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How long is a short term loan?

26th March 2020

A short term loan is a form of High Cost Short Term Credit (HCSTC). It’s a financial service which lets customers borrow a small amount of cash for a short period of time. But how long is ‘a short period of time’?

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WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How much would you like to borrow:

£100
£400

How long do you need the money for?

1 day
35 days
Your repayment date is:
Total amount to be repaid:
£ 363.97
Annual percentage rate:
2573 % APR

Representative Example: £175 loan for 19 days at a fixed interest rate of 290% pa. Total amount payable is £201.42 in one single repayment. This is based on the amount of credit plus interest, no other fees apply. Representative 1390% APR

Representative Example: £250 loan for 3 months at a fixed interest rate of 290% pa. Total amount payable is £359.01 in three monthly repayments of £119.67. This is based on the amount of credit plus interest, no other fees apply. Representative 1238% APR


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