What Is The Process for Repaying Our Short Term Loans UK?

Author : Payday Lendz | Published On : 02 May 2024

The borrowing limit for new clients is £100–£1000. Loans for short term cash have a minimum repayment period of two installments (which may be weekly or monthly, depending on the borrower's payday date) and a maximum repayment period of six months. This implies that if you take out one of our short term loans UK, you are not required to pay back the whole amount on your subsequent payment. Five days is the minimum amount of time for the first installment. Current clients are eligible for up to a £1500 loan, provided they pass our affordability and credit checks. Although consumers are not required to repay their loans in full within 60 days, they are free to do so early without incurring any fines or costs. Our loans have a daily interest rate of 0.7% (representative annual percentage rate: 939.5%), which is solely applied on the outstanding capital amount at any given time.

 Regarding payback, what about it?

Payment dates are often determined by your personal pay schedule. Regardless of when your next paycheck is, the first payment must be made no later than 21 days from the date the short term loans UK was taken out. Three distinct repayment periods will be available to you when completing your application:

One Pay Period: After the minimum 21-day grace period has elapsed, you may decide to return the whole amount of your loan, plus interest, on the day you receive your paycheck.

Two Pay Periods: Another choice you may have is to repay your short term loans direct lenders over the course of two pay cycles. You will pay the original loan amount plus any additional interest owed for the subsequent installment on your first scheduled payment date, along with the interest that has accrued up to that time.

Three Pay Periods: Should you select this option, the first two installments will be interest only, and the last payment will be the principal amount of the loan + interest.

You should have a clear understanding of the dates and amounts of your payments before starting the procedure. Following this, payments will start to automatically deduct from your bank account or prepaid debit card. You are not subject to any fines or additional costs if you choose to pay more than the minimum amount; in fact, doing so will lower the total amount of interest you pay.

When your pay isn't enough to satisfy your expectations, short term cash loans are a terrific method to fill the gap and get you through a bad patch. Compared to traditional loans, these loans usually have more forgiving credit requirements, smaller borrowable amounts, and shorter repayment durations. Almost everyone who meets the residency, employment, and age requirements may select this option.


It does cost something to have quick access to additional money. Interest rates for short term loans UK direct lender are typically greater than those of some other loans. Most claim that the benefits outweigh the additional expense. Just remember to use sound judgment. Pay attention to when you make your payments, and use this option only when necessary. By taking this action, you'll be well-positioned to benefit without putting yourself in danger of financial hardship.