Short Term Loans
Short term loans are financial products that allow you to cover urgent financial needs for a short period. These loans are usually repaid in monthly instalments. At Lending Stream, you can get a short term loan from £50 – £800 for new customers and £100 – £1500 for existing ones. We are a direct lender in the UK, who consider bad credit too.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for short term loans?
Trusted
Rated excellent on Trustpilot & 99% recommendation rating on Reviews.co.uk.
Convenient
Secure online application available 24/7. A decision in seconds, not days.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
We are a FCA authorised short term loans direct lender
We consider Lending Stream to be one of the best short term loans direct lenders in the UK, offering flexible and transparent loan options. We’re an FCA authorised and regulated direct lender, with authorisation number 689378. We prioritise responsible lending, ensuring every loan aligns with your individual circumstances.
Our quick online application process allows you to borrow money conveniently, with loan amounts ranging from £50 – £800 for new customers and £100 to £1,500 for existing customers. With an affordability check in place, we evaluate your ability to make monthly repayments rather than focusing solely on your credit report.
At Lending Stream, we look to provide a secure and straightforward borrowing experience for UK residents.
What are short term loans?
Short term loans are financial products that allow you to borrow money to cover urgent financial needs for a short period. These loans are meant to be repaid within 12 months in fixed monthly instalments, depending on the loan agreement. Some lenders may allow repayment over up to two years.
A short term loan is often used to cover unexpected expenses like car repairs, medical bills or other utility bills. Most lenders usually offer instant decisions with flexible repayment terms. These loans are unsecured, which means that they don’t require collateral.
With a focus on affordability and individual circumstances, short term loans are designed to help you without causing money problems.
Eligibility criteria for short term loans
If you are looking to check your eligibility to apply for a short term loan with Lending Stream, you must:
- Be a UK resident
- Have an active UK bank account
- Have a valid debit card
- Be over the age of 18+
- Should be in regular employment with a monthly income of at least £400
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
Representative 1271%APR
How to apply for a short term loan with Lending Stream?
Applying for short term loans with us is an easy process. You need to fill out our online application form and give us the following details:
- Enter your personal details
- Choose the amount you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once we receive your application form, we will run affordability and credit checks on your profile. If approved, we’ll send the cash to your bank within 90 seconds. It may take longer to reach your account depending on your bank’s processes.
Representative 1271%APR
Is a short term loan good for me?
Yes, a short term loan could be a good choice if you need to borrow money quickly to cover unexpected bills or financial emergencies and pay it back within a few months. They are best suited only for those who can repay it within a short period without straining their budget as these loans come with high interest rates.
You should always check your financial situation before applying, as late repayments can affect your credit score negatively.
At Lending Stream, being a responsible lender, we check your affordability to ensure you can comfortably afford the loan repayments without harming your current financial situation. Whether it’s to cover car repairs, utility bills, or other urgent expenses, a short term loan can be a practical solution.
What can I use a short term loan for?
Short term loans are designed to help you during urgent financial situations. Here are some common uses:
- Emergency expenses: Manage unexpected costs like emergency home repairs, car repairs and other unexpected financial needs.
- Repairs: Whether your car needs a new engine, new brakes, or just a routine service, a short term loan could help.
- Short term cash flow: Sometimes, cash flow can lead to a temporary gap between income and expenses. In these cases a small term loan might help you smooth things over.
When considering a short term loan, make sure to check the interest rate, monthly repayments, and loan terms. Only borrow what you truly need, and ensure you can comfortably repay both the loan and interest within the given time frame. It’s important to use the funds responsibly to avoid any financial strain.
Representative 1271%APR
Can I get a short term loan with bad credit?
Yes, it is possible to get a short term loan even with bad credit. Many direct lenders assess your current financial situation instead of solely focusing on your credit report or past credit history. They may consider factors like your income, monthly expenses, and ability to make regular loan repayments. While having a bad credit score can impact the terms offered, it doesn’t necessarily disqualify you.
At Lending Stream, we understand that a bad credit score doesn’t define your current financial situation. That’s why we offer loans for bad credit as we assess your current circumstances rather than just focusing on your credit report. With flexible loan terms and a quick online application, we aim to help you manage your financial needs responsibly, even with a poor credit history.
Different types of short term loans
1. Payday loans
Payday loans are short term loans designed to cover urgent expenses until your next paycheck. These loans provide quick access to cash for urgent financial needs. However, these loans often come with high interest rates and should be used responsibly to avoid potential debt cycles. They are typically repaid in one lump sum and often comes with higher interest rates.
2. Instalment loans
An instalment loan is a type of loan where you borrow a set amount of money and repay it in fixed monthly payments over a set period. The advantage is that you know exactly how much you need to pay each month, making it easier to budget. Interest rates can vary depending on the lender, loan amount, and repayment terms.
3. Emergency loans
An emergency loan is a quick loan designed to help cover urgent expenses. These loans are typically for smaller amounts and are meant to be repaid quickly, often within a few months. They can be a lifeline in a financial emergency, but it’s important to be aware of the interest rates, which may be higher than regular loans.
4. Line of credit
A line of credit is a flexible loan option or a type of short term borrowing that allows you to borrow money up to a certain limit, and you only pay interest on the amount you borrow. It works like a credit card, giving you access to funds when needed, and you can repay and borrow again as long as you stay within the limit.
What if I can’t repay my short term loan on time?
If you cannot repay your short term loan on time, it is important to act quickly. Contact your lender as soon as possible to discuss your situation. Many lenders offer flexible repayment schedules or alternative solutions to help you manage late repayments. Failing to repay on time may result in additional fees and affect your credit score negatively.
At Lending Stream, we understand that financial challenges can arise unexpectedly. If you’re unable to repay on time, we encourage you to contact us immediately. We’ll try to provide flexible repayment options and work with you to find a suitable solution.
Always borrow what you can afford to repay to prevent difficulties in the future.
FAQs – short term loans
Can I pay off my loan early with Lending Stream?
Yes, at Lending Stream, you have 6 months to repay your loan, but you can repay early if you want to, and we won’t charge you any extra fees. Early repayment can save you money on interest, as you only pay interest for the period you borrowed.
What if my short term loan application is rejected?
At Lending Stream, we don’t guarantee loan approval. If your application is rejected based on the information we receive from one of the credit reference agencies, we’ll email you the name of the agency. You can check your credit file with them directly.
Will short term loans affect my credit score?
Yes, short term loans can affect your credit score. Timely repayment can have a positive effect, while late or missed payments can negatively impact your credit score. Lending Stream reports repayments to credit reference agencies, so consistent payments can help rebuild your financial reputation.
How much money can I borrow from short term loans direct lender?
The amount you can borrow from a short term loans direct lender depends on the lender’s terms and your financial circumstances. At Lending Stream, new customers can borrow between £50 and £800, while returning customers may access from £100 – £1,500. The exact loan amount depends on factors like your income, affordability, and repayment ability.
What is the best loan for the short term?
The best short term loan depends on your needs and financial situation. Options include payday loans, instalment loans, or lines of credit. At Lending Stream, we provide short term loans with 6 months to repay.
Why are short term loans better than payday loans?
Short term loans are often better than payday loans due to their flexible repayment schedules and slightly lower interest rates. Unlike payday loans, which require repayment in one lump sum, short term loans can be repaid in monthly instalments, reducing financial stress.
Are short term loans expensive?
Yes, short term loans can be expensive. They often come with higher interest rates and fees compared to longer term loans. It’s important to carefully consider the total cost of the loan, including interest and any additional fees, before borrowing.
What is the easiest short term loan to get?
The easiest short term loan to get depends on meeting the basic eligibility criteria, such as being a UK resident, having a steady income, and passing an affordability check. Lenders offering flexible terms and quick online applications typically make the process simpler. Direct lenders like Lending Stream consider individual circumstances, including affordability, rather than just focusing on your credit score.