3 Places You Can Get a Short Term Loan

pound coinsIt’s an unfortunate fact that many people in Britain are struggling for money right now. Not only that, but the cost of living is rising, which means there is often no other choice but to apply for a short term loan.

Here are 3 places that you can get a short term loan:

Payday loan lenders

Payday loan lenders such as Swift Money are everywhere these days. You can go online to find hundreds of different lenders, or even take a walk down your local high street to find shops offering this service.

Ultimately though, the best place to apply for a payday loan is online. The reason? Because it’s extremely quick and normally the money is deposited into your bank account within a few hours of being approved.

How much can you borrow with a payday loan? That all depends on your circumstances, but the average amount is around £400. This is usually more than enough money to pay off those bills, sort out an urgent repair, or pay back money that you owe elsewhere.

One word of warning. Payday loans do come with higher than average interest rates, which means you will end up paying back significantly more than you originally borrowed. With this in mind, it’s important to understand fully the total amount repayable, so you are not left short on the repayment deadline.

Bank

Another place to get a short term loan is from a bank. This can come in many forms, such as an unsecured personal loan, a secured loan, or even a bank overdraft. If you want to find the best option for you, then it’s a good idea to visit your local bank and ask them about what is available.

Please keep in mind, that if you have bad credit, then getting a short term loan from a bank may prove difficult. Since the recent credit crisis, the majority of banks have tightened up their lending criteria, so your credit score could end up working against you.

Pawn shop

Lastly, if you have some items of value, then a good way to get a short term loan is by visiting a pawn shop.

How does this work? Quite simply, you borrow money against the value of your item, which is then placed into “pawn” for a specified amount of time. Once you are ready to reclaim your item, simply go back to the pawn shop and pay the money that you borrowed plus any interest and fees.