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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?

 

There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?

 

How Long Does it Take for a Personal Loan to be Paid Out?

 

The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.

 

Small Loans

Life sometimes can get tough and the road gets bumpy. You’d find yourself financially unstable with bills and emergency expenses piling up. Fortunately, we can just take out a loan quickly when there’s no one else to turn to. If you only need a few quid just to get you through the month end or cover some emergencies, then take out small loans.

Small Loans explained

Small loans are dedicated to handle unexpected expenses, when immediate cash is the only solution. Repayment for small loans are usually set in less than a year, though in some cases, they can have longer terms depending on the lender.

Small loans are a type of credit that is unsecured. It means you aren’t borrowing against something you already own such as your home or vehicle. The borrowing amount usual starts at as little as £50, and going up to around £2,000. This depends on the lender.

why get small loans

Small loans are growing fast in the consumer finance market because they’re so easy to obtain and to settle. Increasingly available online and on mobile phones, lenders provide convenience and quick access to those in need of immediate cash. Small loans also bridge the gap in the market for those who simply cannot get credit through the mainstream banks because their credit scores are too low. Most banks would also ask you to borrower a much higher amount than what you only need.

When to get small loans?

If you suddenly find yourself with an extra expense that you feel you can’t avoid such as a home repair or a car repair, a small loan is like your knight in shining armor. It should save you for any personal or emergency expenses between paychecks, health care or education bills, or even an urgent trip.

Small loans are also a viable option for people who don’t get regular work and need something to tide them over until their next pay, just to have enough money in their pockets. Even those who are unemployed or suddenly lost their job, but are already working on something else can benefit from small loans.

Small Loans in the Market

You can also find small loans that are payable in just two weeks. These are known as payday loans. They are short-term loans in which you pay back in one-time one payment or when you get your next paycheck.

Another type of a small loan that is quite popular in the UK is the doorstep loan, which is also called home credit. It’s a type of loan wherein an agent comes to your home and discusses the loan with you once your application has been completed, and you have been approved in principle. The agent will discuss to you the loan and will complete an assessment of affordability. If you are approved, you’ll get the money right then and there. An agent will also be coming to your home to collect your repayments, either weekly or bi-monthly.

Online instant loans are also popular small loans. You can get the money into your bank account quickly, usually within the day after getting an approval. Transaction is done all conveniently via the internet, so won’t have to go to the lender’s local branch.

Benefits of Small Loans

Because small loans are literally small in amount, you can easily obtain it and pay off. With small loans, you won’t have the burden of carrying debt in a long time. You can repay small loans only in months, even in just two weeks.

That is why majority of people opt for small, short-term loans over huge, long-term loans. Although the loan repayment duration depends on the type of loan, small loans usually provide the duration that suits your ability to repay and personal circumstances.

If you have a bad credit rating, you cannot get a regular loan from banks, but you can definitely rely on small loans. If you qualify for a small loan, it is a chance for you to improve and rebuild your credit score without worrying that you cannot repay it.

Small loans are quite useful especially when your financial position is weak. With a small loan, you can make repayments in a few weeks. It will save you from burdening your finances for so many months or even years as such with bigger loan amounts. These loans are suitable for those without regular jobs and could not afford yet substantial, long-term credit.

Also, did you know that with a small loan, you are actually paying less interest because it has a shorter loan term? Although lenders tend to charge higher interest rates on small loans, the total cost is lesser. At the end of the loan term, you pay less interest as compared to bigger and longer duration loans, which though have lower rate of interest.

Key Points

Loans come in different shapes and sizes, and it is best that you are familiar with at least the basics. Loans are still debts no matter how small the amount is and it is important that you borrow responsibly.

When a financial emergency hits you, small loans can surely be your saviour. If you want a loan that allows you to pay it back in shorter period, take out small loans. These loans are best for emergency expenses, especially when you have no savings or not enough funds in your pocket as of the moment.

Nonetheless, you must take time to look for other alternatives that would best address your current situation. Never forget to compare the rates, fees, and the terms of different types of loans. Contemplate on whether it suits your financial concern or not.

Before accepting a loan, ask about the details of the loan. Do not make rush decisions, you must first check all the fees, other charges, and the features of the loan.

The only thing you need to do to avoid getting into more debts and financial trouble is to make payments on time and not skipping them. Just be prompt on your repayments, and everything will work out just fine with you.

why get small loans

 

Check Out the Lenders List

Loan amount
£1,000 - £5,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£50 - £600
Loan term
1 - 6 Months
CUSTOMERSCORES
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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

Representative Example:
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)
Please note:
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
Warning:
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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