Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Compare £100 short-term loans
Need £100 to cover an unexpected shortfall? Compare rates from a range of short-term lenders.
Sometimes things don’t always go to plan and unexpected costs can pop up. If you need a small amount of cash for a short period then a short-term loan is one way to bridge the gap. There may be other options however, and moneyadviceservice.org.uk is a good place to find alternatives.
If your application for a payday loan is accepted, funds can usually be transferred to you within a day. The amounts on offer are generally smaller, and rates higher, than those provided by banks. The loans also generally come with much shorter repayment periods as they’re designed to be a short-term helping hand, not a long-term solution.
We compare payday/short term loans from
Is high-cost, short-term borrowing a good idea?
Payday/short-term loans are a very expensive method of borrowing and are not a good idea for borrowing over longer periods, or for sustained borrowing. They may not solve your money problems.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
What you need to know about a £100 short term loan
Short term loans are designed to help you out you when unexpected costs (perhaps a vet bill or car repairs) arise. They should not be used as a solution to long term financial problems and you should look to pay them off as soon as possible.
Some key features of a £100 short term loan
- High interest rates. Interest rates on £100 loans are typically very high compared to other forms of borrowing. Rates are legally capped, but at an eye-watering 0.8% a day. On a £100 loan, that’s £5.60 a week.
- Short repayment periods. Payday/short-term loans are generally designed to help tide you over for a couple of weeks or months. Some lenders will let you borrow for longer, which will result in lower monthly repayments, but remember that if you borrow for longer you’ll normally pay more in interest overall.
- Quick access to funds £100 loans can often be approved and sent to you within a few hours to a day. However, for some lenders the whole process could take a couple of days.
- Early repayment. It is normally possible to repay part or all of your loan early at any time, and in doing so, save money in interest. You should check that this is the case before taking out a short-term loan.
- Paid back by CPA. Short term and payday loans are typically paid back using a Continuous Payment Authority (CPA) but you can sometimes opt to pay by direct debit or manually.
Benefits and drawbacks of a £100 short term loan
You should only apply for a £100 payday/short-term loan if you’re certain you can meet the repayment terms. While the eligibility requirements may vary depending on each individual lender, you’ll generally need to meet the following criteria:
- Be aged 18 or over.
- Be a UK resident.
- Hold a bank account.
- Have an email address and mobile number.
- Have a regular income.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
Frequently asked questions
More guides on Finder
Loans like Credio
Credio was a popular source of short-term credit online until the lender stopped issuing loans in 2018.
Sites like cashasap.co.uk
Looking for loans like Cashasap? Check out our list of UK lenders offering similar payday loans and services to Cashasap.
Top reasons for payday loan rejections
Had a payday/short-term loan application declined? Wondering why? We take you through the top reasons payday lenders say “no” plus what to do next.
Compare 6-month short-term loans
If you’re experiencing a financial shortfall, you might be considering a six-month loan. Use our guide to compare loan rates and overall costs from a range of lenders, and to learn more about how short-term loans work.
Sites like Cashfloat
Looking for sites offering similar loans to Cashfloat’s? Browse popular short-term lenders offering a comparable service. Compare rates, fees, eligibility and estimate the total cost of borrowing.
Compare £1,000 short-term loans
Experiencing unexpected costs and considering a £1,000 short-term loan? Use our in-depth guide to compare rates between lenders and to get a fast and simple estimate of costs.
Compare 3-month short-term loans
Sometimes unexpected costs pop up and leave us temporarily short of cash. If you need a helping hand for three months then you might be considering a short-term/payday loan. Use our guide to compare rates and total costs of borrowing from a range of UK lenders and to find out more about how short-term loans work.
Compare £300 short-term loans
It’s not always possible to see what costs are around the corner. If you’ve found yourself £300 short then you might be considering a payday/short-term loan. Use our guide to learn more about payday loans, to compare lenders and to calculate the cost of a £300 loan.
Can you repay your short term loan early?
Why not repay your payday loan early if you can? Find lenders that let you close your loan early without charging you a penalty or fee.