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Small Loans UK
Long gone are the days when the only real option for receiving a small loan in the UK was to approach your bank. These days there are hundreds of small loan products on offer from a wide range of lenders.
We provide a syndicated application platform for matching your exact requirements with the full selection of loan products available. Meaning we take the hard work out of finding you the perfect small loan in the UK.
There are three main types of small loan products available in the UK and these are personal loans, short-term loans and guarantor loans.
A personal loan is the traditional type of short-term loan that you would historically have tried to organize through your bank. Now there is a wide range of lenders who provide a personal loan, so you are free to look for the best deal.
A personal loan is available for anything from £1,000 to £25,000 depending upon your financial status. Interest rates can also be fairly low, as little as 5.7% depending on the loan product you choose, and the length of the loan. The repayment schedule can be between 3 months to 3 years.
Short-term loans are usually for a much lesser amount than a personal loan, with a maximum borrowing amount of around £3,000. These are also usually unsecured loans, and available for people with a bad credit rating.
This type of small loan will almost always come with a pretty high interest rate, as they are most usually offered to people with a poor credit score who do not qualify for a personal loan. Interest rates vary between 278% and 1576%.
The repayment schedule for a short-term loan is, as the name suggests, quite short. It can be anything from 3 months to a year.
A guarantor loan is a small loan product that is aimed at people who cannot qualify for a personal loan but needs to borrow more than short-term lenders usually offer.
With a guarantor loan a third-party undersigns the loan agreement, and promises to remake loan repayments should the original borrower not be able to do so. Interest rates for a guarantor loan are fairly reasonable, running from 49% to 50%. Repayment terms can be as little as 3 months or as much as 3 years.
A Loan Company you can Trust
CreditPoor is a registered small UK loan broker, that is fully compliant with Financial Conduct Authority regulations. This means that you can always trust us to offer best financial advice at all times, and never try to sell you a loan product that is not suitable for your needs.
Start your Application Now
Starting the application process for your small loan is very simple. You can use our online application form. Once you have completed this form, we will take it from there and find the small loan that is perfect for you, by comparing your needs against a wide range of different loan products from a panel of lenders.