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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Short term loans can be ideal for anyone looking to borrow money within a matter of days and pay it back as soon as possible. Loan amounts are low (between £200 - £1,000) and need to be paid back within a year.
Applying for a loan with Creditspring can be done within a few minutes online. However, the minimum requirements must be met before proceeding with your application.
must be 18 or over
must be resident in the UK.
must be able to provide proof of their address.
must have a regular source of income.
must accept that their credit report will be checked.
must be able to repay their loan.
Short term loans are typically paid back within 6 months to a year at the most, but there are loans that have much shorter payment terms.
For example, payday loans are a type of short term loan that usually needs to be repaid within a month of the money being borrowed. They are known as payday loans because the repayment will typically be taken from your bank account the next time you get paid.
Some people use payday loans as a last resort. They repay the money on payday as requested and avoid borrowing again until absolutely essential.
But this type of loan is known for being quite risky. They often come with high-interest rates, meaning you’ll repay far more than you borrow in a short period. Some people can get stuck in a cycle of payday loans.
Before you consider short term lending be honest about whether you can afford to pay back the amount you borrowed and the interest.
Failure to pay on time can make the debt more expensive. Additional interest may be added and this could make it harder to stay on top of your finances in future. It could also limit your lending options in the future if you need credit.
Some people end up taking out even more short term loans to pay off payday loans they are already struggling with.
If you borrow £600 from Creditspring, your monthly repayments are split into two £300 loans and paid back within six months. You don’t need to worry about interest being added to your debt because you’ll only pay back what you borrowed along with the monthly membership fee.
Other lenders operate differently and each one will have its own terms and criteria.
While some lenders spread your repayments over six months to a year, others may insist that you pay £600 back within a month or two.
If you borrow £1,000 from Creditspring, your monthly repayments are split into two loans of £500 each. Each loan needs to be paid back within six months.
Borrowing money for a period of six months can make the debt easier to manage than borrowing for one to two months. This is because the repayments will be spread out over a longer time period and won’t make up such a large percentage of your paycheque each time.
It’s usually possible to get a short term loan with bad credit, but you may only have a small number of lenders and loans to choose from. Most lenders prefer to give loans to those with a good credit rating and track record for paying the money back on time and in full.
This doesn’t mean your application will be rejected if your credit history is bad or you’ve had problems with debt in the past.
Lenders will carry out a credit check before making their decision. Not only will they look at your credit score, but they’ll also look at your past payments, existing debt, and credit utilisation.
Lenders will also consider your income and expenses to determine how affordable the loan will be for you.
If you have bad credit, this may make the loan more expensive. You’ll usually pay a higher interest rate or APR for short term bad credit loans. This is because lenders may see you as a risky borrower and add more interest to the debt in an attempt to protect themselves.
Before applying for a short term loan, it’s a good idea to check your credit score first. You can do this for free via a credit referencing agency such as Experian, Equifax or Transunion. Each agency will score you differently, so don’t be alarmed if you check your credit report with more than one company and the results are very different across each one.
If your credit score is low or there are missed or late payments on your report, it’s wise to take action. There are lots of ways to improve your credit score, from making sure you’re registered to vote to paying all your debts on time and in full.
With Creditspring, you can get two short-term loans each year, paying no interest.
You can borrow up to £2,400 a year in two £1200 instalments by paying a fixed monthly membership fee.
Think of it as a safety net. We’ll be on-hand whenever you need us, you’ll always know how much you need to repay and you won’t have to worry about interest spiralling out of control.
We also have no minimum repayment period. Meaning borrowers won't have a short-term loan debt for longer than they need.
Check your eligibility today. Don’t worry. It won’t have any impact on your credit score.
Short term loans are popular for a number of reasons. Here are just a few of the benefits.
Since short term loans are usually paid off within a year, the amount of interest paid overall is usually lower than if you took out a loan with a much longer-term.
Short term loans can usually be accessed fairly quickly because they tend to be quite small and need to be paid within a short time period. If you need money urgently, a short term loan is likely to be far more suitable than one that’ll take years to pay back.
If you don’t have a perfect credit score, a short term loan might be the most accessible option for you. This is because lenders are more reluctant to approve long term loans to those who’ve had difficulties managing debt in the past.
If you want to borrow thousands of pounds, a short term loan won’t be suitable. Most lenders will only lend small amounts to those looking to pay the debt back within a year. Larger funds need to be spread out over a longer period of time.
While some people are able to manage short term loans without any problems, others struggle to meet their repayments. Paying late can lead to more interest being added and it can hurt your credit score too, making it even harder to borrow money in future.
Creditspring is completely different to credit cards, bank loans and payday loans.
With our help, you can cover unexpected expenses and access cash quickly, without the hidden costs and the stress of conventional borrowing.
Our service is also designed to help people with a low credit rating improve their scores.
By making your payments on time, you can prove to lenders that you’re a sensible borrower and boost your chances of approval for credit in the future.