When taking out a loan, what is the best repayment length? In particular, what is a short term loan? And is that a good thing or not?

A short term loan is a loan that is designed to be repaid over a relatively short period of time. This can be a few months or even a few weeks.

You can use a short term loan for any purpose you choose.
Some of the most common uses of a short term loan are:

• A family emergency.
• Home repairs or improvements.
• Car repair or replacement.
• Family holiday or celebration.

So if you are in the situation of needing money quickly – for example for a family emergency, unexpected bill, or major purchase – a short term loan could be the answer.

The advantage of a short term loan is that it can help you to sort things out and it does not take long for the loan to be repaid.

However, one disadvantage can be that if the repayment period of a short term loan is too short, the loan repayments can be very high and could cause further financial difficulties. A good compromise is to fix a repayment period where the loan repayments are manageable but also the loan does not go on for too long.

• We provide affordable short term loans of up to £1000, particularly to people who have little or no access to loans from high street banks.
• Fair Finance is a direct lender so you only deal with us, there is no agent or middle man.
• As a direct lender we can give you a quick loan decision and, if approved, we aim to get the money into your account by the next working day.
• You can choose a repayment period of between 6 and 12 months. But if you are able to repay your loan sooner, there is no additional charge for doing this.
• We treat all our customers fairly, and will consider lending to you even if you have poor credit history or even a CCJ.

You can use the calculator above to see how the length of the loan affects the amount of the repayments.

You can then work out the best repayment period to request when you apply for your short term loan, to ensure that repayments are affordable. And with Fair Finance, if you are able to repay your loan earlier than expected, there will be no additional charges for doing so.

We treat all our customers fairly, and this includes making the loan process as quick and easy as possible.

There are four simple stages in the process:

• YOU complete a simple online application form.
• WE check your application and text and email you our lending decision.
• YOU call us to finalise the details and sign the contract.
• WE aim to get the money into your account by the next working day.

If you want to apply for a short term loan with us, you can take the first step now by completing our online application form and we will be in touch with you as soon as possible.

So for your ideal short term loan, look no further than Fair Finance.