If you have to unexpectedly fork out for emergency home repairs or pay an unplanned bill, you might need access to cash fast. And that’s where a short-term loan can help you.
Short-term finance is fast, flexible, and designed to help you in times of financial need. But it’s important to understand that applying for a loan like this should not be your go-to option. Only apply for an 18 month loan if you’ve already tried raising funds in other ways, i.e. asking family.
Read on to learn more about an 18 month loan and whether it’s the right option for you.
An 18 month loan is a short-term loan designed for emergencies to help you plug a temporary gap in funding unexpected purchases or costs. You can access this cash in as little as 10 minutes² after your application has been approved and repay the loan in instalments over 18 months.
A short-term loan like this means you no longer have to worry about paying those emergency expenses that inevitably crop up.
If you meet the below basic criteria, there’s a good chance you’ll be eligible for an 18 month loan. Please note that lender criteria might vary.
You can apply for a short-term loan between £50 and £5,000† through our direct lenders. The amount the lender will agree to lend you will depend on your financial situation — the lender will always ensure you can repay the loan and will only lend responsibly.
Lenders will want to see proof that you can repay your loan easily over the 18-month period, so only apply for the loan amount you need.
Remember: Applying for an 18 month loan should be a last resort. You should exhaust all other avenues first, for example, asking friends and family for money or selling items you no longer use to raise funds. Getting into debt isn’t a decision you should take lightly.
Yes, you can get an 18 month loan with bad credit. Our direct lenders try to make lending accessible to as many people as possible, including any borrowers with a poor credit history. There are bad credit loan options, such as guarantor loans, so we’re sure we can find you a suitable loan.
As an applicant with poor credit, you might find your interest rates are higher as you pose more risk to the lender. So although lenders accept applications from those with bad credit, you should always try and improve it wherever possible. Experian has some great tips for improving your credit score — you can make small changes, for example, by registering yourself on the electoral roll.
Improving your credit score will also give you a wider range of lenders to choose from and increase your chances of securing finance in the future.
Remember: If you’re struggling with debt and need some advice on how to manage your money, visit MoneyHelper.org.uk for free, impartial advice.
Unfortunately, you cannot get an 18 month loan without a credit check. All UK lenders are obligated to lend responsibly, which means checking your financial history — whether you’ve made repayments on time in the past, etc. However, this doesn’t mean you can’t apply for a short-term loan with bad credit.
ThisLender will not credit check you when you apply, but lenders will initially perform a soft credit check (which does not appear on your credit file) to indicate if you're eligible for the loan. Once you’ve accepted the quote and proceeded with the loan application in full, this is when the lender will carry out a hard credit check.
Getting a quote with ThisLender will not affect your credit score.
You can apply directly through the lender’s site for an 18 month loan, or you can use a free broker like us. We do our best to match you to a direct lender loan for your needs, which means we do all the legwork for you.
So save time trawling the web and comparing lenders — let us match you instantly with a suitable lender.
Some lenders can transfer the cash in as little as 10 minutes² after approval. If you don’t see your cash immediately, don’t worry, you’re likely to receive it the next working day, depending on the lender terms. As these 18 month short-term loans are designed to plug financial gaps quickly, you’ll receive the money fast.
Important: It’s important to note that lenders vary, and the time of day you applied and your bank’s policies and procedures will also affect how quickly funds can be transferred.
We’re a UK credit broker and are authorised and regulated by the Financial Conduct Authority (FCA). We do not charge a broker fee which means our loan matching service is 100% free for you to use. After you’ve received quotes from our lenders, you have no obligation to accept the quote. Whether you want to proceed or not is completely you’re decision.
If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan you can get free and confidential advice from MoneyHelper (formerly The Money Advice Service), National Debtline or debt charity StepChange.
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Representative 49.9% APR
Representative example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28 Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative. Rates from 45.3% APR to 1721% APR - your no-obligation quote and APR will be based on your personal circumstances. The minimum repayment period for any loan will be 90 days from the date the loan is issued. The maximum repayment period is 3 years.
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