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Small Loans

Small loans provide a convenient way to borrow a modest amount of money, typically ranging from £100 to £1,000. They are designed to help with short-term financial needs, such as unexpected expenses or emergencies.

How much would you like to borrow?
Representative 79.9% APR Rates from 12.9% APR to 1721% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, an annual interest rate of 59.97%.

Whether you need to cover a sudden bill or manage a cash flow gap, small loans offer quick access to funds with straightforward repayment terms.

What Are Small Loans?

Small loans are short-term borrowing solutions that allow individuals to access a smaller amount of money compared to traditional personal loans. They are often repaid over a few months but can sometimes be repaid within a shorter timeframe, depending on the lender.

How Do Small Loans Work?

When you apply for a small loan, the lender will assess your financial situation, including your income and expenses. Most small loans involve an online application process, and approval is often quick. Once approved, the funds are typically transferred to your account on the same day or within a few working days.

Flexible Repayment Options

Small loans can be repaid in instalments, making them more manageable for borrowers. The repayment schedule is agreed upon in advance, ensuring you know the amount and timing of each payment.

Benefits of Small Loans

Quick Access to Funds

Small loans are designed for speed. Many lenders offer same-day approval and funding, helping you address urgent financial needs.

Easy Application Process

Applying for a small loan is usually straightforward and can be done entirely online. This saves time and makes it accessible for most borrowers.

Suitable for Short-Term Needs

Small loans are ideal for managing temporary financial shortfalls, such as unexpected repairs, medical bills, or other urgent costs.

Available for Various Credit Histories

Some lenders consider applications from individuals with less-than-perfect credit, focusing on affordability rather than just credit scores.

Things to Consider

Interest Rates

Small loans often come with higher interest rates than traditional loans due to the short-term nature of the borrowing. Always ensure you understand the total repayment amount.

Repayment Terms

Missing repayments can lead to additional fees or damage your credit score. Ensure the loan fits within your budget before applying.

Frequently Asked Questions

1. How much can I borrow with a small loan?

Small loans typically range from £100 to £1,000, though some lenders may offer slightly higher amounts depending on your financial situation.

2. How quickly can I get a small loan?

Many lenders offer same-day approval and funding, especially if you apply during working hours.

3. Do I need good credit to get a small loan?

Not necessarily. Some lenders offer small loans to individuals with poor credit, focusing on affordability and your ability to make repayments.

4. Are small loans regulated in the UK?

Yes, all reputable lenders offering small loans must be authorised and regulated by the Financial Conduct Authority (FCA). This ensures transparency and fairness in lending practices.