Compare 6-month short-term loans

If you need to bridge an unexpected and urgent financial shortfall, but need a longer repayment period than a traditional payday loan, then you might be considering a 6-month loan from a payday/short-term lender. Use this guide to compare lenders and learn about how these loans work.

Last updated:

It can be difficult to budget for every single cost that life throws at you. Whether you need to replace the washing machine, fix the car or have been hit with a utility bill that was bigger than you had anticipated, a six-month short-term loan could allow you to spread the payment. Unlike a traditional “payday” loan, repaid in one lump sum on your payday, these loans give you longer to sort out your financial situation by breaking repayment down into smaller instalments. Crucially, however, spreading repayment means paying more overall for a loan, so if you can possibly pay off the debt sooner, you should.

The good news is that you can often have your funds transferred the same day that you apply. The bad news is that high-cost, short-term credit involves extremely high interest rates, and being charged such high interest rates for six months makes these a very expensive credit option. There are alternatives. Before you take out a six-month loan, learn about alternative options at moneyadviceservice.org.uk.

If you have decided on a six-month loan, however, it’s vital that you compare rates from multiple lenders. While most payday lenders charge very similar rates for loan terms of one or two months, there is more variation and competition for six-month loan terms.

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

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 6-month loans from payday/short-term lenders

Table: promoted deals, sorted by total payable

You can use the tool below to get an idea of how much the loan that you have in mind would cost each month and overall, from a range of popular payday/short-term lenders.

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Moneyboat Short Term Loan
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket Short Term Loan
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Sunny Loan
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

What you need to know about 6-month loans

Unlike payday loans, unsecured six-month personal loans are actually available from some of the big high street banks. It’s also possible to get a credit card with low or no interest on purchases for a set number of months. Although they may involve a longer application process, and stricter eligibility criteria, these options could be cheaper than a six-month loan from a payday/short-term lender.

Before applying for a payday/short-term loan you should always consider other options. Is the expenditure that you’re planning absolutely essential? If possible you should defer your purchases as this will save you money in the long run. If you need the money to pay for a bill, it’s always worth speaking to your provider to see if you can organise a payment plan or defer your payment. Read more about alternatives to payday loans at moneyadviceservice.org.uk.

Payday/short-term loans are a high-interest form of borrowing designed to help you overcome a temporary shortage in cash. Typically you will be expected to make monthly repayments, however it is possible with some lenders to pay back your loan weekly (or in a few cases, fortnightly). As a general rule of thumb, making repayments more often means that a loan will cost less overall. That may not be the case, however, if a lender charges different interest rates for loans repaid monthly/fortnightly/weekly.

Because six-month loans almost always have a fixed-rate of interest, you will know in advance exactly what you’ll have to pay, and when, and how much the loan is going to cost you overall. You should only take out a six-month loan if you’re certain you can meet this repayment schedule. Failure to do so could lead to your credit score being damaged, making it becoming harder to secure credit in the future.

Most six-month loans from payday/short-term lenders will be automatically repaid via Continuous Payment Authority (CPA). However, it is usually possible to pay manually or by direct debit instead.

Benefits and drawbacks

What are the pros and cons of getting a six-month loan from a payday/short-term lender? Here’s a non-exhaustive list:

  • Quick turnaround time.
    Thanks to improved technology and competition between lenders, six-month loans can be approved and sent directly to your bank account the same day. Some lenders even advertise being able to transfer funds in a few hours or even minutes.
  • Spread repayments.
    Paying over six months (rather than upfront or in one lump sum on your payday) means smaller monthly or weekly instalments. Bear in mind that it also pushes up the overall cost, however, as you’re borrowing for longer.
  • Easier approval.
    Even if you have poor credit, some lenders are still willing to consider your application, where high street banks might not. These lenders focus on what they deem affordable for you, rather than your credit history.
  • High interest rates.
    Payday/short-term loans are an extremely costly way to borrow. Interest rates are capped at 0.8% per day, but many lenders choose to price their loans on or just under this point. To put that into perspective, £500 at 0.8% per day equates to £28 a week.
  • Not a long-term solution.
    Payday/short-term loans may not solve your financial issues, and could even make them worse. You can find free, expert advice about dealing with debt at the government’s moneyadviceservice.org.uk.
  • Disreputable lenders.
    You should only ever borrow from a lender that’s authorised and regulated by the Financial Conduct Authority (FCA). Most lenders will declare this in the footer of their website, and you can then verify this with the FCA

Eligibility requirements

Requirements will vary by lender, but expect to be required to meet the following criteria:

  • Aged 18 or over.
  • UK resident.
  • Hold a UK bank account.
  • Have an active email address and mobile number.
  • Have some form of 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

Back to top

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site