Short Term Loans From Cobra Loans

Quick cash loans of up to £5000*

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

Short Term Loans From £100 – £5000

If you need fast access to cash, a short term loan could be the answer! Short term loans are ideal for those with less than perfect credit scores. They’re flexible and repayments are affordable, which means you won’t have to worry about falling into the debt trap. Instead, you can take out your short term loan, use it to cover a one-off purchase, financial emergency or to treat yourself, and simply repay it over an agreed period.

A short term loan is similar to a payday loan or emergency loan, but the repayment structure differs slightly. Instead of repaying what you owe on payday, you’ll instead spread the cost over several instalments, usually on a monthly basis. Many people prefer short term loans because they find it much easier to repay what they owe over a longer period of time, instead of being expected to make a repayment in full as soon as payday arrives.

Short term loans are heavily regulated by the FCA (Financial Conduct Authority), which means you can rest assured that when you enter into a loan agreement, you’ll be doing so with a direct lender which has a proven track record of offering transparency, ethics and fairness.

If you’re in the need for fast access to cash, why not consider a short term loan today? Read on to find out more about how short term loans are the perfect solution – after all, they bridge the gap between payday loans and traditional forms of borrowing. This means you can access a short term loan even if your credit rating is less than perfect, and you’ll still enjoy the flexibility of monthly repayments that you would with a loan from a traditional high-street bank or lender.

Cheap short term loans

If you’re wondering whether cheap short term loans exist, the good news is that with so many direct lenders out there, competition in the industry is fierce. This means that the consumer benefits from the best possible deal.

While it’s true that short term loans generally have higher APR rates than bank or building society lines of credit, the amount you can borrow is usually much lower. This means that while you can choose to repay over a series of months, you won’t be contracted into a loan for years like you would with a high-street bank.

In addition to this, short term lenders are usually more flexible with regard to who they lend to. If your credit rating is less than perfect, you should still be able to find an affordable deal on a short term loan. This is because short term lenders tend to focus more on your current ability to make repayments (such as having a regular income), as opposed to worrying about your financial past (poor credit score).

However, if you have a reasonably good credit score, you’ll also find it easier to access cheaper short term loans. This is because short term lenders will take into account the level of risk involved by giving you a loan. Those with poor credit scores might be expected to pay slightly more in interest, reflecting the risk level faced by the lender.

The good news is that if you continue to make your repayments on time and in full, lenders will recognise your ability to be financially responsible. Your credit rating will improve as a result, and this will open up more affordable finance options in the future.

Bad credit short term loans

If mainstream lenders have turned you down recently, you might find that a bad credit short term loan could be the solution. While all lenders are required by the FCA to perform credit checks prior to approving a loan application, many are willing to work with individuals with less than perfect credit.

Having a bad credit history doesn’t have to be a barrier to gaining access to finance, and short term loans are one of the best options out there for those with historic late payments or missed payments causing issues on their credit file.

have bad credit? - no problem

No credit check short term loans

If you have a bad credit rating, a short term loan can be a great opportunity to start painting a better financial picture of yourself to prospective lenders. However, don’t be tempted to try and find a short term lender who will allow you to borrow money without a credit check.

Lenders who offer finance of any type without a credit check are breaking the law. Steer clear of these unscrupulous firms, and instead stick with FCA-approved providers of financial services. With a fully-regulated lender, you’ll be able to raise issues with the financial ombudsman if you feel like you’ve been aggrieved in any way. On the contrary, you’ll have no recourse or comeback if you borrow from an illegal lender.

Why not use our service to find a great-value short term loan with an FCA-approved lender? This way, you can be sure that you’re protected.

Unemployed short term loans

Most payday loans and short term loans are issued to people who are in full-time employment. This is because they can demonstrate an ability to pay back what they borrow via their monthly wage. Payday lenders look at affordability when considering who to lend to. For example, a lender may ask you to list your current monthly outgoings (such as rent, utility bills, monthly subscriptions, transport costs and so on) to ascertain whether you earn enough to make repayments on top your existing monthly outgoings.

Some lenders are willing to offer short term loans to the unemployed, provided they can prove that they have the means to make repayments. If you are unemployed but have other forms of income (such as a pension or regular employment support allowance payments), most lenders will consider your application for approval. Why not use our free service to find out if you could be eligible for an unemployed short term loan today?

Reasons you may be turned down for a short term loan

Acceptance rates for payday loans and short term loans are much higher than those at high street banks, building societies and other traditional financial service providers. However, this does not mean that you are automatically eligible for a short term loan. There are several fundamental reasons why you might be turned down for a short term loan, including the following:

You’re not a UK citizen

If you are not a UK citizen, or if you do not have indefinite leave to remain in the United Kingdom, you will not be able to access a payday loan or short term loan.

You are below the age of 18

If you are not 18 or above, you will not be eligible for a short term loan. When you borrow money, you enter into a legal contract to pay it back. This contract stipulates that you must be 18 years of age or over to borrow money.

You do not have a regular source of income

Short term loan companies will only accept your loan application if you can demonstrate that you have the means to pay it back. If you cannot prove that you have a regular income source, you may be rejected for a short term loan. This is because UK financial conduct regulations stipulate that short term lenders may only accept loan applications from those who have the ability to make repayments.

Your credit rating is exceptionally poor

Bad credit is not necessarily a factor which will prevent you from accessing a short term loan. However, if your credit score is particularly bad, this could lead to you being turned down by some lenders.

It’s worth noting that multiple applications for short term loans over a short period could negatively impact your credit rating. Instead, you should use our free service to find out which lenders are willing to work with you to provide you with access to a short term loan.

When you apply for a short term loan with a direct lender, they will generally perform what is known as a “hard” credit search. This type of search remains on your credit file and is visible to other lenders. If a lender sees that you’ve applied for short term loans with several different companies over a short period, this might create an impression that you are desperate for cash and aren’t particularly adept when it comes to financial management.

With our free short term loan broker service, only a “soft” credit search is performed when trying to match you with a lender. This will not show up on your credit file. Please be aware however that in order to finalise your application, all direct lenders are required to perform a hard credit search. Provisional acceptance for a short term loan via a broker is not an unconditional guarantee of access to finance.

What happens if I don’t repay my short term loan?

Most short term loans are repaid on time and in full. However, there may be instances where you cannot afford your loan repayments. If this is the case, you should contact your lender as soon as possible to try and come with a realistic and affordable repayment plan.

Before agreeing to the terms of a short term loan, you should be aware that failure to keep up with repayments could result in your case being passed to the legal department of your lender. Credit reference agencies will also be informed that you have failed to make your repayments on time. Defaulting on a short term loan could impact your credit rating and severely reduce the chances of you accessing finance in the future.

Where to get advice if you’re worried about debt

If you’re concerned about your current financial situation, it may be beneficial to seek help and advice. Worrying about debt can leave you feeling overwhelmed and stressed – but it’s important to realise that help is at hand when you need it. The following organisations may be able to offer free advice on how to deal with debt:

Citizens Advice
Debt Advice Foundation
National Debtline

What can I spend my short term loan on?

The beauty of a short term loan is that there are no stipulations as to what you can spend your money on. There are lots of reasons why people take out short term loans. Some of the most common include the following:

Short term loan for emergency house repairs

Our homes are full of appliances which are essential to our way of life. Just think of the number of white goods in your home – washing machines, dryers, fridge-freezers, microwaves, dishwashers, cookers, boilers – if one of these fails, life can suddenly become incredibly difficult.

Imagine not being able to get a hot shower before work, or being unable to cook a meal at the end of a hard day? Likewise, imagine not being able to store your food safely without risking illness. This is the harsh reality of an appliance failing on you.

Of course, repairs don’t come cheap – especially if the appliance in question is not covered by a warranty. This is where a short term loan could be an absolute lifesaver. Simply apply online, get a decision in minutes and have money in your bank account within an hour that can be used to pay an engineer to repair your goods. If the goods can’t be replaced, you could always use a short term loan to replace them instead.

Short term loan for emergency dental treatment

Got a niggling toothache that just can’t wait to be treated? Why not consider taking out a short term loan to help with the cost of dental treatment? Don’t suffer until payday – get approved for a loan and book that treatment right away.

Short term loan for unexpected utility bills

During the harsh winter months, we sometimes find ourselves using more gas and electricity than we expected to or were estimated to by our suppliers. This can lead to larger utility bills than you had anticipated. Because you weren’t expecting such a large bill, it’s unlikely that you’ve budgeted for it – even if you’re careful with your finances.

To avoid going into arrears with your energy provider, it makes sense to arrange for a short term loan to help cover the shortfall in finances from an unexpected bill. With affordable monthly repayments, you’ll be able to spread the cost without having to worry about facing repercussions from your suppliers.

short term loans for any purpose

Short term loan for car finance

Getting quickly and easily from A to B is essential in the modern world. Whether you’re taking the children to school, arriving at work, doing the weekly shop or simply going for a leisurely drive, you’re going to need a reliable vehicle to do so. With a short term loan, you could be able to afford a second-hand car to ensure your transportation needs are more than covered.

If you already own a vehicle which is need of repair (if it’s recently failed its MOT, for example), you could also use a short term loan to cover the costs of any work undertaken. This way, you can get your vehicle back on the road, which means you can get back to living your life the way you deserve to.

Short term loan for a holiday deposit

Picture the scene: you’re feeling in need of some downtime, and you’ve spotted a great value package holiday deal online. However, the downside is that it’s a week before payday and you don’t want to risk missing out on the bargain of a lifetime.

The solution? A short term loan to secure your holiday deposit! With affordable monthly repayments, you can book now and pay later, and plan for your next break away without the stress of missing out on your dream excursion.

Short term loan to improve your bad credit rating

If you’ve missed payments in the past, your credit score might currently be less than perfect. If this sounds familiar, it might be time to consider taking out a short term loan to demonstrate that you’re now more financially responsible.

One of the biggest advantages of taking out a short term loan is that when you make your monthly repayments on time, your lender will report this to the credit reference agencies. This will prove to other financial service providers that you are a responsible and reliable borrower, and will ultimately mean that your credit score improves.

This will make you much more eligible for more affordable forms of credit in the future. In the meantime, you can enjoy your short term loan for whatever purpose you want.

Apply for a short term loan today

If you’re in need of rapid access to cash, why not apply for a short term loan right now? With our free service, you could be matched with a lender willing to offer you a great deal on a short term loan in a matter of minutes. With faster payments, you could receive the funds direct to your bank account within an hour.

Simply enter your personal details and allow us to find you the best possible short term loan deals in the UK. Our priority is helping you to find a lender that wants to work with you to provide you with access to short term credit – even if you have a bad credit rating.

Whatever your reasons for needing fast access to finance, we’re here to help you get the money you need when you need it – with affordable and flexible repayments to boot.

Give us a try today – you won’t be disappointed, and you could have access to a short term loan straight away!

Loan Options

Apply Now!

Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

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