Small Loans

Small loans are low-value short-term loans, which can be helpful to people who are in an unexpected financial situation. The situation may be anything medical bill payments due, refurnishing work, mobile bill payment, vehicle repair, etc.   The situation necessarily cannot be unexpected it can also be something celebratory like birthday parties, house warming parties, your kid’s graduation party, etc. In circumstances like this, going for a long-term loan does not make any sense. The loan amount is high of which the repayments go on for years. A small loan makes more sense under this situation where you can repay the loan amount within 3-12 months. There is another loan, known as small payday loans in which the amount has to be repaid by the borrower till his/her next monthly wage.  

Small Loans For Bad Credit

Getting a long-term loan is usually a lot of work, the process is lengthy which includes credit checks, guarantor, etc. Having a bad credit is a disadvantage when it comes to loan approvals. Lenders mostly avoid people with bad credit history because of their past missed repayments on a loan. This disadvantage is overcome in small loans where you're likely to get a loan even if you have a bad credit score. Also, you don’t need a guarantor, like in case of long-term loans, where you need a Co-signer in order to land a loan. A Guarantor is a person who vouches for the borrower, the guarantor has to make the repayments of the loan in case the borrower misses paying the installments. This is a lot of strain on the borrower as well as the co-signer. A small loan, however, can be credited to your account even if you don’t have a guarantor or have a bad credit.  

Who can apply for small loans?

The person who is –

• A UK resident
• Above 18 years
• A mobile phone owner

 

Where can we apply for small loans?

You can apply for small loans on any one of the lender’s website. Applying for loans have now easy and short, lenders have cut down the long process of paperwork. All you need to do is visit the website, and click on the application form. After clicking on the form, fill in all the mandatory fields in it with correct details. Double check before submitting your application for the details that you have provided are all correct. After submitting the application, you get credit of your loan amount in to your checking account within an hour.     Read more: How to get Very Bad Credit Loans?