Small Loans

SMALL LOANS are a form of little loans that are provided by lenders for short emergency situations. The amount that can be borrowed ranges from £50- £3,000 depending on your requirement.  

When Should You Apply for Small Loans?

Small loans can help you out in emergency situations where you are in need of extra funds. This small loan can be a solution for you if you have no other option available. A small loan can be used for some unexpected car repairs or house renovations. This little loan can also be used for a short family trip, birthday parties or on other similar occasions. However, if you are looking to pay off your debt, this small loan would not be suitable as you will just be exchanging one debt for another.

Are There Any Small Loans Available for Unemployed People?

One word answer to that question is, Yes. You can get a small loan if you are unemployed. The only requirement would be that you must have a source of income. The source of income may be from a part-time job or freelancing. Self-employment will not be an issue while going for small loans, you just have to be confident enough to make the repayments on time.  

Can I Get Small Loans for Bad Credit?

You can get a small loan for bad credit, like secured loans you don’t need a security asset in order to get a loan.  You can get an unsecured small loan for bad credit. Also, you don’t need a guarantor for a loan if you have a bad credit. Many lenders suggest a guarantor loan when you have a bad credit. But you can get small loans without any guarantor even if you have a history of bad credit score. So simple answer to that question is, Yes.  

Who Can Apply for Small Loans?

There is a certain criterion under which small loans are provided by the lenders. You can get a small loan if you fit the basic criteria below.

• You must be a UK resident
• 18 years and above in age
• You must have an active UK bank account
• You must have an active phone number

 

Things to Know Before Applying for Small Loans

A Small loan is a good alternative for people who are looking for a tiny amount of cash, instead of going for long-term loans. The repayment plan is also short for small loans, basically from 1 to 12 months. However, the rate of interest with which you make the repayments are higher than other forms of loans. So, apply for a small loan if you can afford the repayments and are confident enough to pay off the amount in time.   Read more: What Are Bad Credit Loans?