Short term loans offer you the flexibility to borrow money from 1 to 60 months and repay in equal monthly instalments. You can choose how much you would like to borrow and how long for. You will have the option to repay early at any time, with no extra charges.
The application is 100% online. To apply for a short term loan with Badger Loans simply click on the ‘Apply Now’ button and fill out the 2 minute form. With near instant approvals available, you could receive funds on the same day that you apply. There are no fees for applying.
What are Short Term Loans Used for?
Short term loans can be used for a variety of purposes. This can include paying off household bills, weddings, car payments, business expenses, debt consolidation, holidays and more.
With loans starting from £100 up to £25,000, the purpose of short term loans can range from paying off emergency bills to lifestyle purchases. These could be items such as a new car or to cover costs for moving home.
Short term loans can essentially fill the gap for people who are not being offered credit by mainstream banks and credit card companies. They can allow you to borrow money and pay back on terms that better suit you.
Being short term, you know that you are not tied in for a long period of time. You always have the option to clear your account sooner and will often save money for doing so.
Why Use Badger Loans for Short Term Loans?
Badger Loans works with a panel of up to 30 short term lenders in the UK. This helps you improve your chances of being approved for a short term loan and getting access to the funds you need faster.
With each lender having different requirements, you can maximise your chances of approval through Badger Loans. Every lender on our panel has been reviewed and vetted to ensure that they are fully authorised, regulated and trustworthy.
With no upfront fees, you can receive an almost instant decision in around 2-3 minutes and if successful, can receive funds on the same day. Sometimes within a few hours. We will not pass on your information to any other companies without your permission.
How Much Can I Borrow with a Short Term Loan?
Customers can apply to borrow up to £25,000 repaid over a maximum of 60 months (5 years). The amount you can borrow is based on your income, affordability and credit status. Typically, the higher your income, the lower your expenses and less debt you have outstanding will help you borrow the maximum amount.
A good credit rating is key to maximising the amount you can borrow. If you have a history of paying off similar loans, credit cards and other financial commitments on time, it will help strengthen your loan application.
Can I Get a Short Term Loan with Bad Credit?
Yes, it is possible to get short term loans for people with bad credit. Some lenders are willing to take a view on people with recent defaults, CCJs and similar.
The lenders we work with at Badger Loans will usually run a credit check during the application. If you have bad credit, they will still consider your application if you have paid off recent loans and your credit score is improving.
Equally, the lender may just charge a slightly higher interest rate. Or they could lower the amount you can borrow, just to manage their risk.
In some cases, you may be required to provide extra security such as getting a loan with a guarantor. You could also use a valuable asset such as car, property or similar item as collateral.
What is the Eligibility Criteria?
- Over 18 years of age
- Full-time UK resident
- No guarantor required
- Employed with a stable income
- Valid UK bank account
- Valid UK mobile phone and email address
