£400 Loan: Compare Offers from 50+ Lenders
A £400 loan can cover a lot of life’s unexpected costs, from a failed MOT to a broken boiler or an urgent vet bill. The problem is finding the right lender quickly, without paying over the odds or damaging your credit score in the process.
That’s where New Horizons comes in. We search over 50 FCA-authorised lenders to help find your best match for a £400 loan, with no fees, no obligation, and no impact on your credit score. Our Soft Credit Match technology lets you check your eligibility in minutes, so you can see what’s available before committing to anything.
Whether you have a strong credit history or you’ve had difficulties in the past, our lender panel includes specialists who consider a wide range of circumstances. You could borrow £400 and repay over 3 to 36 months, choosing a schedule that fits your budget.
How a £400 Loan Works at New Horizons
Applying for a £400 loan through New Horizons is straightforward. The whole process is designed to be quick, transparent, and completely free for you.
Here’s how it works:
- Complete our short online form with your personal and financial details
- We run a Soft Credit Match across our panel of over 50 FCA-authorised lenders
- If matched, you see your loan options in minutes, with no impact on your credit score
- Choose the offer that works for you, or walk away with no obligation
- If you accept an offer, the lender completes a full affordability check
- If approved by the lender, funds can be in your account within 15 minutes*
The application takes around three minutes, and our system returns results in minutes. Unlike many direct lenders who perform a hard credit check straight away, our initial search is completely invisible to other lenders. Only if you accept an offer will the lender carry out a full credit check.
New Horizons is a credit broker, not a lender. We search lenders on your behalf to help find the right fit for your circumstances. We never charge any fees for this service.
It's quick & easy
Apply for a loan
What Could You Use a £400 Loan For?
A £400 loan sits in a practical sweet spot. It’s enough to cover most common emergencies without borrowing more than you need. Some of the most common reasons people apply for a £400 loan include:
- Car repairs, MOT failures, or insurance excess payments
- Boiler breakdowns or essential home repairs
- Unexpected vet bills or medical costs
- Replacing a broken appliance like a washing machine or fridge
- Covering a temporary shortfall between paydays
- Essential travel costs for work or family reasons
Whatever the reason, the key is to borrow only what you need and make sure repayments are comfortable within your monthly budget. If £400 is more than you need, you might want to consider a smaller amount like a £300 loan or even a £200 loan to keep costs down.
Can I Get a £400 Loan with Bad Credit?
Yes, you can apply for a £400 loan through New Horizons even if you have a low credit score or past credit problems. We work with lenders who consider a range of credit histories, including defaults, CCJs, and missed payments.
A low credit score doesn’t have to mean no options. Many of the lenders on our panel specialise in helping people who have been turned down elsewhere. They look at your current income and circumstances, not just your past.
Our Soft Credit Match is particularly useful if you’re worried about your credit file. Because it uses a soft search, checking your eligibility won’t leave any mark that other lenders can see. You can find out what’s available without any risk to your score.
If you’ve been refused a loan before, our guide on how to get a loan accepted has practical tips that could help improve your chances. And if you’re working on rebuilding your credit, take a look at our advice on how to fix a bad credit score fast.
Eligibility Requirements for a £400 Loan
To apply for a £400 loan through New Horizons, you’ll need to meet a few basic requirements:
- Be at least 18 years old
- Be a UK resident
- Have a regular source of income
- Have a valid UK bank account
- Be applying for personal use (not business purposes)
You don’t need a perfect credit score to apply. Our lender panel includes specialists who work with a wide range of credit histories. Individual lenders may have their own additional criteria, but you won’t know what’s available until you check.
Because New Horizons is a broker with over 50 lenders, your application is assessed against multiple sets of criteria at once. This gives you a much better chance of finding a match than applying to a single direct lender, where a refusal means starting again from scratch. If you’re currently receiving benefits, you may also want to explore our loans for people on benefits page for more specific guidance.
Understanding the Costs of a £400 Loan
Knowing exactly what a loan will cost you is essential before borrowing. At New Horizons, we believe in complete transparency about costs.
Our representative APR is 49.9%. This means at least 51% of successful applicants through our panel receive this rate or lower. The rate you’re offered will depend on your individual circumstances, with rates ranging from 9.3% APR to a maximum of 1,721% APR across our full lender panel.
Here’s what a £400 loan might look like in practice. If you borrowed £400 at our representative rate and repaid over 12 months, your monthly payments and total repayable amount would depend on the specific lender and terms offered. Always check the exact figures in any loan offer before accepting.
Representative example: Amount of credit: £1,200 for 18 months at £95.44 per month. Total amount repayable: £1,717.83. Interest: £517.83. Interest rate: 49% pa (fixed). Representative 49.9% APR.
To put this into perspective, some direct lenders in the short-term loans market charge representative APRs of 835% or higher. Others use membership models where the effective cost of borrowing can be significantly more than it first appears. New Horizons never charges fees to customers, and our service is completely free to use.
Why Choose New Horizons for Your £400 Loan
When you’re looking for a £400 loan, you have plenty of options. Here’s why thousands of people choose New Horizons every day.
One application, 50+ lenders. Instead of applying to individual lenders one by one, risking multiple hard credit checks and wasting time on rejections, you complete one form and we search our entire panel to help find your best match.
Soft Credit Match protects your score. Our initial eligibility check uses a soft search that’s invisible to other lenders. It won’t affect your credit score. Only if you choose to accept an offer will the lender conduct a full credit check.
Speed you can rely on. The application takes around three minutes. If matched, you see your options in minutes. If approved by a lender, funds can be in your account within 15 minutes.* Our service is available 24 hours a day, 7 days a week.
We never sell your data. We never contact you to sell other products. We never give consent to other companies to contact you. That’s our Customer Promise, and it’s been at the heart of everything we do since we were established in 2017.
New Horizons holds a Feefo Gold Trusted Service rating, which reflects consistently positive feedback from verified customers. We process over 7,510 loan applications daily through our platform.
For other ways to access funds quickly, you might also want to explore our quick loans or same day loans pages.
It's quick & easy
Apply for a loanAlternatives to a £400 Loan
Borrowing isn’t always the right answer, and a responsible lender or broker should be upfront about that. Before applying for a £400 loan, it’s worth considering whether any of these alternatives could work for you.
Credit unions are community-based lenders that often offer lower interest rates than commercial providers. They’re worth checking if you have a little more time before you need the money. You can find your local credit union through the Association of British Credit Unions.
Payment plans with creditors. If your £400 need is for a specific bill or debt, the company you owe money to may offer a payment plan or hardship arrangement. It’s always worth asking before borrowing elsewhere.
Family or friends. Borrowing from someone you trust can be interest-free, but make sure to agree repayment terms upfront to protect the relationship.
If you’re struggling with multiple debts or feeling overwhelmed by your finances, free and confidential advice is available from MoneyHelper, StepChange, Citizens Advice, or National Debtline. These organisations can help you look at your whole financial picture and find the best path forward.
£400 Loan vs Direct Lender: What’s the Difference?
When searching for a £400 loan, you’ll come across two main types of provider: direct lenders and brokers like New Horizons. Understanding the difference can help you make a better decision.
A direct lender provides the loan funds themselves. You apply directly to them, and they decide whether to approve you based on their own criteria. If they say no, you need to start again with another lender, potentially facing another hard credit check each time.
A credit broker like New Horizons searches multiple lenders at once to help find your best match. This means one application, one soft search, and access to a much wider range of options. If one lender’s criteria don’t fit your circumstances, another on the panel might.
Many direct lenders in the £400 loan market also charge significantly higher APRs. Some charge representative rates above 800%, while others require membership fees that increase your total cost of borrowing. New Horizons’ representative APR of 49.9% reflects the competitive rates available through our diverse lender panel.
If you need funds urgently, our emergency loans page explains more about accessing money quickly through our service.
How Quickly Could I Receive a £400 Loan?
Speed matters when you’re dealing with an unexpected expense. Here’s what the timeline looks like with New Horizons.
The application form takes around three minutes to complete. You’ll need to provide basic personal details, employment information, and your monthly income and outgoings.
Once you submit, our Soft Credit Match searches over 50 lenders and returns your options in minutes. There’s no waiting around for a phone call or a letter in the post.
If you’re matched and you choose to accept an offer, the lender will carry out their own checks. If approved, most lenders on our panel can send funds within 15 minutes.* The time it takes to reach your bank account depends on your bank’s own processing times.
Our service is available 24/7, so you can apply whenever it suits you, including evenings and weekends. For more on fast funding options, see our cash loans page.
Repaying Your £400 Loan
Comfortable repayments are key to responsible borrowing. Through New Horizons’ lender panel, you could repay a £400 loan over 3 to 36 months, giving you flexibility to choose a schedule that works with your budget.
Shorter repayment terms mean you pay less interest overall but have higher monthly payments. Longer terms spread the cost into smaller monthly amounts but increase the total you repay. Always choose a repayment period where the monthly payments sit comfortably within your budget.
Here are some tips for managing your repayments:
- Set up a direct debit or standing order so you never miss a payment date
- Budget for your repayments before accepting a loan offer
- Contact your lender immediately if you’re struggling to make a payment
- Check whether your lender charges fees for early repayment if you want to clear the balance sooner
If you miss a repayment, it could affect your credit score and the lender may charge additional fees. If you’re having difficulty, speak to your lender as early as possible. They may be able to adjust your repayment plan. You can also get free help from MoneyHelper.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Do You Need More or Less Than £400?
Borrowing the right amount matters. If £400 is more than you need, a smaller loan means less interest to pay back. If it’s not quite enough, borrowing slightly more could avoid the need for a second application later.
Through New Horizons, you could borrow anywhere from £50 to £5,000 depending on your circumstances and the lender you’re matched with. Here are some nearby options:
- £300 loans if you need a little less
- £500 loans if you need a bit more
- £1,000 loans for larger unexpected costs
Whatever amount you choose, the same quick application process applies. One form, over 50 lenders, no impact on your credit score.
Frequently Asked Questions
Can I get a £400 loan today?
If matched with a lender and approved, you could receive funds on the same day you apply. Our system returns results in minutes, and most lenders on our panel send funds within 15 minutes of approval.* The exact timing depends on when you apply and your bank’s processing speeds.
Will applying for a £400 loan affect my credit score?
No. Our initial eligibility check uses a soft search that won’t appear on your credit file. Only you can see it, and other lenders cannot. A full credit check only happens if you choose to accept a specific loan offer from a lender.
What is the interest rate on a £400 loan?
Our representative APR is 49.9%. The rate you’re offered depends on your individual circumstances, with rates across our lender panel ranging from 9.3% APR to a maximum of 1,721% APR. You’ll see the exact rate and total cost before accepting any offer.
Do I need a guarantor for a £400 loan?
No. Loans through New Horizons do not require a guarantor. Our lenders assess your application based on your own income and circumstances. For more information, see our no guarantor loans page.
How much will I repay in total on a £400 loan?
The total amount you repay depends on the interest rate offered and the repayment term you choose. Shorter terms mean less interest overall. You’ll see the exact total repayable, including all interest, before you accept any offer, so there are no surprises.
Can I repay my £400 loan early?
Most lenders on our panel allow early repayment. Some may charge a small settlement fee, while others don’t. The terms will be clearly set out in your loan agreement, so check before accepting if early repayment is important to you.
What happens if I can’t make a repayment?
Contact your lender as soon as possible if you’re struggling. They may be able to adjust your repayment plan. Missing payments could result in additional charges and may affect your credit score. Free debt advice is available from StepChange and National Debtline.
Is New Horizons a lender or a broker?
New Horizons is a credit broker, not a lender. We search over 50 FCA-authorised lenders to help find your best match. We’re an Appointed Representative of Flux Funding Limited (FRN 806333) and hold FCA reference number 834535.
Are there any fees for using New Horizons?
No. New Horizons never charges customers any fees. Our service is completely free to use. We’re paid by lenders when a successful match is made, so using our service costs you nothing regardless of the outcome.
Can I get a £400 loan if I’m on benefits?
You may be able to find a loan through our panel if you receive benefits as part of your income. Lenders will assess whether the repayments are affordable based on your total income and outgoings. Visit our loans for people on benefits page for more details.
What’s the difference between a soft search and a hard search?
A soft search is an initial check that only you can see on your credit file. It doesn’t affect your credit score and is invisible to other lenders. A hard search is a full credit check that appears on your file and is visible to other companies. New Horizons only uses a soft search. The lender performs a hard search only if you accept an offer.
How do I know if a £400 loan is right for me?
Consider whether you can comfortably afford the monthly repayments alongside your other financial commitments. Never borrow more than you need, and always explore alternatives first. If you’re unsure, free guidance is available from MoneyHelper.
Can I apply for a £400 loan outside of business hours?
Yes. Our service is available 24 hours a day, 7 days a week. You can complete your application at any time, and our system will search lenders and return your options in minutes, day or night.
What documents do I need to apply?
You don’t need to upload any documents to complete our online form. You’ll need to know your personal details, employment information, monthly income, and regular outgoings. Individual lenders may request additional verification after you accept an offer.
What if I’m not matched with a lender?
If our search doesn’t find a match, it won’t affect your credit score because we only use a soft search. You could try again later if your circumstances change, or explore our guide on how to get a loan accepted for tips on improving your chances.
Find your best rate loan without needing an initial credit check.
‘Soft Credit Match’ our technology matches your profile with our industry-leading panel of Financial Conduct Authority (FCA) approved direct lenders without leaving any mark on your credit record.
With no obligation & no cost – it’s the best way to find a loan.
Get Your CreditMatch