If you are looking for a loan, one option you may have heard of is a short term loan. This is a loan that is taken out for a very brief period of time, usually less than 12 months. A short term loan can help to bridge a gap in your finances to meet an unexpected need such as a family emergency, home appliance breakdown or car repairs.
Whilst a short term loan can seem like a good option, one aspect to be aware of is that interest rates are often high on short term loans, which can make them an expensive way to borrow money. Repayments on a short term loan can be high, and as these are often taken on a continuous payment (CPA) basis from your debit card, you need to ensure that there is always enough money in your account to cover them.
A good alternative to a short term loan is to take out a loan over a longer repayment period but which allows you to repay it earlier if you are able to do so. For example, Munzee offers personal loans with a repayment period of 24 months. If you apply for a loan with us we make an instant lending decision and get your money to you the same working day. Your repayments are then spread over 24 months which makes them much more manageable. However, if you are in the position to repay the loan in full earlier than 24 months, there is no charge for doing this, and you will only pay interest on the period for which you had the loan.
Munzee offers personal loans between £1000 – £5000, repayable over 24 months. There are no fees to set up the loan, or for early repayment, and the money can be used for any purpose of your choice. As a direct lender, we will give you an instant decision and release your funds the same day. So a Munzee personal loan could be the ideal alternative to the short term loan you are looking for.
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