Short-term loans (instant loans)

Short-term loans are loans whose terms of repayment are – as the name implies – very short. The usual duration is from 15 to 30 days. A benefit of this type of loan is the absence of the need for collateral as well as the time needed to obtain the money. With several of the firms specialising in short-term loans it takes about twenty minutes and can be done from the comfort of the home. Such agreements, however, come at a cost. For the borrower, the greatest burden of all is the cost of the obligatory insurance against loss of income. In addition, if the borrower is late in repaying, the extension will also cost. An additional disadvantage is the very small amount that may be borrowed. For someone applying for the first time, they can count on a maximum of about £1000. For loyal customers, who are not going to be late with repayments, it is possible to take out even twice this sum. Of all the possibilities available, e.g. cash credit from a bank or social loans, the maximum amount that may be borrowed with a short-term loan is the lowest.

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