Why Choose Light Loans?
How it works
Choose your loan amount
Use our home page sliders to choose the loan amount you wish to borrow and the time in which you wish to borrow for. Total Loan amount, interest rates and chosen term will be fully displayed to you.
Fill out our simple 5 minute application form and the Monevo lender matching technology will do the work for you! Receive an instant online decision. We’ll ask for your address, bank and employment details. Your application is 100% online.
Your application will be submitted to the Monevo Lender Panel. If approved you will be redirected to the lender application form where you can check everything over to make sure you are happy with it. You are under no obligation to accept and can still accept or reject the loan offer at this point.
Once you have accepted your Loan Agreement, your funds will be automatically transferred into your bank account by the Lender. You could receive your funds in just 15 minutes!**… It’s that simple!
Short term loans are an excellent resource if you’re looking for a quick cash boost in a hurry. Life can throw you all manner of curve-balls, and the lengthy application process of a larger loan may take more time than you can afford. A short term loan is also useful for those times when you’re “just” short – there’s no sense in taking out a large loan when you only need a little bit of help to get you out of a financial pinch.
Short terms loans are faster to apply for and easier to pay back than larger loans, and unlike payday loans, you don’t necessarily need to be employed to qualify. So if you need a little cash injection in a hurry, applying for a short term loan today may be the perfect option to get you the money that you need.
Short term loans are, as the name implies, loans that are provided by lenders over a short term. Loan repayment terms can wildly vary, but when you’re looking at short term loans you’ll see that the repayment terms generally vary from anywhere between one month and one year.
With a larger loan, you’re naturally going to need more time to be able to pay off the amount that you borrow. A short term loan will generally have a borrowing limit, to keep your monthly repayments as affordable as possible and to reduce the amount of interest you’ll owe.
When looking for short term loans you may have come across the term “payday loans” – a payday loan is technically a short term loan, as it’s a relatively small amount of money borrowed with comparatively short repayment terms. The difference is that you need to be employed to apply.
With a short term loan, you don’t necessarily need to be employed in order to make your application successfully. All you need is some sort of income through which you will be able to afford your repayments. Responsible lenders won’t let you have access to money you have no way of paying back.
Every lender has specific limits as to what constitutes a short term loan, both in terms of how much you can borrow, and for how long you can borrow it for. Generally, you’ll find the amounts between £100 and £5,000, and the repayment terms often up to a year or so.
A short term loan can be used for pretty much anything you want. Short term loans are generally there to help you get through unexpected periods of financial strain. For example, you have an unexpected bill come in, unexpected expenses, an issue with your regular work pay – any of these can require a short term loan.
Similarly, a short term loan can help if something breaks. Your car breaking down, for example, or your fridge, washing machine, or boiler suddenly needing repair. There can be potentially heavy expenses associated with repairing these items, which can be in excess of what you’re able to afford at short notice.
Short term loans aren’t all about doom and gloom however, you can also use a short term loan to just simply treat yourself to something you want. Sometimes you only have a short window to buy something you really want, so a short term loan allows you to buy it rather than having to wait months to save and potentially missing out.
It’s important to note that there may be restrictions on what you can use a short term loan for. Paying off another loan, for example, or using the money as investment capital in a business. You will likely be asked what you intend to use the money for as a part of the application process, so make sure you’re as honest as possible.
If what you want to use the money for isn’t allowed as a part of the short term loan’s terms and conditions, don’t panic. Just be honest with your loan provider, and they’ll be able to point you towards a more suitable loan.
Your loan repayment terms, interest, and APR will vary depending on the exact amount you want to borrow and how long you intend to borrow it for. Contact your provider for exact details.
As a representative example, however, £500 borrowed for six months at an interest rate of 65% P/A, and at 91% APR, would mean an interest of £160.27. So, the total amount repayable would be £660.27.
The whole point of a short term loan is that they’re faster, more efficient, and easier than larger loans. So, naturally, the amount of time you have to wait before receiving the money is much less as well. This makes sense, as short term loans are often used to cover emergency or unexpected expenses, where time is of the essence.
Speak to your specific loan provider for the exact details. However, providing you ensure you provide all of the necessary information in your application, and that you have reasons for the loan to be refused, most providers will seek to have the funds in your bank the same day. If you apply later in the afternoon, it may be the next working day.
Delays only become an issue if there are problems with your application; this could be in the form of not meeting the required criteria or failing to provide the necessary information. To get your money as quickly as possible, be sure you read and understand the criteria for the loan, and that you make your application as thoroughly as you can.
There are many short term loan lenders out there – how do you make sure you choose the right one?
First, start by knowing exactly how much money you ideally want to borrow, and have a rough idea of your ideal repayment terms. This will give you the yardstick by which to measure the offers that you can find. Then, it’s a case of homework and research. Start comparing lenders to see those who provide you with the most attractive deal in terms of the lowest interest and the most favourable APR rates.
Pick your top three loan offers, and then do some research about the company themselves. It’s essential that you make sure you borrow from an ethical lender who has a good reputation. With so many short term loans available, it’s easy to be fooled by suspiciously low-interest rates. Use a search engine to seek out independent reviews from customers and comparison sites, and browse social media for more insight.
Taking out even a short term loan can have a catastrophic impact on your finances if you choose the wrong lender or fall behind on your payments. So before you accept any loan, make sure you know the terms you are agreeing to and that you have the means by which to afford your repayments.
The specifics for your short term loan application will vary depending on each lender, so make sure you check before you make your application to ensure that you meet the criteria.
Generally speaking, however, you will need little more than your name, address, date of birth, proof of identity, and your bank account details. Anything else can be provided on request. Short term loans come in various sizes, and so you may be required to provide more information about yourself if you’re taking out a large loan of £2000, compared to one of £100.
Be sure you’re clear of what your loan provider wants in your application before you apply, however, to make sure you stand the best possible chance of being accepted and paid quickly.