3rd April 2015
When trying to find cheap online short term loan lenders you will find tons of loan companies on the internet and making the best choice is not always easy. The biggest mistake consumers make is applying with the first lender they find which is not the best way to look for cheap short term loans online as they may not be offering the best rate.
An online short term loan is defined as an amount of money borrowed for 1 month to 12 months and repaid monthly either in one go on your next payday or split into monthly payments as agreed with that particular lender. With many lenders moving into instalment lending, this now gives consumers a more flexible choice when agreeing to repay back making it more suitable for yourself.
We at The Lenders List want to advise that getting a cheap short term loan may not be the best option and should always be a last resort please see our responsible lending section. Short term loans through payday lenders or instalment lenders is an expensive form of borrowing and cheaper alternatives are available such as borrowing off your friends and family, asking your bank for an agreed overdraft or trying to get a low-interest loan or credit card through a bank.
If all your options are exhausted then looking for a short term loan could be an alternative. When looking for a cheap online short term loan always look for the lender offering the best terms and rates. Don’t always apply with the first lender you find as there could be better rate waiting for you.
Using The Lenders List means that you can apply directly with direct short term loan lenders which mean you are applying with a company that has their own funds to lend. The great thing about The Lenders List is we cut out the brokers who get you to fill out forms only to have your details passed on to other brokers or to a direct lender but this can be time consumers and you may have no clue how many times your details have been passed on. We always advise to apply directly with a lender and that’s why we take no details of any customers, all the details you submit will be at the direct loan lenders site.
The majority of the time consumers are searching for cheap short term loans because of a financial emergency such as emergency repairs or to cover a bill and your income can not handle covering this emergency and your living costs. Here are a few pointers of what you should look out for when applying for a short term loan –
If you are experiencing financial difficulty and need advice visit the Money Advice Service who can offer support and advice.