Home

Money lenders have bene around for a long, long time. 

While we are not exactly money lenders we are involved in the searching of loans and cash advances for our customers. We are really experienced in the finding of money by having a big panel of lenders who we can access to get a loan for our customers.

What you need to know about short term loans

For many years consumers have been turning to short term loans to help ease their immediate financial needs. These online based loans were introduced at a time when being able to borrow money, on a small scale, was actually quite a limited resource. Although the traditional banks and credit card providers were available for assistance, typically speaking the loans offered in this manner were on a much larger scale. As a result when online borrowing was introduced consumers were immediately drawn to the fuss free nature of the product and service as a whole. Simple and straight forward application forms, which could be completed at a time which was convenient to the individual, meant consumers could excess small amounts of funds quickly if needed. Ultimately this meant the market for this type of borrowing grew quickly and draw lots of consumers to its services in a very short period of time. As the years have passed the type of product being offered by these lenders have adapted and is better able than ever to realistically meet the needs of the consumers who use them.

download (7)


The product which was first introduced by short term loans lenders was based on a model which saw clear and somewhat limited repayment terms. Lenders would allow borrowers to take loans until their next employment pay date, which meant the total term of the loan was never any longer than 31 days. On the agreed date the lenders asked that their customers repay the loan as a one-off repayment and the loan was then deemed as repaid. The loans being offered, as remains the case in todays market, ranged from about £100.00 up to £500.00 in the case of most lenders. As a result of this the financial commitment asked of the borrower soon became quite a sizable one. The interest of these original loans was normally worked out on the basis £30.00 was repaid for each £100.00 which was borrowed. The period of repayment had little or even no impact on the amount payable meaning someone borrowing £300.00 for 10 days and someone borrowing the same amount for 25 days would both pay roughly £390.00.

The limited nature of the original product was soon highlighted as unable to realistically meet the changing needs of consumers. Although consumers using the market were aware of the repayment terms and amounts on offer, many struggled to make the sizable repayments which were set out to them and instead used rollovers or extensions where only interest was paid monthly to meet the needs of their short term loans commitment. In the current market the product being offered is many miles away from the classic product. Instead of repaying the loan as a lump sum consumers are offered by lenders the opportunity to repay the amount they have borrowed over a number of months if they wish. This means that the monthly commitment can be greatly reduced and therefore better able to work with, not against, existing expenditure.  


If you are in need of borrowing up to £1,000 for a period of less than 12 months we can help.



We are a UK based loans business and we care about our customers. If you have any concerns please do not hesitate to contact us.


Snip20140704_7



Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 








©  2014