What are small loans?
Small loans are simply loans for amounts of money smaller than people would traditionally borrow from a direct lender in the UK. Often no more than a few hundred pounds in total, small personal loans have been designed to quickly provide people with a little help when they suddenly find themselves needing it.
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As with all loans, these types of little loans can be customized to your personal requirements; giving you the freedom to choose how much you borrow and what type of repayment plan you need. Whilst most small loans often feature a fast repayment period, such as those offered by small payday loans, there are always exceptions. Therefore, you should always look around to see which lender offers the best terms for you.
Are small loans expensive?
The answer is both yes and no. Whilst we understand that some of the APRs advertised by lenders appear very high, they are a little misleading in that small loans are not supposed to be borrowed over a long period of time. Because such loans are usually repaid quite quickly, most lenders charge a one-off fee rather than actual interest on the loan. This means that the amount you repay is often much lower than first thought.
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Furthermore, because the lending charge is often in the form of a fee, you will have full transparency in regards to how much you must repay and of course when. The high APRs of such loans can become an issue if you fail to repay the money you borrow when you are supposed to. Therefore, it is vital that you always borrow only what you know you can repay back in the time required.
Can I get a small loan if I have bad credit?
Yes you can. Lenders use your credit score to decide whether to lend you money or not. Traditionally, a good score meant that your application was likely to be approved, whilst a bad score often meant that you would be unsuccessful. However, because lenders often used different criteria to other lenders when making their decision, a person could be turned down for a loan by one lender and approved by another. Taking advantage of the worries of people with bad credit, some lenders claim to offer small loans without credit checks. These of course sound very appealing. However, there is a problem; such loans do not exist. This is because the FCA requires UK lenders to perform compulsory credit checks on all applications.
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This does not mean that people with bad credit scores cannot get loans. With direct lenders now looking at criteria such as your employment status when assessing your application, many now offer small loans for people with bad credit. To help you get the right small loan, New Horizons will quickly compile a list of the best deals for your specific needs; allowing you to make a more informed decision and significantly reducing the time it takes to get the money into your account.