How it works

There is no fancy science to short term loans; they are a very simple concept. Here is how they work. When you fill in the online loan application form your details are passed to Monevo’s panel of many of the UK’s leading short term lenders. If any of them can offer you a loan they will make an offer. If more than one lender can offer you a loan the best value one will be selected and offered to you. All of the details will be provided to you before you agree, including the interest charges and the details of the lender. You are not obligated to take the loan.

To accept the loan offer you will need to sign the electronic loan agreement sent to you by email. Once this electronically signed agreement is received the lender will electronically transfer the money to your bank account. If your bank supports faster payments the money could be paid to your account in less an hour, sometimes as soon as 10 minutes.

We do not have any input on the lenders that make an offer of a loan or have any influence the decision in any way. An offer of a loan is not guaranteed or implied. Loans are subject to status.

If you wish to renew your loan, please discuss this with your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.

If you are thinking of consolidating existing borrowing you should be aware that it may involve repaying a higher rate of interest, extending the terms of the debt and increasing the total amount you repay.


Frequently asked questions

Representative APR: 68.7% (variable)

Representative example: £600 borrowed for 4 months. Total amount repayable is £1004.22 in 3 monthly instalments of £251.06, and 1 instalment of £251.04. Interest charged is £404.22, interest rate 292.0% p.a. (variable).

Warning: Late repayment can cause you serious money problems. For help, go to

Apply for a short term loan in 3 simple steps

Apply online

Apply online for free 24 hours a day with no faxes or phone calls. WWhen you apply Monevo will search their panel of trusted lenders to see who can offer you a loan.

Sign your loan agreement

If a lender on the panel can offer you credit just sign the electronic agreement to accept their offer and proceed with your loan.

Get your money

Once you have signed your electronic loan agreement the lender will transfer the money direct to your bank account. (Within the hour if your bank supports faster payments.) Subject to lender's requirements and approval.