Loans for 6 Months

£100 to £5,000, same day payout*

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Boutell.co.uk is a broker, not a lender, and does not make credit decisions.

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

*Boutell does not perform a credit check on any of our applicants however lenders will determine if you're eligible for a loan via a soft search. If you accept the loan offer a hard search is performed.

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Short Term Loans for Six Months

There are many reasons why we might consider getting a loan and there are many different types of loans available. This means that if we are looking to borrow money, we may have different needs to others needing to borrow. There are big differences between loans and it is good to understand what they are so that you can choose the right one for you. The types of loans can be split into rough categories:

How much would you like to borrow?

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).

  • Loans for a specific purpose – these are loans such as student loans or mortgages. You can only have them if you want to use them to pay university fees and living expenses and buy a home. They cannot be used for any other purpose. This might also be the case for some other types of loans too such as car loans, for example. These usually tend to be long term loans as the amount tends to be a large amount of money.
  • Loans with flexible repayments – There are some loans where there is no set repayment schedule. We often think of having to repay a fixed amount each month, but not all loans require this. For example, although a credit card requires a small minimum payment each month which covers the cost of providing the loan, the main balance borrowed can be paid back at any time. This means that you can have the loan for a long time and sometimes they can last years or longer, compared with a short term loan which might only last for six months or so. Another example of this is an overdraft where the loan will automatically be repaid as you put money into your bank account but when you do this and how much you repay will not be specified by the bank.
  • Loans that only last a short time – There has been a growing trend over the last decade or so to take our short-term loans. These last a lot less time than conventional loans, perhaps anything from a few weeks, perhaps a six month loan or one that lasts a few years. These tend to have some features that are quite different to other loans.
  • Loans that only last a short time have a number of advantages:

  • Quick to repay – As the loans do not last long it means that they are repaid comparatively quickly. This can be a great advantage for several reasons. Some people are not keen on being in debt and so they will be able to be free of it pretty quickly if they use a six month loan or something similar to this type of loan. So, it is great for any one that is in a rush to repay. It might be that they do not like being in debt or that they want to be out of debt by a certain time because they want to have money available for buying other things.
  • Do not borrow too much – It is not possible to borrow too much when you get a short-term loan. This is because you do not have long to pay it back. It would be impossible to have a mortgage that was just a six month loan, for example. By not borrowing too much it means that you will be tempted to borrow more than you need and therefore add extra cost to your loan. You will also be more likely to be able to make all of the repayments more easily.
  • Manageable repayments – With a small loan, repayments will be smaller and therefore easier to manage compared to a larger loan like £5,000. If you have a mortgage, for example, you could be paying hundreds or even thousands each month, whereas with a small loan you are much more likely to be paying back less that a hundred each month, of course, depending on how much you borrow and how long for. It is obviously much easier to manage smaller repayments and if you have other loans or financial responsibilities then this will be helpful for you.
  • Can soon get back on track – As the loan will be repaid quickly, it will mean that it will not be long before you can get your finances back on track. You will be able to be able to afford all of the things that you want without worrying about having money available for repayments. You might even be able to start saving some money. This is a really great thing to do as it will mean that if you need things in the future that you cannot afford you will be able to use your savings rather than having to borrow money.

However, if you get a loan that lasts for a really tiny amount of time, such as only a few weeks they may not suit you perfectly. There are some problems with these really short-term loans which are worth thinking about:

  • Harder to manage repayments.
  • May not be able to borrow enough.
  • May have trouble managing after loan repaid.

How We Compare

  • Boutell
    Why Use Us?
  • How much can I borrow?
    £100 - £5000
    No hidden fees
  • Over how long?
    1 - 36 months
    Flexible repayments
  • Can I apply with bad credit?
    Yes
    Quick decision
  • How do I apply?
    100%
    Online fully SSL secured
  • When can I apply?
    24/7
    Even on bank holidays
apply now!

Therefore, it could be that taking out instant loans for six months could be the perfect solution. The loan will still not last for very long, but you will have enough time to repay it that the repayments should be manageable. Of course, the right repayment term and the right amount to borrow will be determined by what you need the money for. Make sure that you carefully calculate how much you need and only borrow that amount. Also make sure that you calculate how much you can afford to repay as well. You need to be sure that you will be able to make those six-monthly repayments. Find out how much you will be repaying each month and then take a look at your bank balance to see whether this is an amount that you would normally be able to afford. If you think that it will be too expensive for you, then you could try a few different things:

  • Borrow less money – Of course, this may not be possible if you are only borrowing exactly what you need.
  • Earn more – It may be possible for you to fit in more work so that you will be able to increase your income and therefore have more money to put towards you loan. It is well worth working this out first though, so that you are completely aware as to whether you will be able to fit in enough work and have guaranteed paid work in the time that you need it.
  • Spend less – You might be able to reduce the amount of money that you are spending on other things and therefore have more money available to repay the loan. This can be tricky in some cases, but there are things that you might be able to cut down on. You will still need to pay any bills, food, travel, any other loan repayments and contracts, but you may be able to cut down on luxury items and try to use up items you already have rather than buying new. So, use up those toiletries and foods you have had hanging around for a while and you may be able to save money that way.
  • Find a cheaper lender – Another help could be to find a lender that has lower charges. If you are paying less for the lender then your repayments will be lower and therefore it will be easier for you to manage them. You may have already hunted down the cheapest lender you could find but if you have not then it could be wise to do so. There are different ways that you can do this such as using comparison website, credit brokers such as Boutell or comparing some charges yourself.

It is well worth thinking carefully about any loan that you plan to take out and make sure that it is completely suited to you with regards particularly to the repayments. Managing the repayments is so important, both with regards to the cost of the loan; as missing payments will result in extra charges and in feeling in control yourself. So, if you spend some time making sure that you are happy with your choice and calculating what you can afford, you will be able to make sure that you have a positive borrowing experience. There is no reason for a loan to be stressful but you will have to plan it well in order to completely ensure that everything goes smoothly for you. A six month same day loan could be a great idea for most people as it is likely to be affordable but will not last for too long and you should be able to still be able to borrow a reasonable amount of money.

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