Short Term Loans Online

Get between £50 - £5,000 paid out by

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  • 100% Online Process

  • Borrow up to £5,000

  • UK Based Lenders

  • Bad Credit Accepted

  • 2 Minute Application

  • Same Day Transfer

  • Representative Example: Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable). *HappyPenguin will not perform a credit check but lenders will determine your loan eligibility by performing a soft search. If you accept the loan offer presented to you, a hard credit search will be performed.

    Short Term Loans Online – Are They Worth It?

    When researching your options for a personal loan, short term online loans are something you’ll likely come across quite often. They’re a popular offer on the lending market, especially in recent years thanks to the advance of the Internet into our lives. And while they’re easy to come by and usually easy to obtain as well, there are some points that you need to keep in mind when considering a loan of this type.

    There are some caveats with these loans that not everyone considers initially, which can often lead to some problems later on if you have not planned your finances ahead properly. On the other hand, if you take out a loan like this with the full knowledge of what it entails and how to deal with it, it can be a great way to recover from a difficult situation.

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    The Definition of “short term”

    Many loans are designed to be paid off over the course of multiple months, sometimes even years. With a short term loan that definition goes out of the window, as you’ll be required to pay off the entirety of the loan within a much shorter time frame, sometimes even as short as a month. While it might seem more challenging to deal with a loan with these conditions, it also brings certain benefits to the table.

    For example, you’ll know that you’ll be done paying off the loan more quickly and won’t have to worry about it again in the future. Plus, you’ll have an easier time getting your hands on that loan in the first place, as most short term online lenders tend to have more favourable eligibility criteria than the rest of the market.

    Things to Keep in Mind

    There are some things that are important to remember when it comes to these loans however. First of all, keep in mind that you’ll have to deal with higher interest rates than most other types of loans such as quick loans for bad credit, especially if you have a bad credit score. It makes sense from the lender’s perspective, as they want to be sure that they’ll get their money in the end – even if people end up defaulting – but it’s still a difficult factor for people who just need money urgently.

    Most short term online loans are also offered by direct lenders. This means that you won’t be working with a bank or another financial institution for your money. While this can be an attractive factor for those who want more privacy and a more direct relationship with their lender, it can also be a problem, because it means that you’ll have to spend much more time comparing deals to be sure that you’re getting the best one.

    Not All Lenders Are the Same

    Which brings us to an important point. No two lenders on the market are the same, and you’ll want to spend enough time comparing what’s available to know that you’re working with the best one. This is especially true online, where it’s easier to set up a business and start operating. As a result, there is a much larger number of lenders available online, and they all come with their own unique features and terms of their deals, making it important to spend enough time carefully comparing them.

    This also applies to the overall reputation of the lenders you’re considering. Sometimes you’ll come across people who are not entirely trustworthy and might have a negative history on the market. That’s easy to verify when you’re online, and you should take full advantage of that situation when researching your loans. It’s a two-way street – your lenders will want to do a lot of research into you, but nothing’s stopping you from doing the same, and in fact, it’s expected that you will.

    Different Products for Different Needs

    Not all short term online loans are the same either, and you will quickly realise that some of the products on this market are designed for people with very specific needs. For example, someone who needs urgent cash and can put up a car as collateral will be in a different category from someone looking to make a leisure purchase and wants an unsecured loan for it.

    You’ll have to do a lot of research to figure out which types of loans are actually suitable for you. Sometimes, the conditions that you’re looking for will not be listed first, and you’ll have to dig deeper to find out everything you need to know about the loans that you’re considering. That’s just the way things work on this market as a whole though – lenders expect that you’re going to do your own homework to a large extent.

    Unique Loan Conditions

    You may also be able to get some rather unique conditions on your loan if you are in the right kind of situation… and you have a knack for negotiating too. Some lenders on the market will be very open to negotiating the terms of your loan, especially if you have something more unique in terms of your current life situation. For example, as we mentioned above, large collateral is a good way to get access to favourable loan terms that you would otherwise not be eligible for.

    Try to negotiate the repayment duration as well. If you’re able to pay off the loan more quickly, this can be a good factor to bring to the table when negotiating. Likewise, if you have a good credit history, this is something you should definitely bring up and try to take advantage of.

    How Does Happy Penguin Compare?

    Why Use HP?
    What's the max loan amount?
    Up to £5,000
    No hidden fees.
    Is approval instant?
    Yes, immediate.
    On Screen Decision
    Poor Credit Possible?
    Yes. Bad credit too.
    All considered.
    Same day transfer?
    Within the hour!
    Direct to bank!
    Flexible Repayment Dates?
    Flexible terms.
    Quick and easy.

    Using short term Loans Regularly

    You might be in a situation that allows you to take out short term online loans regularly. If you can use them as a regular part of your monthly finances, then by all means go for it – this can give you a lot more freedom in using your money. Keep in mind that you should be very responsible with the way you’re applying these loans in that case though, as it’s easy to slip up and find yourself taking out larger loans than you originally anticipated, simply because you need to keep up with the payments.

    A Useful Emergency Tool

    On the other hand, short term online loans can also work well as an emergency tool for getting out of sticky situations fast. If you suddenly find yourself facing a large expense and you have no way of getting it dealt with quickly, a short term online loan can be a great tool for resolving the situation and getting back on your feet. The only problem to keep in mind here is that some people tend to rely on loans too much for this purpose, and as a result end up finding themselves in very challenging situations that could have been avoided altogether.

    A bit of advance planning can go a long way towards ensuring that you’ll be able to realize the full potential of any loan you’re taking out, and it doesn’t take a lot of time or effort to do that in the first place. Just sit down and evaluate your situation carefully before moving forward. There should be no surprising factors down the road when you’re working with a lender.

    Using the Internet to Its Full Potential

    And since you’re working with online lenders, you should take the opportunity to research them as much as possible before settling on any particular deal. There is a lot of information available about all your potential lenders out there – more than you might initially think, even. Take your time and research every lender in as much detail as you can.

    If there is anything suspicious about a particular lender, try to dig in more detail. Sometimes a lender might find themselves surrounded with negative publicity through no fault of their own – it’s just the way the market works. Combined with the fact that the media is often all too happy to jump on another lender’s case, this is definitely not a favourable situation for the ones who provide those services.

    But that’s the great thing about the Internet too – it makes it easy to sift through the available information and figure out the details you’re interested in with relatively little effort. If a story about a lender is fake, this can be verified very easily. Likewise, if a lender is trying to hide something in their past, that’s also a factor that can be dealt with rather lightly.

    The point is, you have a wealth of information available at your fingertips thanks to the Internet, and it’s in your best interest to use it to its full potential before settling on any specific deal. In many cases, whenever someone finds themselves dealing with a loan that they did not anticipate to get that bad, it’s a matter of failing to read the fine print. Sometimes, that fine print is not under your contract though. It’s somewhere out there in the Internet, and it’s up to you to look up the right information. No lender is going to hold your hand when doing that, obviously, and it’s entirely on your shoulders.