At Personal Loans Now, we can help you find quick small loans in the UK. Offering low APR rates and preferential repayment terms, all with just one application form to complete. We’ll help show you small personal loans that match your requirements. From a list of 40+ lenders who can lend to you amounts between £1,000 up to £25,000. Click apply now, and we’ll help find small loans online that work for you.
How Can I Get Small Cash Loans?
It’s easy to apply for quick small loans through us, with an application taking just 3 minutes to complete. As well as the loan amount you wish to apply for and repayment terms, you’ll need to provide a few personal details. This includes your date of birth and employment terms. If you’re unsure of how much you want to borrow when applying for small loans, you can use our personal loan calculator. You’ll see exactly what small loans could work out to be between 1-7 years. Showing the repayment amount as well as the potential interest, you will be able to see what the loan will cost.
Once you know the small personal loans amount you want to apply for, fill out our application form. You’ll be provided with a personalised table of offers from 40+ lenders who can help you with small loans online.
What are the Eligibility Requirements for Quick Small Loans?
To be eligible to apply for small loans online, you’ll need to meet the following minimum requirements:
- You are 18 years of age or older
- You are a current UK resident
- You have a UK bank account
- You have a regular source of income
If you can meet the above requirements, then you are can use Personal Loans Now to find the very best small loans. The above criteria is a minimum requirement to apply for small loans. It doesn’t guarantee you’ll be approved for small loans online. You’ll still need to undergo a full credit search, and we’ll check your affordability. This is to ensure you can afford the repayments you want. We highly recommend you go through your current income and expenditure to work out your disposable income. Before applying for small loans, you can see what you can afford to pay after all your main outgoings have been paid. This will help you avoid overextending yourself.
Can I Get Small Loans for Bad Credit
We know that not everyone has a great credit score and if your credit is poor, how hard it can be to build this up. At Personal Loans Now, we are happy to offer small loans for bad credit applicants as we look at your finances as a whole and not just your credit rating. By doing so, we can offer higher rates of acceptance even if your credit rating could be better. If you have bad credit, the amount you can look to borrow will be limited to a maximum of £7,500 and you may find that the rates of interest will be higher than if you have a good credit score. This is because a lender will be taking a higher risk by lending to someone with a bad credit history.
As responsible lenders who are FCA authorised, we need to ensure small loans terms match what you can afford. To increase your chances of being accepted for small loans for bad credit, you may want to consider a guarantor. Guarantor loans will enable you to choose someone to co-sign your credit agreement. They will ideally have a good credit score and will increase the likelihood of you being approved.
Small Loans in the UK through Personal Loans Now
We are proud to offer small loans in the UK whether you have good or bad credit. There are many advantages to applying through us:
- Fully Online Application – our 3-minute application is fully online. You won’t have to wait to sign paperwork that would delay your decision.
- Low Apr Rates – we can find small loans online from lenders offering the lowest APR rates on the market.
- High Acceptance Rates – we have helped 50,000 applicants like yourself get approval already, and we’re eager to offer more.
- Instant Approval – once we have your application, you’ll get a decision within just 90 seconds.
- Same Day Funding – once approved, your bank account will be credited on the very same day.
With so many reasons to apply for small loans online through us, you’ll be missing out looking anywhere else. Save time by letting Personal Loans Now do the searching and quickly apply online for the small loans that you need.
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Small Loans FAQs
Can I Get Small Loans if I’m Currently Unemployed?
If you’re currently out of work and looking for small loans for the unemployed, you may find suitable options through us. However, if you are unemployed, you’ll need to be able to prove you have a regular income. For example, from benefits, that will prove your affordability. There are no guarantees you’ll be approved if some lenders can provide small loans for the unemployed. You may find the rates of interest are much higher and the repayment terms less desirable. You’ll need to carefully consider if taking out a loan whilst unemployed is the best option for you. This is because you could put yourself into further difficulties and negatively affect your credit score.
What’s the Maximum I Can Apply for with Small Loans?
At Personal Loans Now, we can offer borrowing up to £25,000 unsecured. But if you’re looking for higher amounts of borrowing, then our secured loans can provide up to £250,000. With secured borrowing, a personal asset will need to be secured to the loan amount for security. If you fall into financial difficulty, the asset will be used to repay the loan. With small loans, you can apply from £1,000 depending on what you need the borrowing for. The benefit of having a smaller loan is the repayments will be lower and you’ll be able to repay quicker.
What Happens if I Miss Repayments with Small Loans?
If you feel you will miss a repayment due to unforeseen circumstances, you’ll need to contact the lender. You’ll be able to come to an agreement for a suitable time frame to pay arrears. If you cannot make repayments or fall into financial difficulty, you risk the lender taking legal action. They can reclaim any missing payments or possibly the full loan amount to be repaid. As responsible lenders, we want to ensure that the loan you are approved for is affordable. This is so you can avoid issues arising with making repayments. If we determine that your financial position will leave you overextended, then your loan may not be approved.
What are the Interest Rates on Small Personal Loans?
The interest rates will vary with small loans and depends entirely on the lender. At Personal Loans Now, we offer a fixed rate of 39.7% RAPR (representative annual percentage rate). However, the interest charges from other direct lenders can be anywhere up to 99.9%. With a fixed rate, the loan amount and interest are set at the beginning of the credit agreement. They will not change during the repayment terms. With a variable rate, the interest can go up and down during the loan term. This is similar to that on a credit card. This means the interest rate can change depending on how much is owed on the loan. You’ll need to read the credit agreement to ensure the loan you’re applying for meets your requirements. You need to check that you’re happy with the interest charges being applied.
Can Small Loans Help Me Improve My Credit Score?
Absolutely, small loans can help you improve your credit score. As long as repayments are maintained, and the loan amount cleared as per the terms set out in your credit agreement. To be accepted for small loans, your credit rating will need to be in good shape. However, with poor credit, you can still be accepted. Applying for small loans, as long as approved and maintained, are a great way to start building up your credit score. In the long term, you can apply for higher amounts in the future. However, you may find that the loan terms available to you with bad credit will mean higher interest rates. You’ll need to be prepared to pay back more in the beginning if you’re planning to build your credit rating up.