Yes, you absolutely can. However, if you’re dealing with a low credit score, Salad Money’s alternatives to short term loans are a better option for you. Specially designed to look past your credit score, we offer support to people looking for emergency loans to deal with sudden expenses. That’s why we evaluate your loan affordability based on various other factors, not just your credit score.
Representative Example
Loan repayable over 18 Months
£1000.00
17 Months at
£86.09
Final payment
£84.95
Rate of interest
59.97% p.a. (fixed)
Representative
79.5% APR
Total amount repayable
£1548.48
Short Term Loan Alternatives
- Get flexible short term loan alternatives, even with a low credit score.
- No credit checks
- Easy application approval
- Free early payment options
- Transparent and simple application process
- No hidden fees
- Reliable customer support
Are you looking for a short term loan to manage your immediate financial needs? Are you struggling to get loans from traditional sources? Salad Money is here to help.
As one of the leading lenders in the UK, Salad Money brings you fair and affordable loan options for all your urgent cash needs. With loans specially designed to help you effectively deal with financial issues.
Unlike short term lenders, our More Than Your Score loans offer you greater flexibility with repayment plans ranging from 12 months to 18 months. This not only allows you to deal with urgent expenses effectively but also repay the loan comfortably. We also accept early repayment if you’re able to repay your loan sooner than you expected.
At Salad Money, we know that life can throw an expensive hurdle every now and then. That’s why it’s important to have a helping hand when you need it, which is where short term loan alternatives come into the picture.
Our simple and straightforward online short term loan alternatives are simple to apply for and involve no credit checks, instead relying on Open Banking software. To accurately assess your loan affordability, we consider several factors and offer you a quick alternative to short term cash, which if approved, you can usually get within 4 hours.
Regardless of whether it’s an unexpected bill, car repair, or urgent home fix, we’ve got you covered. With our More Than Your Score loans, you can cover your expenses with enough breathing room to pay back your loan more comfortably.
To learn more about our short term loan alternatives, get in touch with us today.
What Are Short-Term Loans?
As the name suggests, short term loans are loans designed to be repaid after a relatively short period of time. However, that’s not the case with Salad Money.
Realising that not everyone may have the same financial needs, we offer more flexibility than a short term loan, allowing you to repay over a period of 12 to 18 months.
Why Are Our Loans Better Than Short Term Loans?
Unlike other short term loans, our More Than Your Score loans offer all the benefits of both short and medium term loans, with less risk. With repayment periods ranging from 12 to 18 months as well as free early repayment options, our loans give you a more supportive agreement. This flexibility allows you to repay your loan within a month or over a period of 12 to 18 months.
How Our Alternative Short Term Loans Work
The process of getting our short term loan alternatives is quick, simple and far less complicated than a traditional loan. With a short and painless application process, our online loans have a fast turnaround time, giving you access to credit when you need it.
For quick approval, borrowers first need to fill out the application, this involves using our state of the art Open Banking based system which enables you to apply completely digitally, simply showing us your income, expenditure, bills and repayments to make a fairer assessment of your application.
Once approved, we provide you with the terms and conditions of the loan including your loan’s interest rate and repayment period. After carefully assessing these terms, you can either accept or reject them. We then transfer the funds into your bank account, typically within 4 hours.
Pros and 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 take out 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 term loan gives you almost immediate access to funds, allowing you to manage any urgent issues that life throws at you. 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.
However, it is crucial to make sure you are comfortable with the short repayment term. If not, our flexible alternatives to short term loans are a better option, allowing you to extend the length of time you are repaying the loan with a more manageable repayment plan over 12 or 18 months.
Flexible Repayment Options: With short term loans, the repayment period is relatively short compared to other loans.
At Salad Money we 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 Salad Money, we offer fair and affordable loans without the need for collateral or a strong credit score.
Disadvantages of Short-Term Loans:
High Interest Rates: Usually lent with higher interest rates than most traditional loans, short term loans are typically more expensive. However, they offer several other benefits that you usually don’t get with traditional loans.
Fees and Penalties: While most lenders like Salad Money don’t charge any hidden fees with their loans, there are some that do. This can add up quickly and cost you much more than the value of your actual loan. Be sure to check the terms and conditions before taking out a loan.
Potential for Debt Cycle: Short term loans are usually taken by people already suffering from debt. While these loans can offer support in times of stress, if not managed properly, they can be difficult to repay. This can lead to the borrowers taking out another loan to cover it and consequently, finding themselves in a cycle of debt.
Fortunately, that shouldn’t be a problem with our loans, our Open Banking based affordability assessment and longer loan terms, means we ensure affordability for the loan first and foremost.
How to Use Short-Term Loans Responsibly
Taking out a loan for the short term can be a useful lifeline 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. 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 responsibly.
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Borrow Only What You Need:
While applying for a short term loan, it is important that you only borrow what you need. This will allow you to deal with your financial needs head-on and make it easier for you to repay the loan. No matter how much you’re eligible to borrow, ensure that you only borrow as much as you can afford and resist the temptation to borrow more.
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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 help 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.
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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 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.
Frequently Asked Questions On Short Term Loans
Usually, the amount of money that you can borrow depends upon your lender. However, with Salad Money’s short term loan alternative, you can borrow anywhere from £500 to £1,000, based on your requirements.
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.
However, at Salad Money, we aim to offer you greater flexibility and a larger range of repayment period with options between 12 and 18 months.
Salad Money are registered with and regulated by the Financial Conduct Authority (FCA). All short term loan lenders in the UK need to be regulated by the FCA, so 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.
You can typically take a short term loan for any reason. 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 expense including car repairs, home improvements, pet medical expenses, etc.
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 Salad Money do not charge any hidden fees. We believe in absolute transparency and ensure that you understand all the terms and conditions before taking the loans.
Most lenders in the UK offer quick short term loans within 2 to 3 days of applying. Moreover, at Salad Money, with our quick approval and fast funding process, you can have the funds in your account in as little as 4 hours.
Why Choose Salad Money?
While looking for the best short term loans, it is important to consider your options and select a lender that offers flexibility. Helping reduce financial stress and easing your financial situation, the right lender can make or break your borrowing experience. That’s why, we are here to tell you why Salad Money may be the right option for you.
As fair and understanding lenders, we recognise that life can be full of unexpected surprises. Some of these surprises can come in the form of adversities that affect your finances or credit score drastically. However, this does not mean that you don’t deserve affordable credit when in need.
With our More Than Your Score loans, we offer fair personal loans to public and private sector employees who have been wronged by the traditional credit score system. With our loans, you can rest assured that no matter how hard it gets, support is available.
Allowing us to assess your affordability with our open banking based evaluation system, we take a variety of influencing factors into account and don’t just base it on your credit score. This allows us to offer you the best possible loans in times of emergency.
With quick and easy approval, our alternatives to short term loans can help you deal with urgent matters within as little as 4 hours.
At Salad Money, we take our responsibility towards our clients very seriously. That’s why, we ensure regulatory compliance and follow all the essential guidelines stated by the Financial Conduct Authority (FCA).
We believe in open and transparent communication, which means we only ever offer clear terms and conditions that you fully understand. Our team of experienced professionals are always available to answer your questions to ensure the best borrowing experience.
To learn more about our services, click here or get in touch with us now!
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