If you are looking for a loan up to £500, then small loans potentially offer a way for you to borrow money quickly and easily compared to using a bank or other traditional lender. This is because you can access small loans online, where the whole application, decision and approval process is streamlined — so you can get an almost immediate answer.
Small loans are simply short-term loans for relatively modest sums of money – usually no more than a few hundred pounds and often as little as £100. Small personal loans are designed to help people plug a gap in their finances until payday or a few months after that.
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 personal loans
Depending on your financial situation, small short-term 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 small £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 short-term loan application if we feel it is not appropriate for you.
How Instant Lolly can help with small loans
At Instant Lolly, we work with specialist lenders to find you what we believe is the most appropriate small loan solution for your own unique circumstances. You simply tell us how much money you would like to borrow and over how many months, plus a bit about yourself. We will then go off and match you to the most suitable product and lender.
Small loans direct lenders
We work with over 50 small loan direct lenders in the UK to find you the most appropriate payday loan, saving you lots of time and legwork.
Of course, you could go to each small loan company yourself, but we can do this a lot quicker than you and won’t even charge you a fee!
Quick small loans
We pride ourselves on finding our customers the most suitable fast, small loans, backed up with a professional, first-class service. So, if you are looking to borrow a small amount of money, why not apply now to see how we can help?