Quick & simple short term loans from Swift Money.
A short term loan is a loan that is designed to be repaid within one year. At Swift Money, you can apply for between £100 and £1,000 credit and choose a repayment period of between one and 12 months.
How can quick short term loans help me?
People take out short term loans for a wide variety of reasons. Often, an emergency situation, such as an unexpected bill or expense, leaves people with more money going out than coming in. If there are no savings or other funds available, they may be unable to make rent or mortgage payments or afford food, heating, travel or other essentials. In these cases, borrowers will often choose to apply for enough money to get them by until their next payday and then repay the money plus interest owed when they get paid.
Short term loans can also be beneficial if you don’t have money to pay for a big expense, such as a car, a holiday, a wedding or a home improvement project, all in one go. With a short term loan, you can access the funds to buy what you want upfront and then make monthly repayments for up to one year to cover your debt.
Can you afford to make repayments?
Instant short term loans are very tempting if you find yourself in a financial bind or you simply want access to cash quickly. However, before you take out this type of credit, it’s important to make sure you can afford the repayments you’ll need to make. At Swift Money, before we approve your application, we will take a number of factors into consideration, such as your monthly income, your rental or mortgage payments, existing loan repayments and how much you spend on food, transport, utilities and other expenses. It’s important to be honest and accurate when providing these details as underestimating your outgoings or overestimating your incomings could leave you without the money you need to repay your debt.
Can I get a short term loan if I have a bad credit rating or no credit rating?
If you have a poor credit history or no credit history at all, you may be concerned that you won’t be able to get approved for a loan. While it’s true that, like all responsible brokers, we carry out credit checks before loans are authorised, a history of mismanaging your money or a lack of credit rating won’t automatically disqualify you for a loan. The lenders we work with will take a number of factors into account, including your current circumstances, when deciding if you can afford to make repayments.
In fact, many people with a substandard or nonexistent credit history find that they are more likely to be approved for short term instant loans with payday lenders than for credit with traditional banks or building societies. However, it’s worth noting that if you’re looking for guaranteed short term loans, you should have a good credit history and be able to afford repayments. It’s also worth bearing in mind that people with credit score problems may have to pay higher interest payments than someone with an ideal credit rating.
If approved, when could I get the money I need?
The good news is that finding out if you're eligible for a short term loan with Swift Money is extremely quick. There’s no paperwork involved and just a quick online form to fill in. You can expect a decision on your loan within about 10 minutes. The money will then be deposited into your bank account within three business days. However, you may find that the money is with you within hours or even minutes.