Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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.
Estimate how much a high-cost short term loan is likely to cost you each month and overall with some popular short term lenders:
Buffa is a UK short term lender that offers small, fast loans. It’s a member of the Consumer Finance Association (CFA) and claims to offer flexible loans with no hidden fees for those with good or bad credit.
| Product Name | Buffa Short Term Loan |
|---|---|
| Available Amounts | £100 to £750 |
| New customer maximum | £750 |
| Loan terms | 3 months to 6 months |
| Maximum APR | 1,292% |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | Buffa aims to deposit the money in your bank account within just 5 minutes of approval. However, it might take longer depending on your bank. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment,Phone payment |
| Repay early at any point | |
| FCA registration number | 791745 |
You can apply for a Buffa short term loan within a couple of minutes, and you can check your eligibility without it affecting your credit score.
When you take out a loan, you’ll be given a set repayment schedule and will then need to make monthly repayments until the loan has been paid off.
The cost of your loan will be based on how much you borrow and the length of your loan term. The longer you take to repay the loan, the more you’ll pay in interest, but the smaller the size of your monthly repayments. At the time of writing, Buffa’s rates max out at 274% p.a.
Loan amount: £100
Loan term: 3 months (with monthly repayments)
Interest rate: 274% p.a.
Total cost: £148.02
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Applicant with bankruptcy | You must not currently be bankrupt or in an IVA. |
| Additional eligibility notes | You must live in England, Scotland or Wales. You must receive a regular income. You must have a UK bank account with a valid debit card. |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Phone number | 0800 1701 703 |
Despite claiming to bring vital transparency to the short-term loan space, Buffa loans have the same benefits and drawbacks as most other payday loans.
While you can get approved and funded for a Buffa loan within minutes, you’ll be faced with very high interest rates (albeit not quite at the maximum allowable).
As with any short term loan, if you fail to make your repayments, you could end up getting yourself into serious financial trouble, therefore a Buffa loan should only be considered as a last resort.
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Now in their third year, these awards recognise the credit, loans, mortgage and BNPL providers displaying the best innovations in their field.
The winners of the Finder Lending Innovation Awards 2023 have been announced, find out who won across seven categories here.
Find out the winners and highly commended brands in the Finder Lending Innovation Awards 2023. The best lending innovation in the UK!
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