A personal loan in the UK is not an option for you if you are looking to borrow for a more diminutive period. Precisely, a short-term loan is also called a small loan. It is a credit product that is suitable for your contingent needs. These are considered to be one of the best options during sudden financial emergencies. The length of repayment tenure for these loans is no more than 12 months.
Types of Short-term Loans in the UK
There are different types of short-term loans that you can browse online to fulfil your financial requirements. You can choose the one that fits your pocket.
- 12-month Loans
These are often called as instalment loans. If you borrow a 12-month loan, you have to repay the amount within a year in easy payments.
- 3-month Loans
This type of loan allows you to spread your repayment cost over 3 months. A borrower taking out 3-month loans have to repay the amount in 3 easy instalments.
- 6-month Loans
Like 12 month loans and 3-month loans in the UK, this instalment loan allows you to repay in easy instalments within 6 months.
- Payday Loans
Payday Loans are instant but expensive. These credit products have a comparatively higher interest rate and therefore these loans are also called “high-cost short term credit’. The repayment period of Payday Loans can vary from lender to lender though the repayment tenure for Payday Loans cannot be more than 12 months.
- Christmas Loans – Short-term
Loans that people take out for managing Christmas expenses are called Short-term Christmas loans in the UK. You can take out a loan for a period of 12 months and not more than that.
How to Get a Small Loan Online in the UK?
A small loan in the UK can be easily applied for online. Follow the below-mentioned steps in order to get a small loan in minutes
- Browse online
Browse for a lender or a loan broker online. Before finalising any loan broker or lender for your loan needs, make sure you are dealing with FCA authorised lending body. Make sure you compare different lenders before finalising the one.
- Application process
Once you finalise a lender/broker, go to their website and fill in an easy online application form. The application process doesn’t take much time. And you can complete your loan application anytime anywhere. All you need is a good internet connection.
The final decision whether your application gets approved or not won’t take much time either. In the case of Oyster Loan, it is instant. You get an instant decision about your application approval status as soon as you fill in the application.
- Same day loan disbursal
If your application gets approved, you may get the funds on the same day of your application. Though the time taken for final disbursal depends on your bank and lender’s bank.
How Oyster Loan Can Help You Get a Small Loan with Ease?
Oyster Loan is a credit broker in the UK. We have a panel of short-term lenders with us. Once you fill-up the application through our website, we take all the details you provide us with and send it to multiple lenders. If your application gets approved, you will get the chance to choose from multiple lenders, and all with a single application. This is one of the key advantages of using a brokering service in order to be assured that you are getting the best and fair deal in the market without hurting your credit score.
To apply for short-term loans with Oyster Loan, Click Here.