Best 6 Month Loans Compared
If you only need to borrow money for 6 months, then these loans will be perfect for you.
6 Month Loans Summary:
Here is a quick summary of the key info about 6 month loans:
- Can get a loan even with bad credit.
- Can be applied to online.
- Must be over 18 years old.
- Must have a bank account.
- Must have regular income from a job, pension or benefits.
Read the full guide below, or skip to the best rates.
Compare the Best 6 Month Loans Online
Here are the best deals we found for a 6 month loan, with fast applications and good rates.
About 6 Month Loans
There is often a need for something between the long-term, large-amount loans like mortgages, and the quick, expensive payday loans. The 6-month loan is designed to fill that gap. Our comparisons can help you find the best deal for your situation.
Like every unsecured loan, a credit check is necessary, but our use of technology and the usually good customer service of the lenders make this as easy and painless as possible. Short term loans are often designed to account for some blemishes on your credit rating, however, so there is no need to give up before trying. Many people not only receive loans despite poor credit scores, but the loan actually helps repair some of the damage.
How the Repayments of 6 month loans go?
The total amount borrowed is added to interest charges and fees, and then divided by the number of months you will take to pay them back. That way, the payment each month is for about the same amount, and there are no surprises to your budget.
For example, consider a loan of £1000, at 18% APR, with fees of £50. The interest totals £180 for the full year. Add the loan amount to the interest amount and the fees, and you get a total of £1230. If this is to be paid off over a 12-month period, that would result in a regular payment of £102.50 per month (£1230 divided by 12).
How can I apply for a 6 month loan today?
The easiest way to apply is probably online. You won’t need to travel anywhere or to sit across the desk from a loans officer waiting to hear if you are approved or not. Use our comparison to find the best offer for your circumstances, and go from there. There are some legal requirements though. You must:
- Be at least 18 years of age.
- Have a regular monthly income from a job, pension, or benefits (minimum £500).
- Have access to your own bank account with a debit card.
- Have a mobile phone and active email address (for the application process).
How can I repay my 6 month loan properly?
The lender will make arrangements to have the loan repaid in six equal monthly instalments, usually beginning one month from when you receive the loan, on an agreed date (such as the first of each month). This money will usually be taken from your account by direct-debit, so make sure you maintain enough in your account to cover the payments each month. Missing payments can incur fees and increase the amount of interest paid, so keeping on top of things will save you money.
How is a 6 month loan different to a normal payday loan?
The main difference is that the repayment period is extended to six months, rather than the loan having to be repaid on the next payday itself. This allows for one-time loans without the repayment taking so much of the income that the problem just rolls over into the next month. In other words, it is designed to prevent a cycle of needing a payday loan every payday period.
How quickly can I get a 6 month loan?
It is possible that the process can be completed in a single day, but more likely that it will take a day or two from the time you contact the lender until the money is in your account. Once approved, however, the money is usually transferred to your account in a matter of minutes or hours.