credit union loan or 0% credit card. If you can avoid borrowing altogether (is the expense completely necessary? Can it wait until you have enough money?), then this is always the better solution.

If your problem is that you need more money, or a longer time period than most short term lenders offer, you may want to consider long term loans instead. At Personal Loans Now, you can apply for up to £25,000* with a loan term of up to 10 years plus.

Still not sure what you’re looking for? Here are some answers that may help.

FAQs about Short Term Loans

Can you get short term loans from direct lenders in the UK?

There are many short term loan lenders in the UK, but there are also many brokers. Short term loans in the UK from direct lenders are often faster and more straightforward, as you are dealing directly with the lender. Another reason why people look for short term loans for bad credit with no brokers is to avoid any broker fees that may be applicable. At Personal Loans Now, you get the best of both worlds: your application will be seen by the most relevant direct lenders, and you will receive an instant loan decision within 90 seconds. And we’ll never charge you a penny for our service.

Do short term loans online exist in the UK?

Absolutely! You can get short term loans online with no paperwork or meetings necessary. In fact, there isn’t really an in-store product that can compare to quick short term loans online. Where else can you get a loan in just a few minutes? Additionally, it’s easier to find short term loans online for bad credit. If you know how to look, the best short term loans are online, there for you to find. Skip the queues and get your short-term online loan with same day payout to solve your short term financial problems.

How fast are quick short term loans?

You may have seen instant short term loans being advertised and wondered if this was true. You can get very quick short term loans online, but even the ‘instant’ short term loans in the UK will take some time over the loan decision. At Personal Loans Now, your fast short term loan decision will take approximately 90 seconds. You can get fast short term loans for bad credit, but again, even short term loans with quick approval will generally take at least a full minute. Same day short term loans promise to fund your loan on the day you were approved, offering short term loans with instant cash.

Can I get short term loans for bad credit with no guarantor?

Yes, you can. It may be easier to be approved for short term guarantor loans with a low APR if you have bad credit, but there are many short term loans with no guarantor that you may still be eligible for. If you look out for a short term loans for bad credit with no guarantor direct lender, you will probably have a higher chance of approval as they specialise in these loans. You can get find short term no guarantor loans from FCA-authorised lenders, but be aware all lenders must carry out a credit check. Stay away from offers of short term loans with no credit check and no guarantor, no matter how tempting they may be.

Looking to borrow money for your business? A personal short term loan alternative could be short term business loans. These are designed for businesses and offer special short term business loan rates to help the business get through temporary rough patches. You can get short term unsecured business loans which means that should your business fail and you can’t repay; you won’t lose any assets towards this loan. Short term small business loans are available in the UK, even to business with bad credit. If you are looking to borrow money for your business, you should look into the different types of short term loans for businesses, rather than short term personal loans.

Best Short Term Loans

It’s always worth your while to compare short term loans to find the best short term loans in the UK for your needs.

When you’re searching for cheap short term loans, don’t just look for low interest short term loans, or short term loans with a low APR, as these may come with extra fees for applying, same day funding, or broker services. Make sure to check for any extra costs before deciding where to get a short term loan.

Short term loans - Personal Loans Now

How can I get a short term loan that’s right for me?

This is where the comparisons come in. Don’t just opt for a lender you’ve heard of. For example, rather than searching for ‘Wonga short term loans’, which will limit your search to one lender only, look for ‘short term loans like Wonga’ to find other, possibly cheaper, alternatives. In fact, the best short term loans online are often not immediately obvious.

Look into the features each lender offers before selecting their low interest short term personal loans. How much are they offering to lend? How long for? Can you repay early? What if you repay late? Are there any extra charges?

Once you’ve found low rate short term loans that cater to your needs, it’s worth checking that the lender is authorised by the FCA. Avoid illegal loan sharks at all costs, and stick to trusted, responsible lenders.

To help you find the right short term loan for you, here is a mini guide to some of the common search terms people use when looking for short term loans

Search Terms


Short term loans easy repayment

Short term loans - Personal Loans Now

When you need money fast, you don’t want to have to jump through hoops to get it. Easy short term loans are just what they say on the box: easy to obtain, and easy to repay.

Easy short term loans no credit check

Short term loans easy approval

Short term loans for unemployed students

Short term loans - Personal Loans Now

If you’re out of a job, you may be desperate for some more cash. However, short term loans for unemployed people can be very difficult to find. Apply now at PersonalLoanNow!

Short term loans for unemployed with bad credit

Short term loans for unemployed UK

Short-term loans bad credit UK

Short term loans - Personal Loans Now

All short term loans in the UK from FCA-authorised lenders are safe. If you are unhappy with how a short term loan company in the UK has behaved, you have got legal protection.

Short term loans UK direct lender

Short term loans for students UK

Is Personal Loans Now a Responsible Short-Term Loan Company?

Here at Personal Loans Now, we take our work very seriously. You choose to entrust us with your loan application. In return, we have the highest level of website security to keep your information safe and confidential. Your application will only be forwarded to the lenders most likely to approve it. This enables us to present the cheapest short term loan offer that you could be approved for. We only work with responsible, trusted direct lenders who are all authorised by the FCA.

Apply for a safe and affordable short term loan online with Personal Loans Now, today.

Can I Get Short Term Loans for Bad Credit?

It’s not so hard to end up with a bad credit score. We’re all human, and missing a bill or repayment here and there sometimes happens in our hectic lives. But does this mean that you can no longer access small short term loans?

Not at all! There are many short term loans for bad credit offered by direct lenders, many of whom specialise in lending short term loans for poor credit. They still perform a credit check. However, they attribute more importance to whether you can afford the loan now than how well you kept up with your bills three years ago. This lending model enables them to offer better rates yet still offer short term loans for bad credit with no guarantor or security required.

Short term loans - Personal Loans Now

Should I apply for short term loans with no credit check?

While short term loans for bad credit in the UK are available, they may be harder to find than short term loans for good credit. However, even if you are after short term loans for very bad credit, do not be tempted by any offers for short term loans with no credit check. The FCA regulations require every lender to perform a credit check before approving a loan, so short term cash loans with no credit check in the UK are illegal.

It is therefore advisable to stay away from offers of short term loans with no credit check from direct lenders.

Looking for short term payday loans for bad credit? At Personal Loans Now, we have a wide range of lenders on panel, some of whom specialise in lending to people with bad credit. Apply today for the best loans for bad credit with same day funding, if approved.

Short Term Loans and My Credit Rating

Are short term loans good for your credit rating? Can other lenders tell that I’ve applied? This handy infographic has all the answers to everything you need to know about how short term loans affect your credit rating. We’ve also included some tips on how to build your credit score.

Short term loans - Personal Loans Now

Short Term Loans from Personal Loans Now

Needing a small short term loan does not have to mean a trip to the bank. With Personal Loans Now, the application is completed fully online. You can apply from anywhere as long as you have an internet connection, and there is no need to scan in any documents or paperwork. The application form is quick and straightforward, and shouldn’t take much more than 2 minutes.

One of the advantages of applying with Personal Loans Now over another online short term lender is the flexibility our loans offer. Because we also offer much larger and longer-term loans, you can apply for more money with lower monthly repayments than most short term loan companies are prepared to offer.

Do you need a flexible short term loan?

Apply now for the perfect short term loan for your needs


Once you apply, your application is reviewed by top technological systems and compared to the lending criteria of over 50 UK online direct lenders in Monevo’s database, to select those most likely to approve your loan. Your application is then submitted to them, and if you are approved, you will be presented with the cheapest loan you were offered. You will then review the terms and decide whether or not to accept the offer.

At no point will we charge you for our service. This is true even if you do receive a loan offer but then decline it – you will not have to pay a penny.

Apply Now for the Ultimate Short Term Loan Experience

So, apply today with Personal Loans Now for short term loans of £500 to £25,000* and receive an instant loan decision online, even if you have bad credit. We work with Quint, a fully FCA-authorsied credit broker, so you can be sure you’re in safe hands.

Apply now to find out if you are eligible for an instant short term loan online!

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