Small loans in the UK are designed to help you at short notice or in emergencies and get you out of tight spots. Generally speaking there is less emphasis on credit rating history and more emphasis on current financial situation in order to achieve a small loan and so that normally means they will carry heavier interest than that of a typical good credit lender. If your current financial situation is OK but not perfect and so a bank won’t lend to you, this is a viable option. You can still apply with bad credit and the situation can be looked at and sometimes accepted if the lender believes you are financially capable of making repayments.

What are small loans?

Small loans are sometimes referred to this way rather than short term or payday loans. It’s possible they can be referred to as personal loans as well but due to the nature of little loans sometimes being involved with high cost credit, it’s naturally assumed they are short term loans or payday loans. They will normally have a repayment period in the region of 3 to 18 months and designed for a quick turnaround and approval but relies on your personal finances and ability to repay without causing yourself any money problems.

Where can I find little loans in the UK?

The best place to find small loans in the UK is online. There are so many different companies that are offering small loans that you’ll almost certainly be able to get your application in front of lenders willing to really look at your financial situation closely in order to calculate if you can afford a loan. The UK has literally hundreds of lenders and when you submit an application with us we will be able to access at least 50 lenders that have authorisation from the Financial Services Authority, that are specialists in understanding small loan requirements. Because there are so many lenders it means that your rate will be competitive if they like your profile and while it doesn’t guarantee a loan by any means, there certainly is reasonably high acceptance for the right applications.

Do small loans for bad credit exist?

Yes, you can get small loans for bad credit applicants. Generally speaking the interest rate is higher on loans for bad credit than those with excellent history but the option is there if you really need it. If you have an emergency or unexpected cost that would stop you working then borrowing at these rates may make sense as you would lose more without the loan. Always make sure to setup a loan in such a way that you can repay it as quickly as you can afford as this will help to reduce the amount of interest that you pay. Less months of loans means less interest and less cost overall.

How do these loans compare to payday loans in the UK?

Borrow money: how much?

Short term loans: how many months?

Bad credit loan applications considered?

Max APR Interest Rate Representative

£100 loan

3 to 6 months Yes 1266%

£200 loan

3 to 6 months Yes 1266%

£500 loan

3 to 9 months Yes 1266%

£1000 loan

3 to 12 months Yes 1266%

Who offers the best small payday loans?

You can find the best small payday loans by simply searching the internet and logging your interest for a loan via our applications form and that of other companies that offer loans too. The more companies that you engage, the more lenders that will eventually see your application and this will result almost certainly in getting better offers. The best payday loans  will only become apparent after submitting your details because each lender will assess your situation differently which will mean theres no two decisions or offers the same. So while a lender may offer a cheaper payday loan to another, their terms might be that the money is not instant decision, or they need a guarantor. So the best thing to do is review all the offers carefully and then balance them. If you’re still not sure, the Citizens Advice Bureau has some great tips for borrowing money: https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/top-tips-for-borrowing/

Can I get cash without credit checks quickly?

No, it’s not quite that simple, you just cannot get a loan with no credit check. All lenders are governed by the Financial Conduct Authority and are required to responsibly lend you money. It would not be responsible to lend you money without carefully checking your finances to ensure you can comfortably afford the loan. The Financial Ombudsman is seeing increasing complaints regarding payday loans and therefore its extremely important that correct guidelines are followed to protect you and your money.

What can I do if I run into financial difficulty?

Do not bury your head in the sand and hope the knocks of debt collectors at the door will go away. It’s tough but you must stand up to the problem and get help. Same day loans won’t be the fix here. Debt can be extremely stressful and even cause mental health issues as stepchange.org have documented. It is important to seek advice as soon as possible and the nationaldebthelpline.org have listed some ways to clear debt and becoming financially free and independent again.

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