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What are short-term loans?

The definition of a short term loan is usually a smaller-value loan, scheduled to be paid back within 12 months. However, the term can vary from lender to lender based on the amount, duration, purpose and terms of the loan.

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Representative APR 49.9%

Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.
Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.


At 118 118 Money, we offer unsecured personal loans from £1,000 to £5,000 which are borrowed and repaid in fixed monthly instalments over a period of 12 months, as well as over 18, 24, 30 or 36 months.

What can I use a short-term loan for?   

Short term loans can be used for various reasons; however they are more likely to be used to cover an unexpected emergency such as a car repair, home improvement, or any other unexpected bill which could leave you short on money to pay for other necessary bills or costs.

If you have less than perfect or bad credit history and are struggling to get credit from a bank or other lender, there’s no need to panic and accept the first approved loan offer you do get. As an alternative, a personal loan with 118 118 Money might be the perfect solution you’re looking for so it’s important to shop around to find the best deal.

Whatever your circumstances, our friendly team at 118 118 Money always look for the best short term loan solution to suit you. If accepted, we’ll guarantee to keep your offer valid for up to 5 days so you can take the time to shop around before you commit.

Understanding short-term loans

When you look into what some short-term loans offer, you may find that the short-term convenience also comes with high interest APR rates of close to 1000% or even above.

It’s really important that you choose a provider that won’t offer you a loan with repayments you can’t afford, and that you fully understand all of the terms and conditions of the loan you want to apply for.

Before applying for a short-term loan, you should always consider the following:

  • What APR (Annual Percentage Rate) will I be charged?
  • Are my repayments fixed amounts each month or variable?
  • Can I repay the loan wholly or in part early?
  • How quickly will I get my money?
  • Are there any hidden costs?

It might seem like a daunting task, but comparing lenders and loans available you will begin to see the impact of higher APRs and longer repayment terms have on what you can afford to borrow. Even if your monthly repayments remain fixed, you will see that the amount you can borrow will vary.

This will help you understand the real cost of the APR over the period of your loan – it is more than the interest you repay, it affects how much you can afford to borrow in the first place.

Choosing the right short-term solution for you

At 118 118 Money, we make borrowing money a thoughtful and transparent process. We take a sensible approach to lending and will never offer you a loan for more than you can afford to repay.

We look at more than your credit score and understand that unexpected expenses happen – this is why we are as flexible as possible around your specific financial needs. If you are worried about your credit score, you can try our Quick Check. This means you will know your likelihood of acceptance before you apply for a loan with us, and will not impact your credit score.

Our loans have no upfront or hidden fees guaranteed and our online application form on your laptop, mobile phone or tablet is very straightforward. We try to provide a decision within one hour and if approved, the money you borrow could be sent to your bank account within 24 hours.

People tell us 118 118 Money is straightforward, honest and fair. Our aim is to accept, not to reject, so why don’t you give us a try and complete our easy online application form today.

Representative 49.9% APR.