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Representative Example: Borrow: £300 for 90 days Interest: £144.06 Total to repay: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1081% APR. Maximum 1326% APR. Your APR rate will be based on your circumstances. We are a licensed credit broker, not a lender and as such earn commision on referrals.

9 Reasons To Use Cobra Loans

No matter what the reason is you are looking for a loan, we can help.

Short Term Loans From Cobra Payday Loans

Need money quickly? Not sure how good your credit history is? Want to repay your loan over a short period of time? Short term loans could be the answer! Very similar to traditional payday loans, short term loans are loans that can be repaid over several instalments instead of by your next payday. Many people prefer these types of loans as they find it easier and more convenient to repay monies over a period of time. However, as with any sort of loan, there will be interest to pay although this will all be explained to you in a clear and transparent manner when taking out the loan. Thanks to regulation in the UK, you can rest assured that when taking out a short term loan in the UK you are doing so with an ethical and professional provider as all short term loans and payday loans are now regulated by the UK’s Financial Conduct Agency (FCA).

Are There Any Cheap Short Term Loans?

Whether there are any short term loans that are cheap really depends upon your definition of what is cheap. Compared to bank and building society loans, you will generally find that short term loans have a higher APR (annual percentage rate) which makes them more costly in the long run. However, the amounts borrowed are usually much lower and their lending criteria often means they will lend to a wider scope of people including those with credit problems in the past. What you will find is that the better your credit profile, the cheaper the short term loan will generally be as you may be given a loan with a lower APR than someone who has had significant debt problems in the past.

Can You Get A Short Term Loan With Bad Credit?

Getting a short term loan with bad credit is certainly possible. This is because short term loan lenders use different criteria than regular high street lenders such as bank and building societies. Whilst some short term loan providers may use credit checks, many don’t and instead use criteria such as affordability. Having a bad credit history can be a real hindrance to getting credit but short term loans are a very good option.

Are There Short Term Loans With No Credit Check?

Yes, like mentioned above, there are many short term loan lenders that do not use a credit check. Instead they will look at details about your income to ensure that it is regular and look to whether you can afford your loan.

Are There Any Short Term Loans For The Unemployed?

Whilst most payday and short term loans are given to people who are working, there is scope to get short term loans if you are unemployed. This is because many short term loan lenders look at affordability. If you can prove that you can afford to repay the loan that you are asking for, then you may be accepted for it (you may have other sources of income such as a pensions etc).

Reasons You May Be Turned Down For A Short Term Loan

Although acceptance rates for short term loans are much higher than traditional bank and building society loans, this doesn’t mean that you are guaranteed a short term loan. There are some fundamental reasons why you could still be turned down for a short term loan including:

  • ● You are not a UK citizen: If you are not a UK citizen or you do not have the right to remain in the UK then you will not be able to access any form of payday or short term loan.
  • ● You are not 18 or above: When borrowing money, you are entering a legal agreement to pay it back which means by law you have to be over the age of 18.
  • ● You do not have a regular source of income: You will only ever be given a loan if you have the means to pay it back. That means if you do not have a provable, regular source of income then you will not be able to access a loan. Under UK Financial Conduct Regulations, short term lenders can only give out loans to people who can prive they can afford to pay it back.
  • ● You don’t have a UK bank account: If you do not have a bank account with a debit card then you will be turned down for a loan as this is a fundamental requirement.
  • ● You have very poor credit: Whilst poor credit is not necessarily a factor that will stop you getting a loan, a very poor credit history may lead to you being turned down by some lenders.

Failure To Repay A Short Term Loan

Thankfully, the majority of short term loans are repaid on time and in full. But sometimes it isn’t the case and if you cannot afford to repay your loan then you should contact your lender immediately to try and come up with an affordable repayment plan. You should be aware that failure to repay a loan can result in your case being passed to a lender’s legal department and credit reference agencies will be informed too. Defaulting on your loan will negatively impact your credit rating and will severely hamper your chances of getting credit in the future.

What Can You Spend A Loan On?

One of the best things about short term loans is that there are no stipulations as to what you can spend your money on. Common reasons to take out a short term loan include:

  • ● Emergency repairs to a house
  • ● Boiler emergencies and repairs
  • ● Emergency dental or health treatment
  • ● Unexpected bills
  • ● New secondhand car
  • ● Car repairs
  • ● Send money overseas to relatives in need

Short term loans may not be for everyone but they do offer a very accessible and flexible way of obtaining credit when other sources of finances may not be available.


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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.