Estimate how much a high-cost short term loan is likely to cost you each month and overall from some popular short-term lenders:
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.
| Product Name | Track Loans Short Term Loan |
|---|---|
| Available Amounts | £100 to £500 |
| New customer maximum | £500 |
| Loan terms | 3 months to 6 months |
| Maximum APR | 201% |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Repayment period options | Monthly,Weekly,Fortnightly |
| Default repayment method | Direct debit |
| Repay early at any point | |
| FCA registration number | 673046 |
You should only apply to Track Loans if you are certain you can meet the repayment terms outlined. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Min. income | £1,000 per month (excluding any housing benefit) |
| Additional eligibility notes | You must have a UK bank account that accepts direct debits. You must Live in England or Wales. |
Unlike a number short-term loan providers, Track Loans will only take repayments via Direct Debit on an agreed date. This means you are protected by the Direct Debit guarantee. It does not use a Continuous Payment Authority (CPA) to make multiple requests for payments from your account.
With a CPA you give a company permission to withdraw money from your account whenever it wishes, and to take payments of different amounts without consulting you. Most short term loan companies like Track Loans will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding | |
| Multiple loans allowed at the same time |
Track Loans and similar high-cost, short-term credit providers offer a super-convenient but eye-wateringly expensive method of borrowing. Because of this, it should only really be considered as a last resort. It’s not a good idea for borrowing over longer periods, or for sustained borrowing, and don’t expect it to solve your money problems.
Before applying for an expensive loan, consider your 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.
Alternatively here are some sites providing loans like Track Loans loans:
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.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Track Loans Short Term Loan | 2001 | Instalment loans | More info |
|
Lending Stream Instalment Loan | 2008 | Instalment loans | Go to site |
|
Moneyboat Short Term Loan | 2011 | Instalment loans | Go to site |
|
QuidMarket Short Term Loan | 2011 | Instalment Loans | Go to site |
 |
Mr Lender Short Term Loan | 2009 | Instalment loans | More info |
 |
Conduit Short Term Loan | 2012 | Instalment loans | Check eligibility |
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