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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.

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Small Loans For Everyone

A small loan is the same as a short term loan and involves a small amount. It offers temporary support to a business or personal need because it is given over a short period. Anyone facing urgent financial needs will find a solution in small loans, unlike traditional loans borrowed directly from lenders. Though these loans offer huge amounts, they take longer to be approved, and small business owners may not qualify.

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What is a small loan?

A small loan does not exceed £1000 and has to be repaid in 12 months or less. However, some are paid within a few weeks, depending on the agreement between the lender and the borrower. This loan is designed to offer financial help to an entrepreneur in case of an emergency where cash flow is needed to keep the business running. It is different from payday loans that require one to be employed to get one.

Why go for a small loan?

A small loan is borrowed due to different reasons. This money can help make large purchases, meet emergency expenses and many other needs. The loan is paid back in instalments over the course of one year. Here are several situations where a small loan comes in handy:

  • Vehicle repairs or financing
  • Home remodelling or repairs
  • Emergency expenses such as medical costs
  • Appliance repairs or purchases
  • Holiday costs
  • Moving costs
  • Wedding expenses

Small loans make a perfect source of cash for emergencies. It is not much and can be repaid within several weeks or months since its less than a thousand pounds. They bring a quick solution and fix problems that are caused by poor cash flow. This happens to many people because no one sees financial problems coming and therefore, may not have sufficient savings to pay for emergencies.

Small loans make a perfect source of cash for emergencies. They are quick and easy to arrange and can be repaid within several weeks or months to suit your needs.


According to MoneyAdviceService, one has to save for a minimum of three months of their monthly salary. But, this is not possible as each person has bills and other expenses to pay for every month making it hard for many people to access loans. A small loan comes in handy as a solution to resolve matters at hand and the borrower can repay in instalments though with additional interests. It doesn’t require one to save money to get a loan; most lenders will consider the borrower’s credit score

How to find the best small loan

A small loan is not hard to obtain, but some lenders are costlier than others. It is therefore wise to research and know where to find the best small loan that is customized to meet needs at hand. Also, lenders with flexible terms are better as they allow borrowers to choose the amount to borrow and a repayment plan that suits them. Nothing can change the fact that small loans must be paid with a short period, but they are easier on borrowers than payday loans. Borrowers need to look around and compare lenders to see who has the best terms.

When is a loan the ideal solution?

A small loan offers financial support for a few weeks or months. It is easier to qualify for one and is typically the ideal solution when unexpected expenses must be paid for. However, a borrower should exhaust all alternatives before settling for a loan because it comes at a cost. One should check with family, friends or their credit union for a non-interest or low-interest loan.

Only need to borrow a small amount?

If you don't need a large a mount of money, and don't want to be paying it off for the rest of the year then a quick small loan is the answer!

They're perfect for any unexpected bills or expenses that you haven't budgeted for... and we can help you right now!

What is the cost of a small loan? Is it expensive?

A small loan is neither expensive nor cheap. The cost depends on the offer given by the lender. Most APRs adverts show that short term loans are expensive, and this can be misleading. The loans are short term and therefore can never be extended for years. The interest advertised by APR may appear high, but since the loan is paid within a short time, borrowers end up paying less than what they thought they would.

What is the difference between payday loans and short term loans?

While small loans are different from payday loans, some short term loans have similar characteristics with the later. Such small loans have to be paid within a short time and come with a high annual percentage rate. Also, others are more like credit lines that allow borrowers to withdraw numerous times until they reach a certain limit. It is important to read and understand loan terms carefully before accepting the loan.

Does Borrowing A Loan Help To Build Credit Score?

Anyone who doesn't have an existing credit history is considered a risk by lenders. The borrower has nothing to prove their ability to repay debts, and it's one of the reasons most people can access small loans. Borrowing a loan builds credit rating because every time a timely repayment is made, the report is forwarded to credit reference bureaus. But on the flip side, a late payment lowers the borrower's credit, which can reduce chances of one getting a loan in future.

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How soon should a small loan be repaid?

Every small loan comes with an agreement, and so, the borrower must repay as stipulated in the contract. However, one can repay the money earlier than agreed, which shows their creditworthiness. The most vital thing is always to understand the policies of the lender and stick to them. Not all small loans can be repaid in 12 months, others have a shorter repayment period.

Can small loans affect someone's credit score?

Yes, a small loan can affect the borrower's credit score, either positively or negatively. It depends on how the borrower makes his or her repayments. Timely payments mean better credit score while late ones lead to a low rating. Lenders check reports given by credit reference agencies to judge a borrower's financial discipline and management before they can trust him or her with their money.

Is it possible to get a loan with a low credit score?

It is possible to get a loan despite having bad credit. Typically, a good score eases the process of applying for a loan. On the other hand, bad credit may not be used against a borrower to dismiss their loan application but end up paying high interests.

Lenders who claim to offer loans without checking credit history take advantage of desperate borrowers. Such loans are non-existent because according to the Financial Conduct Authority, all UK lenders must do a credit check on every loan applicant.

To find the best small loans, one should learn about the available options. It helps to make a good decision and get the money within a short time. Besides, a borrower applies for an amount that he or she can pay without falling back, which leads to bad credit rating.