Short Term Loans
Short Term Loans
Are you looking for short-term loans to manage your immediate financial needs? Are you struggling to get loans from traditional sources? Adage Credit is here to help and assist.
As one of the key lenders of short-term loans in the UK, Adage Credit brings you fair and affordable loan options for all your short-term financial needs. With loans specially designed to help you bridge the gap between urgent expenses and your income payment day.
At Adage Credit, we know that anyone can be confronted by unpredictable adversities in life. But fear not, there are ways you can be supported in these trying times. That’s where Adage Credit short-term loan comes into the picture.
Our online short-term loans are simple and straightforward and we don’t solely rely on your credit score. To accurately assess your short-term loan affordability, we consider several factors and offer you quick response in no time.
Regardless of whether you have to deal with unexpected bills, car repairs, or urgent home renovations, we’ve got you covered. With our short-term loans, you can cover your expenses and arranged for a weekly or monthly repayment.
Frequently Asked Questions
What are short-term loans?
As the name suggests, short-term loans are to be repaid after a relatively short period of time. These loans are most commonly taken out by people looking for urgent cash to fulfil immediate needs. Lasting between a few weeks to a few months, the terms of these loans are usually over a short period of time. These loans are usually provided by banks, credit unions and even reputable online lenders like Adage Credit.
How do short-term loans work?
The process of getting short-term loans is rather quick, simple and far less complicated than traditional loans. With a relatively short and painless application process, most online short-term loans have a fast turnaround time.
For quick approval, borrowers first need to fill out the application and provide the necessary documents based on the lender’s eligibility criteria. These documents involve proof of income, identification, bank statements, and very rarely, collateral (in the case of a secured loan).
Once approved, your lender will provide you with the terms and conditions of the loan including your loan’s interest rate, fees and repayment terms. After carefully assessing these terms, you can either accept or deny them based on your preference.
Following this, your lender will transfer the funds into your bank account within the next day or two.
After this, all you need to do is make your monthly repayments as per the terms and in no time, you will have successfully repaid the loan.
Pros & cons of short-term loans
Short-term loans can offer a wide range of benefits to borrowers. However, when it comes to financial products, almost all of them come with their own set of cons as well. That’s why it’s essential to weigh the pros and cons before you get a short-term loan. Let’s discuss some of these pros and cons to help you make the right decision.
Advantages of short-term loans
Quick Access to Funds: Taking out a short loan gives you immediate access to funds, allowing you to solve any urgent matters at hand. These loans are specially designed to offer fast cash flow to those struggling with emergency financial needs. With a quick application process and speedy fund transfer, online short-term loans are the way to go.
Flexible Repayment Options: With the short-term loans, the repayment period is relatively short compared to other loans. However, some lenders offer flexibility, allowing you to choose a longer repayment period, to help you get your finances under control, or offering early repayment facilities for those ahead of the game.
No Collateral Required: While there are some lenders that require collateral, most short-term loan lenders don’t ask for collateral. At Adage Credit, we offer fair and affordable loans for the short-term without the need for collateral or a strong credit score. This allows a greater number of people to access our loans.
How to use short-term loans responsibly
Taking out a loan for the short-term is a great way to manage your finances and deal with urgent financial problems. However, while short-term loans offer a wide range of benefits, they need to be used responsibly for the best results. Failing to do so, can not only lead to greater financial problems but also create a vicious cycle of debt. Let’s explore some simple tips on taking a short-term loan and make the most out of this financial product.
Borrow Only What You Need: While applying for a short loan, make it absolutely imperative that you only borrow what you need. This will allow you to deal with your financial needs headfirst and make it easier for you to repay the loan.
No matter how much you’re eligible for, ensure that you only borrow as much as you can afford and resist the temptation to take more.
Repay on Time: To avoid fees, penalties and interest payments from piling up, you need to make your repayments on time. This will not only help reduce your financial stress but also effectively improve your credit score. However, in certain emergencies, where you feel like you may have trouble making the repayments, always talk to your lender and come up with a more convenient repayment plan.
Warning: Late repayment can cause you serious money problems. For help, go to: www.moneyhelper.org.uk
Shop Around: This is a step that begins before taking a short-term loan and it is an essential part of using credit responsibly. Comparing lenders, interest rates, terms and conditions is a standard practice while planning to take a short-term loan. This will not only help you get the best deal but also protect you from any possible losses caused by negligence.
View more comparisons
Compare the price of home collected and other cash loans available in your area at:
Lenders compared: www.lenderscompared.org.uk
Choose Wisely: www.choosewisely.co.uk
All the Lenders: www.allthelenders.org.uk
FAQ's on short-term loans
Can I get a short-term loan with bad credit?
Yes, you absolutely can. In fact, Adage Credit’s More Than Your Score loans are specially designed to look past your credit score. Offering support to people looking for short-term loans to deal with sudden expenses, we evaluate your loan affordability based on various other factors, not just your credit score.
How much can I borrow with a short-term loan?
Usually, the amount of money that you can borrow depends upon your lender. However, on average, these loans are usually for amounts between £100 to £1000. Similarly, with Adage Credit, you can borrow anywhere between £100 to £1000 based on your requirement and only up to £300 for the first.
What is the repayment period for a short-term loan?
The repayment period of short-term loans usually varies from lender to lender. Typically lasting anywhere between 1 week to 6 months, these loans offer short-term cash. With Adage Credit, we aim to offer you greater flexibility and a larger range of repayment period options lasting up to 12 months.
Are short-term loans in the UK regulated by any governing bodies?
Yes, all short-term loan lenders in the UK need to be regulated by the Financial Conduct Authority (FCA). If you find a lender that doesn’t follow the guidelines set by the FCA, then do not proceed with your application.
Lenders that aren’t regulated by the FCA can engage in predatory lending practices and make your financial situation worse.
Can I get a small short-term loan for a specific purpose?
Well, the purpose you take a short-term for really doesn’t matter. Most short-term loans offer you the flexibility to use the money for whatever you need it for. As long as you meet the eligibility criteria, you can use it to cover any legal expense including car repairs, home improvements, pet medical expenses, etc.
Is it possible to get easy approval for short-term loans?
Although the approvals are not guaranteed, most short-term lenders aim for a quick and easy approval process. This is because they realise the borrower’s need for a short-term loan is usually an urgent matter.
Are there any hidden fees associated with short-term loans?
Getting in touch with a reputable lender for your short-term cash needs is the best solution to avoid this problem. Reputable and reliable lenders like Adage Credit do not charge any hidden fees. We believe in absolute transparency and hence ensure that you understand all the terms and conditions before taking the loans.
How quickly can I get a short-term loan in the UK?
Most lenders in the UK offer quick short-term loans within 2 to 3 days of applying. Moreover, at Adage Credit, with our quick approval and fast funding process, you can have the funds in your account in as little as 24 hours.
Advantages of short-term loans
Quick Access to Funds: Taking out a short loan gives you immediate access to funds, allowing you to solve any urgent matters at hand. These loans are specially designed to offer fast cash flow to those struggling with emergency financial needs. With a quick application process and speedy fund transfer, online short-term loans are the way to go.
Flexible Repayment Options: With the short-term loans, the repayment period is relatively short compared to other loans. However, some lenders offer flexibility, allowing you to choose a longer repayment period, to help you get your finances under control, or offering early repayment facilities for those ahead of the game.
No Collateral Required: While there are some lenders that require collateral, most short-term loan lenders don’t ask for collateral. At Adage Credit, we offer fair and affordable loans for the short-term without the need for collateral or a strong credit score. This allows a greater number of people to access our loans.
What's the difference between a lender and a broker?
Direct Lender Application
Applying directly to a lender is simple. There are over 80 companies authorised and regulated by the FCA in the market and, for most of them, all you have to do is to visit their website to fill in their application form.
When you apply to a direct lender, you’re only applying with them – your choice of loan is limited to that finance company only. When you complete their application form, they then run one hard credit search on you for each application submitted.
This makes shopping around difficult – the more hard credit searches are run on you, the more a finance company might think you’re desperate for money and it discourages them from lending to you.
Applying through a Broker.
Why apply through a broker instead? The process might take you two or three more minutes but there are certain advantages to borrowers.
Brokers have a panel of direct lenders they work with. When you submit your loan application via a broker, they whittle down the lenders to the ones more likely to say “yes” to you.
By working with a broker, only one hard credit search will be carried out and that’s only if you proceed to make a full application with the lender whose website you’re sent to. That’s despite the fact that your request for money may be considered by multiple lenders.
Applying with a broker means that there will not be excessive searches on your credit file and also means that your overall chances of successfully applying for a short-term loan are better – because of the smart technology that matches lenders with borrowers. It is important to note though that sometimes a broker may not be able to find a finance company for a particular applicant.
How to apply?
Applying for a short term loan is quick and easy – lenders and brokers know that borrowers need the money in a hurry to help them out with their emergency financial situation.
Simply answer each question you’re presented with. The details they’ll want to know include:
- How much do you bring into your household every month?
- Where do you work?
- Where do you live and how long have you lived there?
- What are your monthly outgoings?
- Which bank account do you want the loan paid into?
How do I know if I am eligible to apply?
To be eligible, you need to:
- be of 18 years of age or older
- have a regular income
- earn a minimum of £750 per month
- have a UK bank account with a debit card attached to that account
- have a working mobile phone
- have an email address
How much will a short term loan cost in interest?
Interest rates on short term loans are subject to customers’ personal circumstances.
If your application is approved, the interest rate you’re offered will reflect the level of risk a lender thinks there is that you might not be able to pay back your loan. Finance companies assess the level of risk through an affordability assessment (which forms part of your application form) and the information contained about you on your credit report.
The interest rate you pay on these financial products also reflects the costs incurred by lenders when some of their borrowers default on repayments.
As a result, the interest rate you’re offered is likely to be significantly higher than you might be offered by a bank, for example. By law, each lender must show you the representative APR on a loan. The representative APR is the rate that a lender offers to 51% of more of their applicants.
Representative APRs reflect the cost of a loan in interest, fees, and charges over the course of a year. That’s why the interest rates look so high on many loans lasting less than twelve months.
For example, if you borrow money at 133.1% per annum fixed for a period of nine months, the APR is actually 535%. In almost all cases with borrowings lasting less than 12 months, the APR is a lot higher than the actual interest rate.
Can I afford the loan?
You should only take out a short-term loan if you can comfortably afford to meet all the repayments on the date due and if you know where the money is going to come from.
How quickly will I receive the money?
If your application is accepted, your lender may be able to transfer the money into your bank account within minutes* of you accepting the loan.
That means that you can have the cash quickly, but that will depend on your bank and other factors like the speed your bank is processing payments, whether it is a weekend or weekday transaction and so on.
How do I make repayments?
Most short term loan providers collect repayments directly from your bank account once a month. Some lenders offer the option to pay weekly or fortnightly.
Can I repay the loan early?
Most lenders might allow you to pay off your loan early, but that’s not a guarantee. Some might charge an early repayment fee while others might not – it all depends on who you borrow the money from.
Paying off your loan early might be the better option long term – it might save you a significant amount of money on interest.
Are short-term loans my only option?
No, short term loans aren’t your only option. You should only ever consider borrowing when you can’t find the money that you need from another source and when you’re sure that you can afford to meet each repayment in full and on time. Please take note of this as defaulting on a loan can have consequences for your future borrowing.
You may want to ask your friends and family if they can help you out financially to get you over the unexpected bill or emergency financial situation you’re in. It may also be worth considering whether the situation you are in is actually an emergency – could you wait to have done what you need doing until your next pay day?
I am worried about my current level of debt
If you’re currently in debt and you’re concerned about how manageable the debt is that you’re in, you may wish to consider contacting one of the following organisations for free help, guidance, and support:
- StepChange,
- PayPlan,
- National Debtline,
- Debt Advice Foundation,
- The Money Advice Service, and
- Citizens Advice.
Finding the right lender for you
The statistic shows in about 5.4 millions of Brits use short term lending every year to help them out of financial tight spots. When choosing a lender or a broker, look for reviews online showing what their customers think of them.
To apply for a short-term loan through Adage Credit, please CLICK HERE.
Partner Benefits
Access our portal and database network
Apply for finance for your clients with flexibility to pay-over-time instalment options
Business promotion and access our digital co-marketing opportunities, sales and support services
Access our automated system and easy paperless customer loan application with an instant answer
Gain access to our vast network of customers, receiving referral
Simple Loan Process
Step 1
Customer purchases item from Partner over £100, choosing “pay over-time instalment option”.
Step 2
Partner will go through our terms and conditions with customer, “if agreed”
Step 3
Customer receives their products immediately – In case of flight tickets “we do urge customers to plan six months to year before departures” – In some cases “we may hold customer’s ticket until the last payment is received”.
Step 4
Partners receive full payment form Adage Credit upfront.
Step 5
Adage Credit collects payments from customer through a secure and automated process.
Useful Information
- Helping your customers spread the cost
Point of sale finance helps your customers to spread the cost of buying from you, and could help you to make more sales.
Offering retail finance as a payment option can help to attract new customers, increase conversion rates, reduce purchase journey drop out and increase basket size.
- Increased conversion rates
Offering POS finance payment options can help you to attract a new customer base who may not have been in the market to shop with you just yet. Fixed monthly payments and low APR options can help customers to make a decision about a purchase, provided it fits with their monthly budget.
- Increases basket size
The opportunity to spread the cost and choose an option that comfortably fits their monthly budget gives customers the flexibility to spend a little more on the products and specifications they really want.
Reduce purchase journey drop out
Integrated into your purchase journey, our straightforward application process is easy for your customers to apply for in minutes. Real-time decisions and digital signing help reduce dropout rates at the checkout.
Give your customers options to spread the cost
Our range of finance products could help give your customers the confidence they need to make those larger purchase decisions.
We offer personal loans with competitive APRs, interest free loans over a range of lending periods, and buy now pay later loans that can be payment free for up to a few months.
Benefits for your customers
- Equal weekly or monthly payments over a set period of time.
- The balance of the loan can be settled at any time
- The loan isn’t necessarily or always secured against the product purchased
- Available across a range of terms, from 3 months
- Minimum spend of £100, maximum £2,000
- Could help you to attract and convert a wide range of customers
- Your customers may be able to make larger purchases earlier if it fits with their weekly or monthly budget
Favorable reviews and testimonials
Discover what our clients have to say about us
My experience with adage credit was amazing, I was really in need of money, I didn’t have hope as my credit score is very low, amazingly Adage managed to credit me, customer service was very helpful, she went through the application and I got the payment I requested the same day.
Chrissy Mvuemba
Great company for affordable loans
Customer service is great, application was simple and the team explained how much they could provide me and how I can make repayments, so far adage I would 100% recommend for anyone looking for an affordable loan.
Sibsxo
The lady I spoke with who finalised my…
The lady I spoke with who finalised my loan was absolutely fantastic, she explained everything and was very polite , happy and courteous. I really refreshing attitude from a loan company, I will definitely be recommending to others.