Short Term Lending in the UK

3 Minutes Read

Short term lending is the financing of someone in need of cash. This is done with a quick repayment schedule. It is always offered for a short period of time as it possesses short maturity dates that are significant. A short term lending repayment schedule does go from ninety days but this varies with the companies that you lend from. Short term lending is very common all over the world as well as in the UK. Here are some of the best short term lending companies in the UK.

Zopa is a London based lender offering loans of up to fifteen thousand euros with individual borrowers dealing directly with lenders. This company categorizes borrowers based on their credit grades so they offer their terms and amounts of money based on the category of the borrower. Ratesetter is also London based. Here borrowers pay a credit fee that is used to diversify the risk by reimbursing lenders in the event that they pay late or default with the money lent to them.

IBanker is the first one to allow the cross border lending to all the EU countries. It is probably the oldest and a pioneer of social lending in Estonia. Funding Knight allows borrowers and lenders to transact directly to each other having a membership of minimum five hundred euros and can lend up to one hundred euros to small businesses that are planning to expand. These are some of the best lenders in the UK. You can explore them and see their rates and further information or rather you can check out for others which are also categorized as the best.

Before being lent some money in the UK, it is essential that you establish the best loan for you as well as know how long you will need to repay the money. Check the application criteria as most relate to your income and credit rating. You should know the cost of paying up the money. In short be sure to know the interest rate and determine whether you are able to repay it within the stipulated timeframe and check out its flexibility.