Warning: Late repayment can cause you serious money problems. For more information, go
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
The rate you are offered will depend on your individual circumstances.
All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54 .
A short-term loan is a small personal loan that is available for a borrower without any collateral or guarantor and has to be repaid within a year. These loans are also known as High-cost Short-term Credit as the rates of interest of these credit products are quite high. The reason for a high rate of interest is the associated risk that a lender has to take while approving a loan.
These loans can be repaid in easy monthly instalments, which means you have the flexibility to choose your own repayment tenure according to your monthly budget. A personal loan can be used during emergencies to fix the issue. However, these are not befitting solution to any long-term financial issue that may take more than a year.
At Oyster Loan, we and our lenders understand that a credit score may be a result of many factors. Therefore, while making a decision, our lenders take into consideration all the parameters rather than relying on your history only.
After the submission of your application form online for a bad credit short-term loan, the lenders run a soft credit check on your report to offer you probable rates of interest according to your needs. It is mandatory to run an affordability check to assess the borrower’s current and past financial behaviour as per the FCA.
Also, if you make timely repayments of a short-term loan, your credit score will improve gradually. Because once the repayment of the complete loan is completed, the lender will send a report to the Credit Reference Agencies, and the agencies will update your record accordingly.
The lenders registered by the Financial Conduct Authority (FCA), who is associated with Oyster Loan, offer short-term loans with no guarantor for the convenience of the borrowers. It just takes 3 easy steps to apply for a personal loan with us.
1. Fill out a straightforward application:
Our application form has been designed considering the usability factors. Hence, you may apply for a loan online using your laptop or even your mobile device. You have to fill in a few basic and important information about you in the form, which must be true.
2. Compare quotes:
All the information provided by you will be verified and also the lenders will run an affordability check on your profile to assess loan eligibility. Their decision will be displayed on the screen for you to know and choose.
3. Get the loan in your bank account:
Once the lender approves of your loan application, the loan amount will be disbursed to your bank account within minutes by the lender. However, the disbursal time also depends on the lender and your bank.
It is important to go through the Terms & Conditions of the lender thoroughly to know what you’re getting into. Always raise a flag if you are not satisfied with any of the points mentioned in the agreement. Discuss with your lender and sort the issues in an amicable manner to avoid any further inconvenience.
Oyster Loan is an FCA registered loan broker operating across the major cities of the United Kingdom. We deal with various kinds of personal loans including short-term loans for poor credit. All the lenders in our panel are also authorised by the financial regulator – The Financial Conduct Authority (FCA).
We believe in complete transparency and thus, we do not charge any upfront fees to our borrowers because we promote responsible lending. However, we also care for our customers, hence, we request them to repay the loan on time to avoid any damage to their credit score.
To apply for short term loans at Oyster Loan in the UK, click here.
Oyster Loan is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.