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What Should You Consider?

Things to consider before applying

We think it's important that you have as much information about short term loans up-front as possible, so that you can make an informed decision about whether or not applying for short term credit is the right choice for you.

What are short term loans designed to be used for?

While you are not required to explain your need for a short term loan, they are generally designed to be used for short-term financial emergencies. They're not designed for long-term usage or repeated regular use, as the cost can become much higher in these situations. If you're using them to pay regular bills or using them on a regular basis, then it may be a sign that you need to take a more serious look at your financial situation. Please see our Charges Page for more information.

Agreements with lenders

Each lender will have their own terms and conditions and privacy policies, and you should check these before you agree to accept any loans with them. Accepting's terms and conditions and privacy policies does not mean that you automatically accept those of any lender you accept a loan from.

Implications of non-payment

Taking out any loan can involve risks. These can involve paying more interest and/or charges, as well as a potential negative impact on your credit score. If you continue not to repay, each lender has their own policy on debt collection, which can include contacting you, passing on your details to debt collection companies or possibly obtaining court orders. If your accumulated debts are large enough, this could lead to repossession of your belongings and/or property. Always consider carefully whether or not taking out a loan is something you can do responsibly.

Will a short term loan affect my credit rating?

If you repay it on time, a short term loan should not cause any issues with your credit rating. However, some long-term lenders (including a small amount of mortgage providers) see payday loans and other short term loans as evidence of short term financial problems, which they may take into account if you apply for a long-term loan, regardless of your credit rating.

Each lender will have their own policy with regards to credit checks and information verification. While most of them do not leave a footprint on your credit record, we cannot guarantee this.

What is continuous payment authority?

Some short term lenders will use CPA (continuous payment authority) to retrieve payment. What this means is that they are authorised to withdraw the funds from your bank account. If the money is not available, they can make multiple attempts. If you prefer to, you can cancel this by contacting the lender or by contacting your own bank and requesting it be cancelled.

Where to get free advice

If you're experiencing serious issues with debt, short term credit may not be the right option for you. You’ll be able to find lots of advice that is both free and easily available. We suggest you start at the Citizens Advice Bureau, or the Government debt advice site. You can also go to an independent debt advice charity. All of these should offer free advice – be wary of anywhere that offers to help you with debt in return for a fee. If you are unable to resolve issues with a lender and you wish to escalate it, you can contact the Financial Ombudsman for free on 0300 123 9123. You can visit their website at

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We work with a number of lenders and their APRs vary. This example shows the average figures.

Money Gap Limited operate and own the credit brokerage site, Money Gap Limited is not a lender nor does it provide credit to consumers. If you decide to apply on this site, your application will be shown to a variety of our lending partners to consider. We receive a commission from the lenders we work with after successful applicants are passed on from this website. Approval is subject to status and all applicants must have reached 18 years of age or older. The information provided on this website is for the purpose of explaining the lending process and should not be considered financial advice.

Money Gap Limited:
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