Unexpected bills and financial emergencies can crop up when you least expect them to, which doesn’t give you a lot of time to be financially prepared for them. If you’re short on funds and need a bit of help to keep you above water until payday then applying for small loans online might be the solution you’re waiting for. Turn to LoanPig for fast financial solutions and small short term loans today!
What Are Small Loans?
A small loan is a type of personal loan for a small amount, usually between £100 and £1000. Typically, these types of loans are only kept for a small amount of time – usually a few months – before being paid back in one payment or in small monthly payments.
Why Do People Use Small Loans?
Each type of loan has a purpose and small loans are the preferred option when you find yourself with an unexpected expense that you can’t quite afford. Say, for example, you’re two days away from payday when your car suddenly breaks down. You need that car fixed right away in order to get to work, which means that you need the funds fast. That’s where small personal loans come in handy. You can borrow today and pay back tomorrow.
Are Small Loans Expensive To Payback?
If you have ever considered applying for short term loans before, you’ve probably seen or read a lot about APR. APR is a percentage that represents how much your loan would cost to payback 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 that number isn’t as scary as you think.
How Long Does It Take To Pay Back A Small Short Term Loan?
The APR rates for short term loans are usually higher than the APR of other types of loans because people usually only take out these loans for around 3 months. Because you only have the loan for a short time, interest doesn’t pile up like 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 to help you better manage your money and keep track of what you’re paying back.
How Do I Get Small Personal Loans
It’s easy and quick to apply for small short term loans, which is what makes them one of the best options for financial emergencies. If you need money fast, it only takes a few minutes to apply for a loan with LoanPig and it can all be done online. If you have an internet connection, you can apply for small loans online with LoanPig from literally anywhere.
Where Can I Get Small Personal Loans?
You can apply for a small loan through either a lender or a financial broker. When you use a payday loans direct lender when applying for small loans online, you will only get one final decision as to whether or not your application has been accepted. However, a financial broker works quite differently. A broker will take your application and refer to many different direct lenders to see which might accept your loan request, which means that you have a better chance of being approved for small personal loans if you refer to a broker.
Are LoanPig A Broker?
Yes. LoanPig is a loan broker with some of the top UK payday loan direct lenders on our panel of lenders who can offer you great rates for your small short term loans. 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 offers, so you get to choose how much you want to borrow and for how long you would like to borrow it and we will do all of the work involved in finding someone who can provide you with the loan you want.
How Do I Apply For Small Short Term Loans With LoanPig?
Applying for a loan with LoanPig is a fast and easy process and the entire application can all be done online. Rather than filling out form after form and spending ages on the phone, it just takes one simple online form to apply for small loans with LoanPig and you can leave us to do the rest. Use our online loan calculator on our homepage and click ‘Apply Now’ to start filling in your form.
How Long Does It Take To Receive My Funds?
We know how frustrating it can be to have to wait for 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. Because our 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, we will most likely be able to get your cash in hand before the end of the day.
This timeframe may be subject to some conditions, such as the response time of your bank in regards to quick transactions. Some of our lenders may also ask you for additional information to complete your loan application, which may take only a bit of time providing you have the information available when it is needed. If you submit your application at night or during the weekend, you may have to wait until the next working day to receive your loan.
Am I Eligible For A Small Loan?
In order to prevent lending to people that are unable to afford small short term loans, most brokers and lenders have certain criteria that must be met in order for applications for small loans online to be approved.
What Is The Criteria For Small Personal Loans?
In league with the FCA’s guidelines for responsible lending, to which we adhere, most of our lenders ask that in order to be accepted to receive a small loan you must be:
- Over 18 years of age
- A UK resident
- In possession of a UK bank account with debit card
- In full time employment or receiving an allowances (see FAQs)
Who Are The FCA?
‘FCA’ stands for Financial Conduct Authority, which is the organisation that moderate and regulate payday loan lenders and brokers. By making changes to the industry, they are protecting people from debt that they cannot afford to pay back and are ensuring that the people who supply small personal loans are lending only to the people that have reasonable financial stability.
Do You Perform Any Checks To Approve Small Loan Applications?
At LoanPig, we do not perform any checks before accepting your application, but the lenders on our panel will likely require you to pass a credit check in order to have your application for a small loan approved. Some lenders may even perform an employment check. However, conducting these checks doesn’t necessarily imply that if you have bad credit you won’t be accepted for small short term loans. We have a high approval rate and these checks help us and our lenders to prevent fraud and check that you are being truthful. We want to make sure that no one other than you is using your name and information to apply for a loan.
Should I Apply For A Short Term Loan With LoanPig?
If you’re in need of an unsecured small loan to tide you over until payday then you can always turn to LoanPig to help you find one. We will hunt down a reliable lender with great rates and support you through the whole process of applying for your loan. You can turn to us any time for help and advice and we’re always here to answer your questions.
What Happens If I Can’t Make A Repayment?
If you’re struggling to make a repayment for your small payday loan, we always recommend that you talk to your lender rather than skip your repayment. If you don’t make a repayment on time you could face a small fine for a late repayment and for each day after your repayment date that you haven’t paid, the interest on your loan may increase by a small percentage. However, this can be easily avoided if you talk to your lender. If you’re finding it difficult to get together the money you need for your next repayment you can contact your lender directly or contact us and we will put you in touch with them. If you explain the situation, you may be able to avoid the consequences of being unable to pay. Your lender may defer the payment until the next month or arrange for you a payment plan to make repayments easier and more affordable.
Why Should I Choose LoanPig For My Small Short Term Loan?
There are many different lenders out there that can offer you small loans online, but if you are looking for flexibility, a high approval rate and quick access to your small loan funds, then LoanPig are the right choice for you. When you submit your small loan application, we’ll get on the job right away to find you a lender that can offer you the best possible rate and put you in touch. We’re here to make small loans as accessible and as affordable as possible, so choose us for your financial solutions.