Unexpected bills and financial emergencies can crop up when you least expect them to, giving you little time to be financially prepared for them. If you’re short on funds and need help straight away, applying for small loans online at LoanPig might be the solution you need. We can provide fast financial solutions from small loans direct lenders today, just tell us how much you need to borrow and how long for.
Use the sliders above to choose an amount up to £1500 and repayments for a maximum of 12 months, and click apply now to start your application for small loans in the UK. We’ll work quickly to provide you with an agreement in principle and connect you to the best small loans available.
What Are Small Loans?
Small loans are a form of short term loan known for offering smaller amounts of borrowing, usually between £100 and £1000. Typically, small loans are only kept for a short amount of time, usually just a few months, before being paid back in full or through small monthly repayments. Small loans in the UK can provide more flexibility than other types of loan, providing a way to borrow small sums of money from trusted sources. At LoanPig, we work as both a small loans direct lender and a broker, meaning we can offer you a loan ourselves as well as through trusted partner lenders.
Why Do People Use Small Loans in the UK?
Every type of loan has its unique purpose, with small loans a preferred option when you find yourself with an unexpected expense that you can’t quite afford. If, for example, you’re two days away from your next salary date when your car suddenly breaks down, you may need that car fixed straight away in order to get to work. If you do not have an overdraft facility with available funds or the savings to cover it, you’ll want to find other sources to get the funds fast. That’s where small loans in the UK come in handy. You can apply and, if approved, receive the funds within 24 hours, helping you quickly resolve your financial emergency.
In the same way that a payday loan can provide a quick cash injection, smalls loans are similar yet provide more flexibility with repayments. Rather than having to settle the loan in one payment on your salary date, you can choose to spread repayments between 3 to 12 months. This helps to match your affordability and make the small loans repayments much more manageable. If you prefer to clear the debt over a shorter time frame, you can do so, and we encourage applicants to choose shorter repayment terms you can afford to avoid holding onto the loan for longer than necessary.
Trusted Small Loans Direct Lenders
If you have ever considered applying for small online loans before, you may have wondered about the APR amount being charged. APR is a percentage that represents how much your loan would cost to pay back after a year compared to the original amount. This estimated amount includes accumulated interest as well as any additional fees that might be applied. For some people, the high APR rate can put them off of applying for small loans, but in reality, the amount being charged can be much less. As part of our commitment to Financial Conduct Authority (FCA) guidelines, we provide transparent terms, working to the following rules:
– LoanPig charges a maximum interest of 0.8% per day
– LoanPig can only charge a one-time late penalty fee of £15
– LoanPig ensures that a customer will never pay more than double the amount they borrowed
The FCA moderates and regulates payday loan lenders and brokers. By making changes to the industry, they are protecting people from debt that they cannot afford to pay back, ensuring that the people who supply small loans are lending only to the people that have reasonable financial stability. As we are FCA authorised brokers and direct lenders, we take responsible lending seriously, as do each of the small loans direct lenders we can connect you to. Our FCA registration number is 736632.
How To Apply For Small Loans in the UK with LoanPig
Applying for small loans with LoanPig is a fast and easy process with the entire application done online. Rather than filling out form after form and spending time on the phone, it takes just one simple online application to apply for small loans through us. You can use our online loan calculator and click ‘Apply Now’ to start filling in your form.
As we are a broker of small loans in the UK, we will take your application and refer to many different small loans direct lenders to see which might accept your loan request. This means you will have a better chance of being approved for small loans if you refer to a broker rather than a single direct lender. We want our customers to have a choice from the best small loans available, so if we can’t approve your application ourselves, we’ll introduce you to FCA approved direct lenders who can.
Am I Eligible For A Small Loan?
In order to prevent lending to people that are unable to afford a short term small loan, most brokers and direct lenders have certain criteria that must be met for applications to be approved. In line with FCA guidelines for responsible lending, to which we adhere, to receive a small loan you must be:
– Over 18 years of age
– A current UK resident
– In possession of a UK bank account with a valid debit card
– Either be in permanent employment or receiving some form of disability/living allowance or a pension.
If you meet the above, you will be required to have a credit check performed and an assessment of your finances. This is to ensure you have the affordability to make repayments and can maintain them without falling into further financial difficulty.
Apply Now For the Best Small Loans With LoanPig
If you need a small unsecured loan to help until payday, then you can always turn to LoanPig to help you find one. We will provide a reliable, trusted small loans direct lender with great rates and support you through the whole process of applying for your loan. You can turn to us at any time for help and advice by contacting us, and we’re always here to answer your questions.
Small Loans FAQs
How Long Does It Take To Receive My Funds?
We know how frustrating it can be to have to wait for the money you need in an emergency, which is why we always try to get your loan funds into your account in less than 24 hours. As LoanPig and its lenders have different pay-out times, we cannot always guarantee how long it will take to receive your loan. However, if you submit your application early on a weekday before 3 PM, we will most likely be able to get your cash to you on the same day. This timeframe may be subject to some conditions, such as the response time of your bank regarding faster payments. If you submit your application at night or during the weekend or bank holiday, you may have to wait until the next working day to receive your loan.
How Long Can I Take To Pay Back Small Loans?
The APR rates for short term small loans are usually higher than the APR of other types of loan because people usually only take out these loans for around 3 months. Because you only have the loan for a short period of time, interest doesn’t pile up as it might do with a long term loan. The earlier you manage to pay it off, the less you have to pay which is a great incentive for making repayments on time. You can pay off your small loans online in easy monthly payments up to 12 months to help you better manage your money and keep track of what you’re paying back.
Can I Get Small Loans in the UK with Bad Credit?
We are happy to help customers from a range of financial backgrounds, including those with bad credit histories. It’s easy and quick to apply for small short term loans no matter your credit rating, which is what makes them one of the best options for financial emergencies. If you are someone with poor credit, you will need to ensure the best small loans are affordable for you. During your application, your finances will be assessed along with a credit check to determine your ability to afford the loan and repayments you want. You should only look to borrow small loans in the UK if you do not have other means to resolve your financial issue, such as through savings.
Is LoanPig a Broker of Small Loans?
Yes, we are an FCA authorised loan broker as well as a direct lender, with some of the top small loans in the UK available through our panel of lenders. When you apply for small loans with us, we will share your loan request with our lenders and find for you the best possible rate that’s available. Being a broker also allows us to be much more flexible with our small loan offers. You get to choose how much you want to borrow and how long for, with us connecting you to the best options that match your affordability.