Are payday loans the same as small loans?
Small personal loans may, in some cases, also be known as payday loans. This is because you borrow money for a short time and typically repay it on your next payday — or a few paydays after that.
So, if you have a financial emergency and you need cash fast, but your next payday is several days’ or even weeks’ off, a small payday loan may be suitable for plugging the gap in your finances.
In short, you get the money you need and when you need it.
You choose how long you would like to borrow the money for, meaning you can repay it, together with interest, over a time period that is suitable for you. You may prefer to repay it all on your next payday, so you don't have to worry about the loan anymore, or repay it over a few months — the choice is yours.
Benefits of small online loans
Depending on your financial situation, small personal loans may offer you benefits such as:
- instant cash when you are faced with a financial emergency and payday is still a way off
- an easy application process and a quick decision
- repayment terms from 1–12 months (up to 24 months for more substantial loans)
- the money being transferred into your nominated bank account within an hour of your loan application being approved (this may vary depending on the lender)
- borrow just the amount of money you need — in little £100 increments.
Plus, if you have a less than perfect credit file, small loans for poor credit are available
Are small loans for bad credit really available?
Yes, they are! If you have poor credit, that isn’t necessarily a showstopper for getting payday loans. There are specialist providers of small loans for people with bad credit who can help.
They understand that sometimes you can make mistakes with your finances and are sympathetic to this.
You should note, however, that in some cases, you may be offered a slightly smaller sum of money than you applied for, or you may be asked for a guarantor.
And, of course, as a responsible provider, we and any other provider do reserve the right to decline any loan application if we feel it is not appropriate for you.
How much do small loans cost?
The cost of your small loan will depend on how much you borrow; how long you want to borrow money for; and, what lender you are matched with. Also, if you are applying for small loans with bad credit, in some — but not all — cases you may find that you pay a bit more in interest as the lender is taking on more of a risk due to your credit history.
To get an idea of how much do small loans cost, check out the pages below.
Popular small loan amounts
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(It won't affect your credit score‡)