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Representative 49.9% APR (variable). Representative Example: If you borrow £1,000 over 12 months at a Representative rate of 49.9% APR (variable) and an annual interest rate of 49.9% (variable), you would pay 12 monthly instalments of £103.06. The total charge for credit will be £236.72 and the total amount payable will be £1,236.72.

Small Loans UK

What is a small loan?

A small loan is a normal instalment loan, which is completed on a rather small sum and can have a relatively short term. You pay back the loan amount in regular instalments. Since the term is not clearly defined, it is used differently by many banks. In general, a small loan goes up to a ceiling of between £100 and £5,000, in a few cases, even a loan up to £10,000 is referred to as a small loan. The lower limit for borrowing set many providers at £100.

How can I take a small loan?

It is best to find a microcredit online in a microcredit comparison. If you have decided there for a particular loan, you can easily submit an application to the selected bank. Just a few days later you have the money in your account. We'll show you how to do it and answer the most important questions.

What documents do I need for a small loan?

You definitely need proof of your income for a microcredit. This can be a salary certificate, a pension statement or account statements of the last months. Often proof of permanent employment is required. Self-employed and self-employed people in most cases have to prove their income with a tax assessment.

How long do I have to wait for the loan to be paid?

As a rule, you will receive the money in a few days. After submitting your documents, the lender checks your details. Only then will the requested amount be transferred. Some banks offer an express transfer, then you have the money the next day. However, this may incur additional costs for you. If you have applied for a mini loan of up to £100 and £5,000 from a specialized provider, the desired amount can be in your account within a few hours.

What are the advantages of a small loan?

If you think about taking out a loan, there are good reasons for a small loan. The amount to be lent is relatively low and the banks therefore grant low-priced micro loans with good terms. This results in several advantages.

  1. Favorable interest rates: As these are relatively small sums, banks have only a low risk of default. This can be felt in favorable interest rates.
  2. Fast repayment: A small loan can repay you faster. You only have to pay the installment for a short period of time, for example for 1 or 2 years. If the loan agreement includes the option of free special repayment, then you can pay off the microcredit even faster. In this case, payments are possible in addition to the regular monthly installments.
  3. Better creditworthiness: With a short loan commitment, you retain a better credit rating compared to higher long-term loans.
  4. High credit opportunities: Even with a low income, many banks have a good chance of a small loan. Low rates: If you apply for a longer loan term, you will reduce the monthly installments and reduce your regular exposure
  5. Better interest rates than the credit line : If a small loan must be immediate, many consumers resort to their credit line. But the discretionary interest is significantly higher than the interest on small loans.
  6. Free use: In the case of the majority of small loans, the intended use is not specified. This is different, for example, with a car loan, which may only be used for the purchase of a vehicle.

In conclusion, one can say that exact planning is also important for small loans. Compare different offers online, calculate any income changes with your financial plan and choose as much credit volume as you absolutely need. Then one is on the safe side with the small loan and receives a really cheap financing option for many personal wishes and minor emergencies.

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