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Representative Example: Amount of credit: £1,000 for 12 months at £107.53 per month. Total amount repayable of £1,290.36. Interest: £290.36. Interest rate: 49.9% p.a. Fixed*. 49.9% APR Representative.
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When the word loan comes up in conversation, do you think of a large loan, perhaps to help with home improvements or debt consolidation?
You wouldn't be the only one. But did you know you could get a small loan too in certain situations? A small loan wouldn't meet the bill for a home conversion or major purchase, but there are scenarios where small personal loans could be useful.
Join us on this journey to discover more about small short term loans.
The reason why you might consider a small loan is usually very different from why you'd think about a larger personal loan. Obviously, the money involved is far smaller. When you're thinking about taking out a loan like this, you're going to repay it quickly.
Payday loans are the best example of this. You must take care when considering small payday loans (direct lender ones or via a broker) because they could still cause you serious money problems if you do not repay your loan on time.
However, they can be practical when you need to borrow a small amount to help you resolve a few money issues until payday. That's why they got this name - you pay back whatever you borrow with no monthly repayments. Instead, you make one loan repayment to clear the debt. Hence why it is an extremely short term loan amount.
You could look for competitive loans, yes, and choose the one that suits your personal situation. There is no need to hunt for a lender in your local high street or find their registered office to visit. When you're online, searching is faster... and might be quicker still if you use Loanza to help.
Our free to use service gives you one fast form to complete. You're not applying for any small cash loans at this stage. We take your info and search for a competitive small loan that might suit you. Tell us what you'd like to borrow and add a few other bits of information and we'll take it from there.
You could find a small personal loan with us, no matter your circumstances.
And it's best to ask those questions before you begin looking, even if you're only casually thinking about a small loan.
Maybe you're pondering over one or more of the queries we've listed below. We cover each of them, plus we give you the answers.
Lots of people would love small loans with no credit checks. However, it's not possible to get small loans no credit check because lenders need to be certain you've got a reliable credit history.
Your credit history tells them how you're likely to handle this loan if they let you have it. That's why they don't give you an instant decision, although it is likely to be quite quick.
Don't worry if your credit rating is far lower than you'd like though. There is such a thing as small loans intended for bad credit customers. You just need to find a small loans direct lender who is willing to consider those with a bad credit rating.
Loanza might be able to help you with that. We act as a credit broker and we're registered with the Financial Conduct Authority, so you can trust us to recommend a competitive source for small loans, bad credit ones included. Our experience puts you in a more powerful position - and it could be a position that makes finding quick small loans easier than it would be if you looked for them on your own.
We could - many of the lenders in our network do offer bad credit small loans and short term loans known as payday loans.
Even if you have really poor credit, there might still be a solution. We may be able to match you to one of the small loans for poor credit offered by some of our lenders. Our form is designed for simplicity, offering you a fast way to look for small loans for bad credit UK.
Try it - there's no obligation for you to continue if you'd rather not do so. However, you could find out more about this way of resolving an extremely short-term money issue.
With all personal loans, lenders want to know whether you can pay them back on time. That's why they look at your credit file. They use your history as an indicator to your future.
A loan could be harder to find if you are unemployed, but if you have some source of income, you may still be considered by some lenders.
Could you apply for a small loan without having someone you know promising to repay the money you borrow if you cannot do so?
Many lenders may consider you for a loan without asking for a guarantor. A small loan makes this more likely because you're dealing with a small amount rather than several thousand pounds.
Yes, we know they'll go through this step for all loans, small or otherwise. All lenders must be registered with the Financial Conduct Authority and follow rules and regulations to keep would-be borrowers safe.
It would be great to get an instant decision when you apply for a small loan. While the process could be quite speedy, a lender is going to look at your credit score before giving a decision on a loan.
That said, if all goes well, you may still receive the money into your bank account faster than you might believe.
We've yet to say much about the interest rate, repayment, or APR topics, so let's cover those now.
Repayment terms vary depending on the exact loan you might borrow. Here's what you might experience.
This is how a payday loan works. If you're approved, you receive the loan, which is always smaller than your monthly earnings.
Once you're paid, you pay the lender the money you owe in one lump sum (along with interest). This is all done from your bank account. This sort of loan often has a higher interest rate, so make sure you know this and understand how much you need to pay on top of the amount you borrow.
All lenders display clear APR and interest rate information, so it is simple enough to look at all the facts before you accept a loan.
With larger loan amounts, you may need six months or more to clear the amount you borrow. These loan types tend to have lower APR figures, as they're spread over a longer time.
Look at the monthly amount you'd repay and the total amount over the number of months you're borrowing for. If you make each payment via direct debit from your bank, you'd be less likely to forget or run late with your payment. It's often a safer way to work with an unsecured loan.
No matter which loan you go for, it could affect your credit if you borrow money and do not repay it on time. Conversely, if you do handle the debt responsibly and pay it back when you should, it could help rebuild your score.
Six months, a year, or more... and of course, we know about the 'one and done' idea with a payday loan too. No one solution is better than the others. Much depends on your approach, how much you wish to borrow, how long you need to pay it back, and so on.
In short... crunch those numbers and see what works out well for you. APR rates and interest rates are important methods to use when looking at offers.
Yes, they can be. The period you borrow for influences whether you get a high interest or low interest rate. It also depends on the amount you need. Your credit record also plays a role. If you have a poor history, you're deemed a greater risk, and therefore even a small loan might potentially be harder to recoup from you than from someone with excellent credit.
The lower the credit, the higher the interest and APR might be. However, there might still be lenders who may consider you. We know the APR must be clear on all loans, so you will always have all the info you need to help you decide, from APR data to repayment terms, to interest rates.
We may be able to match you to a competitive source for a short-term loan, sent directly to your bank account. Complete our form and get connected to an offer.