3-12 Month Repayment
Rates from 278% to 1576%
3-36 month repayment
Rates from 4.7% to 278%
Having a small problem? Mini loans can get through. Mini loans are manageable, short-term type of finance that you take out to cover small, unexpected, emergency costs. Mini loans are also the best option for people who only rely on their monthly paycheck. If you are on this spot right now, waste no time and search for mini loans.
However, getting a loan without any knowledge about it could cause more problems than help. Keep in mind that scammers and loan sharks are abundant especially online. People who haven’t tried applying for mini loans should understand first how these loans works. Though mini loans may be helpful for those who need immediate cash, make sure that you fully understand its mechanics first.
If you want to know more about mini loans, here’s an overview to help you on your decision.
About Mini Loans
Mini loans are a very useful for anyone having to deal with an unexpected expense. When you have not enough savings or paycheck is still a few days away, mini loans could save the day. When you need some extra cash just to help you get through the month or pay for urgent repairs and emergencies, mini loans are most appropriate for your situation.
Mini loans are usually between £50 and £1,000. However, this will depend on which lender you work with and how much you want to borrow. Mini loans are unsecured personal loans since they are small in quantity. This means you are not required to put up asset such as your home or vehicle as a loan collateral.
Anything you can borrower for over a month or two is a mini loan, but some lenders allow longer repayment periods. Some lenders also offer mini loans that are payable in just a period of two weeks. These mini loans are better known as payday loans. You can repay these mini loans in a one lump sum when you get your paycheck. The amount you are offered usually depends on your income level.
In general, mini loans are targeted for those with low credit scores. Mini loans are best options for people who cannot get a loan approval from stricter banks and main street lenders due to poor or bad credit history. Mini loans do not require you to have a good credit line. In fact, they are actually specifically offered for people who have bad credit, no credit line or first-time borrowers, and even for those who are dealing with bankruptcy.
Getting mini loans are one of the best ways to improve your credit rating, provided you make the repayments on the scheduled date. Since mini loans are short-term, it will be easy for you to settle them. This way, you can get back on track in a small, but consistent way.
The money you will get from this loan may be small in amount, but the help mini loans can offer you cannot be understated. However, it is important to note that mini loans could only be used as emergency cash for paying urgent bills and expenses, and even buying groceries. Mini loans are not recommend for those who wish to back up their businesses or fund any long-term project.
You’ll also find many online lenders offering mini loans, which are quite popular in the UK. You can have the funds transferred in your bank account fast, even within minutes after your loan approval. Transaction is completed conveniently through over the internet within minutes.
Applying for Mini Loans
Creditors or private lenders associated with banks, but not directly by banks themselves are the ones who usually offer mini loans. The most common way to apply for mini loans is via the internet, as most of these lenders operate online. By completing a simple form online on the lender’s website, you can submit your application in minutes. You will be required to provide personal details such as name, address, account number, and so on.
Once you are done filling out the quick and easy online form, wait a few minutes for the lender’s feedback. Once you are approved, you will have the money in your bank account within a few hours.
One of the biggest advantages of mini loans online is that they are available at any time of day or night, even weekends and holidays, as most of the lenders operate 24/7. This means that whenever you need some extra cash to help you through emergencies, you can take out mini loans from an online lender as soon as possible.
Anyone is eligible for mini loans as long as you meet some basic requirements. You must be at least 18 years old with a sort of income, a resident of UK, and have a UK bank account. If you meet these general criteria, you can definitely get a loan. Lenders of mini loans can look past your credit score and you don’t have to explain or indicate what you need the money for.
When you are caught up in financial emergencies, mini loans can surely help you out. If you want a bit of cash that is easy to repay over a short period, take out mini loans. Mini loans are best solutions for emergency expenses or small and immediate financial needs, especially when you are short on savings or not enough funds in your hands.
However, it is also important that you take time to look for other alternatives that would best address the financial need at hand. Mini loans usually come with high interest because they are easy and quick money. There is greater risk on the lender’s part because most mini loans are unsecured. Always compare the terms and rates of different lenders. Consider which would fit best in your financial situation.
Before accepting a loan, look into the details of the loan and understand every aspect of the terms and conditions. Compare all the fees, other charges, and the loan features included. Make sure there are no hidden charges. And finally, do your part and pay your monthly dues as scheduled to avoid any further financial trouble.
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances