Short-Term Loans in the UK

There is a big difference between a traditional payday and a short term loan. A payday loan allows you to borrow money until your next payday. They are very short term but are helpful if you need cash fast. These loans are costly as they come with high-interest rates.

However, short term loans have more extended repayment periods than payday loans. You can take out a loan for up to 12 months and split the payments into monthly instalments. This allows you to spread the costs, making the repayments more manageable.

Yes! From the very beginning, Cashfloat has put the safety of their customers at the forefront of the business. As the most trusted payday loans direct lender in a tarnished industry, we have introduced fair and flexible repayments to our niche. We take every precaution to make sure that you can afford the payments by carrying out extensive affordability checks to ensure that the loan will not put you into financial distress.

Borrowing a short term loan online will always be more expensive than a longer-term loan because of the risk involved for the lender. However, sometimes they are worth it if you have to pay for an emergency expense. Even though shorter-term loans tend to have higher interest rates, they can work out cheaper than going into an overdraft on your bank account in an emergency. Cashfloat’s short term loans have a lower APR than many other lenders in the UK.

Our daily interest rate is capped at 0.8%. You can see a representative example here: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Daily interest is capped at 0.8%. Representative APR includes all applicable fees. We use simple interest, which is cheaper than compound interest used by the banks.