Compare short-term loans and save!

A short-term loan could be just the ticket if you need to borrow money for a few months.

MoneyHub experts say: The heating isn’t working and you have an unexpected car bill. Short term or payday loans have their place. Only if you absolutely NEED to borrow to plug a short-term hole in your finances, don’t automatically assume you’re frozen out by ‘normal’ banks and that short-term loans are your only option. Start by asking your bank, or similar. Ask your bank for an approved overdraft facility before going to a short term lender. Sometimes its better to come to an arrangement with your creditors than engaging their services. 


We also strongly advise that you borrow no more than is necessary. So if you need  400€ to get you to the next paycheck don’t be tempted to add another 100€ because its easy to do so. Short term lenders charge very high interest rates so if you experience complications and can not pay you will end up owing that lender a huge amount of money in no time at all. 

Its part of the short term lending business model that if you struggle to pay you will incur more fees. Remember that before using them!
Note: the tables show the cost of borrowing 1000 Euros over 3 month lending period and 1 year lending period, some lenders may reduce their rates for longer periods but not by much.
Minimaalne perioodMinimaalne summaIntress %1000€ / 3 kuud1000€ / 1 aastaMeie hinnang
Credit243 kuud10051.7889356Vaata lähemalt
Ferratum3 kuud10059.8783332Vaata lähemalt
Laen3 kuud1004992368Vaata lähemalt
SMSRaha3 kuud1004983332Vaata lähemalt
Bondora3 kuud10061.59104416Vaata lähemalt

Short-term Loans FAQs

What is a short-term loan?

Short-term loans, also known as payday loans, are designed to tide you over for a few months (or sooner if you can pay back the balance plus interest) and are for smaller amounts, usually between €100 and €1,000. 

They’re often used to meet emergency costs, eg boiler repair, that you otherwise couldn’t meet from your monthly salary or savings.

Generally, you will need to agree that the company can take its payment from your debit card on the day your next salary payment falls due, though some lenders will allow you to pay over a longer period – often up to six months. For some they offer lending of last resort which, used right, can solve unexpected holes in people’s finances, though read on for the full list of warnings.

What if I cannot repay my short-term loan?

If you know you can’t repay on time, avoid at all costs. If you later can’t pay, tell your lender immediately.

If you do go for a payday loan, the crucial point is that you know how you will pay it back. If not, then you can’t afford the loan. 

If you’re later unable to pay, contact the lender immediately.

If you take out a loan with a plan to pay it back and something later goes wrong, so you can’t, contact the lender as soon as you can and ask it for help. 

Always tell your lender as soon as you know you’re not going to be able to repay. It does work. Be firm, make a fair offer and be willing to answer questions about your income and expenditure honestly.

It should then offer you a fair and affordable way to repay, such as a structured repayment plan and the freezing of interest and charges, 


Can I repay an existing loan with a short-term loan?

Short-term loans should never be used as a way to fill the gap between your incomings and outgoings each and every month. If that’s happening to you, there’s a fundamental problem that a short-term loan will only make worse not better. An irresponsible lender will take advantage of this.

To stop being sucked in a downward spiral, the most important thing to do is to sort out a budget to try to balance your costs and income.

It’s easy to be tempted to get one short-term loan for a small amount, then another the next month, and before you know it, you’re in a debt spiral.

Are short-term loans expensive?

You’ll never pay back more than double what you borrowed. So, if you borrow €100, you will never pay back more than €200 when all interest, late fees and charges are taken into account.

This is more relevant than the APR you’ll see displayed. This stands for the Annual Percentage Rate, and essentially tells you the cost of borrowing if you were to have it over a year. 

As you’re borrowing over a short period, even a small fee can become an astronomical APR. Short-term loans are expensive, but if you express the typical charges payday lenders make as APRs, most work out as over 1,000%. This is a useful warning against what can be dangerous products, but these APRs are mostly meaningless.

How much can I borrow?

How much you can borrow depends on your individual credit history, the loan provider and the conditions of the specific loan. 

What is the interest rate on my loan?

Different loans have different interest rates. Quick and small loans usually have a higher interest rate than traditional bank loans. The interest rate also depends on your credit history and individual loan offer. If you want to know the interest rate that applies to your loan or loan offer, contact the lender directly – they can give you a specific answer.

Why did I receive a negative response to my loan application?

Each loan provider sets conditions that the applicant must meet in order for the loan application to be approved. This means that you can get a loan from one loan office, but not from another.

Which loan is best for me?

You should choose a loan based on the value and amount. For example, a quick loan is often used for unexpected cases, while a car loan or lease is more suitable for buying a car. Think about how much you need and calculate how much you can repay the loan every month. 

Are short-term loans more expensive than regular bank loans?

The cost of the loan depends on the interest rate. In most cases, the interest rate for quick and consumer loans is much higher than for regular bank loans, but there are also exceptions. 

What should I do if I cannot repay the loan on time?

If timely repayment of the loan becomes unattainable, then it should not be ignored. Contact the lender and ask if they offer a change to the payment schedule or a payment holiday and if these come with additional costs. In addition, you can turn to a debt counsellor and try to limit your expenses. You should definitely not take out a new payday loan to cover the old loan, as this will make repayments even more difficult in the long run.

Can I repay the loan early?

The conditions for early repayment of the loan depend on the lender. Ask your lender if this is possible and does not involve additional costs.

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