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Jargon Buster: Short-Term Loans

stacks of coins
stacks of coins

You don’t have to feel outfoxed by all that short-term loans gobbledygook with this clear and simple phrase list.

Between our complete Short-Term Loans guide and this phrase cheat sheet, you’ll be a loans guru in no time at all.

Credit Union

A Credit Union is a bit like a bank, but its members all have something in common, like the area they live in. Generally, only members are allowed to save and borrow money from a union. Unlike other credit lenders, the loan is taken from the pool of money which the members all contribute to. They can also decide whether to lend you money in the first place.

Doorstep Loan

Doorstep loans are a type of personal loan. As the name suggests, the cash loan is delivered to your doorstep. With us at Provident, that’s done by one of our friendly Agents.

Extension

An extension to your loan means that you and your loan provider have agreed that you may repay over a longer period of time. If you’re struggling with repayments on your Provident loan, we have lots of ways you can find help.

Instalment Loan

An instalment loan is any loan where you make repayments over a number of weeks, months or years. Sometimes you might see online loans called instalment loans to separate them from the types of loans you can apply for online and pay off in one go.

Online Loan

A loan which is entirely managed online. You apply for your loan online, which is then paid directly into your account and repayments are taken by direct debit. The loan can be monitored and managed online as well.

Payday Loan

A payday loan is a small amount of money designed to be repaid when the borrower next receives their wage.

Short-Term Loan

Short-term loans are small amounts of money which are repaid over a number of weeks or months, as opposed to years. They’re usually for anything from under £100 to a few thousand pounds and come with higher interest rates.

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