Looking for a £700 Loan?
When an unexpected expense lands and you need £700 quickly, knowing where to turn can make all the difference. Whether it’s a car repair, a broken boiler, or a bill you weren’t expecting, a £700 loan could give you the breathing room you need to get things back on track.
At New Horizons, we search over 50 FCA-authorised lenders to help find a £700 loan that fits your circumstances. There are no fees, no obligation, and our Soft Credit Match technology means checking your eligibility won’t leave any mark on your credit file.
Even if you’ve had credit difficulties in the past, our lender panel includes specialists who consider a wide range of credit histories. You could borrow £700 and repay it over 3 to 36 months, choosing a schedule that works with your budget.
How a £700 Loan Works at New Horizons
Applying for a £700 loan through New Horizons is straightforward. The whole process is designed to be quick and transparent, so you know exactly what’s happening at every stage.
- 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*
New Horizons is a credit broker, not a lender. We do the searching so you don’t have to. One short application connects you with dozens of lenders, saving you the time and hassle of applying to each one individually.
The initial eligibility check uses a soft search that’s invisible to other lenders. Only you can see it on your credit report. A full credit check only happens if you choose to accept a loan offer.
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What Could a £700 Loan Be Used For?
A £700 loan sits in a practical middle ground. It’s enough to cover significant costs without over-borrowing. Here are some of the most common reasons people apply:
- Car repairs or MOT costs that can’t wait
- Boiler breakdowns or essential home repairs
- Unexpected vet bills for a family pet
- Replacing a broken appliance like a washing machine or fridge
- Covering a gap between paydays when bills pile up
- Essential travel costs for work or family reasons
Whatever the reason, what matters is that the loan is affordable for you. You should only borrow what you need and what you can comfortably repay. If a smaller amount would cover the cost, you might also consider a £500 loan instead.
If your situation needs a bit more, we also offer £1,000 loans through the same quick application process.
£700 Loans for Bad Credit
A low credit score can feel like a barrier, but it doesn’t have to be. Past credit problems don’t define your future, and many of the lenders on our panel specialise in helping people with less-than-perfect credit histories.
Whether you’ve had a default, a CCJ, missed payments, or simply have a limited credit history, our Soft Credit Match technology searches for lenders who may be willing to work with you. We work with lenders who look at your current situation, not just your past.
If you’ve been turned down elsewhere, that doesn’t necessarily mean you won’t find a match through New Horizons. Different lenders have different criteria, and our panel of over 50 FCA-authorised lenders gives you a much broader range of options than applying to a single lender directly.
If you’re looking for more information about borrowing with a poor credit history, our dedicated loans for bad credit page explains how our service works for people with credit difficulties.
Eligibility Requirements for a £700 Loan
To check your eligibility for a £700 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 UK bank account with a valid debit card
- Provide accurate personal and financial information
Meeting these requirements doesn’t guarantee approval, as each lender sets their own criteria. However, it does mean you can check your eligibility through our soft search without any impact on your credit score.
Lenders will assess your affordability individually, looking at your income, existing financial commitments, and ability to repay comfortably. This is a responsible lending requirement set by the FCA to protect borrowers from taking on debt they can’t manage.
If you’d like to understand more about what lenders look for, our loan approval criteria page provides a clear breakdown.
Understanding the Costs of a £700 Loan
Being upfront about costs is part of how we do things at New Horizons. Before accepting any loan offer, you should understand exactly what you’ll repay.
Our representative APR is 49.9%. This is significantly lower than many competitors in the short-term lending space, where rates of 79.5% APR or higher are common. However, the rate you’re offered will depend on your individual circumstances, and rates across our lender panel range from 9.3% APR to a maximum of 1,721% APR.
Here’s our representative example to give you a clear picture of borrowing costs:
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.
A few important points about costs:
- New Horizons never charges any fees to customers. Our service is completely free to use
- You’ll see the exact interest rate, monthly repayments, and total cost before you accept any offer
- Shorter repayment terms mean less interest overall, but higher monthly payments
- Longer terms reduce monthly costs but increase the total amount you repay
If you need help understanding APR and how loan costs work, MoneyHelper offers free, impartial guidance on borrowing.
Why Choose New Horizons for Your £700 Loan
The short-term lending industry doesn’t always have the best reputation, and we understand why. Fee-charging brokers, data selling, and aggressive follow-up calls have left many borrowers feeling burned. New Horizons was built to do things differently.
We never sell your data. We never spam you. We never share your details without permission. That’s our Customer Promise, and it’s not just words on a page. It’s how we’ve operated since we were established in 2017.
Here’s what sets us apart:
- Over 50 FCA-authorised lenders searched with one application
- Soft Credit Match technology that protects your credit score
- No fees, ever. We’re paid by lenders, never by you
- Representative 49.9% APR, lower than many competitors
- Feefo Gold Trusted Service rating from verified customer reviews
- Available 24 hours a day, 7 days a week
Our ethos has always been simple: do the right thing for your customers, and the business will take care of itself. That means giving you honest information, clear options, and the freedom to decide in your own time.
Need funds urgently? Our same day loans page explains how quickly you could access money if approved.
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Apply for a loanAlternatives to a £700 Loan
A loan isn’t always the right answer, and we’d rather you explored all your options before borrowing. Here are some alternatives worth considering:
Credit unions are community-based lenders that often offer lower interest rates than commercial providers. You’ll need to be a member, but many are open to new applicants. Visit Find Your Credit Union to search for one near you.
Payment plans with creditors. If your £700 need is to cover a bill, contact the company directly. Many utility providers, councils, and service companies offer payment plans or hardship funds that could help you spread the cost without borrowing.
Family or friends. Borrowing from people you trust can be interest-free, though it’s worth putting any agreement in writing to protect both sides.
Free debt advice. If you’re borrowing to cover existing debts, speaking to a free debt advice service first could help you find a better solution. StepChange and Citizens Advice both offer confidential support.
Tips for Responsible Borrowing
Borrowing money is a financial commitment, and it’s worth taking a moment to make sure it’s the right decision for you. Here are a few things to think about before applying:
- Only borrow what you need. If £500 covers the cost, there’s no reason to borrow £700
- Check your budget to make sure you can comfortably afford the monthly repayments alongside your existing bills
- Compare the total cost of borrowing over different repayment terms before choosing
- Read the full loan agreement carefully before signing anything
- If you’re already struggling with debt, seek free advice before taking on more borrowing
If you can’t make a repayment, contact your lender straight away. Most lenders would rather work with you to find a solution than let things escalate. Ignoring missed payments can lead to additional charges and damage to your credit record.
Working on improving your credit for the future? Our guide on how to fix a bad credit score fast has practical steps you can start taking today.
How a £700 Loan Compares to Other Amounts
Choosing the right loan amount matters. Borrowing too much means paying unnecessary interest, while borrowing too little might not solve the problem.
If your expense is on the smaller side, a £300 loan or £500 loan could be more appropriate. For larger costs, a £1,000 loan or even a £2,000 loan might be needed.
Whatever amount you choose, the same benefits apply. One application, 50+ lenders, soft search eligibility check, no fees, and no obligation. You can explore all available amounts on our borrow money page.
What Happens After You Apply
Once you’ve submitted your application, our system gets to work immediately. Here’s what to expect:
If matched with a lender: You’ll see your loan offer on screen within minutes. This will include the interest rate, monthly repayment amount, total cost of the loan, and repayment term. Take your time to review it. There’s no obligation to accept.
If you accept an offer: The lender will carry out a full credit and affordability check. This is a hard search that will appear on your credit file. If the lender is satisfied, they’ll send you a loan agreement to review and sign.
If approved and you sign the agreement: Most lenders send funds within 15 minutes of final approval.* The time it takes for money to reach your account depends on your bank’s processing times.
If not matched: Don’t worry. This doesn’t mean you won’t find a loan elsewhere. Different lenders have different criteria, and our tips for getting a loan accepted page offers practical advice for next steps.
Frequently Asked Questions About £700 Loans
Can I get a £700 loan with bad credit?
Yes, you can apply for a £700 loan even if you have bad credit. Many of the lenders on our panel specialise in helping people with less-than-perfect credit histories, including those with defaults, CCJs, and missed payments. Our Soft Credit Match searches for lenders who may be willing to work with your current circumstances.
Will checking my eligibility affect my credit score?
No, it won’t. New Horizons uses a soft search to check your eligibility, which is invisible to other lenders and won’t affect your credit score. A hard credit check only happens if you choose to accept a loan offer and proceed with a full application through the lender.
How quickly could I receive a £700 loan?
If approved, funds can be in your account within 15 minutes.* The application itself takes around three minutes to complete, and if matched, you see your options in minutes. The exact time funds reach your account depends on your bank’s processing policies.
Does New Horizons charge any fees?
No. New Horizons never charges any fees to customers. Our service is completely free to use. We’re paid by lenders through commission, so there’s never a cost to you regardless of whether you’re matched or approved.
How much will a £700 loan cost to repay?
The total cost depends on the interest rate you’re offered and how long you choose to repay over. Our representative APR is 49.9%, though rates range from 9.3% to 1,721% APR depending on your circumstances. You’ll see the exact cost, including monthly payments and total repayable amount, before you accept any offer.
Can I repay a £700 loan early?
In most cases, yes. Many lenders allow early repayment, which can reduce the total interest you pay. Check the terms of your specific loan agreement for details, as policies vary between lenders.
What repayment terms are available for a £700 loan?
Through New Horizons, you could repay a £700 loan over 3 to 36 months. Shorter terms mean less interest overall but higher monthly payments. Longer terms reduce monthly costs but increase the total amount repaid. Choose the term that fits comfortably within your budget.
Is New Horizons a lender?
No, New Horizons is a credit broker, not a lender. We search over 50 FCA-authorised lenders to help find the best match for your circumstances. We never lend money directly. New Horizons Finance Ltd (Company No. 11757330, FCA reference: 834535) is an Appointed Representative of Flux Funding Limited (FRN 806333).
What happens if I can’t make a repayment?
If you’re struggling to make a repayment, contact your lender as soon as possible. They may be able to arrange a revised payment plan. Ignoring the problem could lead to late payment fees (which range from £1 to £100 depending on the lender), damage to your credit record, and potential involvement of a collections agency.
Can I get a £700 loan with no credit check?
No legitimate UK lender offers loans with absolutely no credit check. The FCA requires all authorised lenders to carry out affordability checks before lending. However, New Horizons uses a soft search for the initial eligibility check, which doesn’t affect your credit score. A full credit check only happens if you accept an offer.
Do I need a guarantor for a £700 loan?
No, you don’t need a guarantor to apply through New Horizons. Our lender panel includes many providers who offer no guarantor loans, so you can apply independently without needing someone else to back your application.
What if I need the money today?
New Horizons processes applications 24 hours a day, 7 days a week. If matched and approved, many lenders can send funds the same day. For more details on fast funding, visit our quick loans or emergency loans pages.
How is New Horizons different from other loan brokers?
Three things set us apart. First, our representative APR of 49.9% is significantly lower than many competitors who charge 79.5% APR or more. Second, our Customer Promise means we never sell your data, never spam you, and never share your details without permission. Third, our Feefo Gold Trusted Service rating shows that real, verified customers consistently rate our service highly.
Can I apply for a £700 loan if I’m on benefits?
You may be able to apply if you have a regular income, which can include certain benefits. Each lender has their own criteria for what counts as acceptable income. Our loans for people on benefits page has more information about your options.
What information do I need to apply?
You’ll need to provide your name, address, date of birth, employment details, monthly income and outgoings, and bank account information. Having these details to hand before you start means the application can be completed in around three minutes.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
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