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We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. Mula Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd. for the purposes of obtaining a loan. We do not provide any loan or consumer credit products directly.

Short Term Loans - Helping with Unexpected Emergencies and Expenses

Short term loans are traditionally defined as those with a period of a year or less, although it’s not unheard of for repayment to extend a bit longer than that. They are a way for a person to get the money they require and repay it quickly in order to satisfy a pressing need. Short term loans can certainly be helpful in many circumstances but they do come with certain risks and costs and they’re not for everyone. The reasons people decide to take this type of loan are many and varied and range from the essential to the practical to the merely personal, including:

  • - Car repairs - For most of us cars are more than a luxury, they’re a necessity. When the car breaks down it’s not always going to be covered by your insurance policy meaning any repairs will need to be made out of pocket. A short term loan can provide you with the cash you need to get your car back on the road.

  • - For home improvements/repairs - Boilers break down, pipes burst, eavestroughs fail at the worst possible time. There are dozens of things that can go wrong around the house and most of them will need to be fixed quickly and effectively before they do long term damage. Such things have a habit of occurring at the worst possible time in which case you may need an instant decision short term loan to pay for them.

  • - To cover unexpected expenses in the short term - for example, to cover travel costs in the event you need to attend a last minute job interview or visit a poorly relative.

You should bear in mind that when it comes to short term or payday loans, that while they may sound simple they are in fact a big responsibility. They are designed to be a solution for temporary money issues but should not be used as a long term fix.

Benefits of Short Term Loans

There are a slew of benefits to borrowing in the short term, as long as you do not take on more than you actually need and are certain of your ability to repay the loan fully and on time. These benefits include:

  • - Speed - Short term loans typically have a quick approval process that allows you to get the money you need when you need it. It’s one of the primary benefits of this type of loan. When an emergency situation is upon you, you don’t have the time to endure the bank’s seemingly endless application and approval process and with this type of loan you don’t have to. Getting the cash you need now in order to satisfy a pressing need can make all the difference.

  • - You pay back less - With long term loans your monthly payment is typically smaller but you wind up paying more in interest over the life of the loan. With short term loans you’ll be paying them back quickly and, although you’ll be charged a higher interest rate, you can often save on interest payments as the interest has accrued over a short period of time, as long as you pay the loan back within the agreed time frame. If you let things slip and start to miss payments or make late repayments, that’s when things become problematic as that leads to additional fees and interest.

  • - No Collateral Necessary - Short term personal loans are often granted without the borrower having to put up collateral. This is called an “unsecured loan” and it’s attractive because it eliminates the risk of you losing a valuable asset. Keep in mind however that if you are unable to repay the loan the lending institution will likely still be able to take you to court to get relief in the form of a CCJ. So while you may not have to offer a prized asset as collateral there are still serious risks and repercussions involved with not paying your loan back.

  • - Availability - Many short term lenders are not as concerned with your credit history as they are with other things, like whether or not you have a job and whether you have other outstanding loans you are currently trying to repay. As such the availability of short term loans is often much greater than that of long term loans, whether secured or unsecured. This broad availability allows those who might not qualify for a long term loan to get the short term help they need to get through a difficult time.

  • - No Need to Commit Long-Term - Short term loans offer an alternative to paying off a smaller borrowed amount over a number of years - they allow you to repay your debt over the course of just a few months and up to a year. This makes them more suitable for certain things like unforeseen expenses. However when it comes to larger purchases such as holidays, weddings or bigger home improvement projects, a longer-term or personal loan may be the most suitable option.

There are 2 sides to everything and even the best short term loans are no exception. While they can be lifesavers (sometimes literally) they also come with a couple of very real potential drawbacks every borrower should be aware of. These drawbacks are:

  • - Higher Interest - Short term loans charge a higher interest rate than long term loans. There’s no way around it. This is especially true when it comes to that form of loan commonly called a “payday loan”. Interest rates on these loans can be 1000 times higher than for a standard long term personal loan. As such it’s imperative that you be sure you can pay back the loan within the time allotted in the agreement.

  • - Rolling over a loan - Often people borrow money to consolidate debt or pay their monthly bills because they are short on cash. The next month however, when the first payment is due they are still short on cash, have spent the money they borrowed and now cannot afford to make the payments, which means many borrowers opt to rollover their loan to the following month or take out a new loan in order to pay their original loan back. Again, it must be stressed that it’s imperative that you are sure you can repay a short term or payday loan on time before you apply, and that repaying it will not affect you managing other obligations such as mortgage or rental payments and household bills.

Now that you have a better idea what a short term loan is as well as the benefits and risks associated with this type of loan you’ll need to find a lender. Your choices boil down to:

  • - Banks: If you have an established relationship with a bank (say they hold your mortgage or car loan) they may be your best bet as long as you are in good standing with them - although banks do not offer short term loans as a standard, they may be able to offer a shorter term personal loan or temporary overdraft.

  • - Credit Unions: Again if you have an established relationship with a credit union through your job and you are in good standing with them it might be worth investigating them as a source for your short term loan.

  • - Direct Lender institutions: - These are companies that specialise in providing various types of loans to businesses and individuals. They’re not banks or credit unions, they just provide loans. This type of company may be the best way to go if your relationship with the bank or credit union is less than perfect.

  • - Peer to peer lending: - Also known as 'P2P lending', this is a regulated form of borrowing and lending between individuals. It is typically provided through an online service which matches you (the borrower) with independent lenders and investors in the format of a 'matchmaking' service.

Caveat: When it comes to personal loans each time you apply the institution is going to run a credit check on you. Each time a credit check is run it has the potential to lower your credit score and make an already difficult situation even worse. So, while some might decide that applying to as many potential lenders as possible makes sense, it might in fact do more harm than good.

The Advantage of a Licensed Credit Broker

There is an alternative however, and that is a licensed credit broker like Monevo. Monevo do not lend money and are not a lender, but they act as an intermediary between you and the lending institutions. You pay nothing for our or Monevo’s services and there’s no credit check whilst you’re on our website. Instead Monevo take your particulars and run them through their software to provide a variety of lending options to you in just minutes so that you can then decide which loan is best for you. Mula and Monevo’s service saves you time, helps protect your credit rating and provides you with a bevy of possibilities of the most attractive loan offers matched to your circumstances.

Exploring All Options introduces applicants to Monevo, who work with a network of the UK’s most trusted short term loan direct lenders including:

  • - Pounds to Pocket

  • - Be Savvi

  • - MYJAR

  • - Satsuma Loans

  • - And more...

If bad credit is interfering with your ability to get an unsecured short term loan, Monevo will try match you to a lender that caters for people with poor credit files. Another great thing is that Monevo work with many lenders that offer a quick or same day payout if you’re accepted. That way you can often have the cash you need in a matter of hours.*

Who is Eligible to Apply to Mula?

Lenders on Monevo’s panel lend to UK residents with all manner of credit histories and files. You must however, meet the following basic requirements:

  • - Be a UK resident.

  • - At least 18 years old.

  • - Provide particulars of your income and expenses.

  • - Have a valid telephone number and email address.

You’ll notice when dealing with us that we don’t offer a loan calculator. That’s because loan calculators may detail lower or higher payments than what you would be offered.

The Mula Difference

Although the team behind Mula and Oink Money Ltd have only been around since 2016, we take pride in the fact that we've successfully introduced thousands of applicants to Monevo who have then gone on to borrow money. Our team is made up of marketing experts who have been working in the dynamic field of consumer finance for almost two years.

Through our application form, we introduce applicants in real-time to Monevo. Their mission is to provide you the financial assistance you need by securing you a financial product to match your requirements, at the lowest cost available to you.

Monevo’s software is the envy of the industry and allows them to compare short term loans and provide customers with a range of options they would have been frozen out of otherwise, and do so in just minutes with no credit check.

The icing on the cake is that Mula and Monevo provide this service at no charge to you. So what do you have to lose? Apply today and get the fast payout short term loan you need to set yourself back on track toward a better future.*