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Emergency situations can happen anytime to anyone but there are times when we are simply financially unprepared to face them. In these circumstances, taking out a loan would be one of the best solutions. But it doesn’t necessarily mean borrowing large amounts for several thousands of pounds. Sometimes all we need is a little extra cash to tide us over, especially if an unforeseen bill or car repair crops up. What we need are small loans that can give us just enough money to survive the temporary storm.
What are small loans?
So what are small loans anyway? Small loans are one of the numerous financial products available in the UK that can help anyone when they are in an emergency situation that requires quick funding. If you suddenly find yourself short of cash, you generally need a small cash loan to help tide you over until your next paycheck arrives and not a huge debt that you will have to carry for years. And because they are designed for emergency financial situations, small loans found by introducers such as Pickaloan mean they can typically accessible minimal requirement loans and almost instant money transfers.
Why You Might Want to Take out Small Loans
Because they typically come in several hundred to a few thousand pounds with durations that last to a number of weeks or months, small loans are suitable for solving cash problems and urgent expenses. Some of the reasons why you would want to take out small loans include:
- You need to cover urgent bills
- You need to pay off medical treatment
- You need to Address funeral expenses
- You need to spend on car repairs and home improvements
Or perhaps you lost your phone and you need to replace it right away that’s why you need to take out a small loan. Whatever your reason is, small loans will surely give you that quick fix to ordinary cash problems.
Small Loans UK: The Available Options
There are a number of reliable small loans available in the UK that you can turn to in times of dire situations. Depending on your specific need for money and personal circumstances, some of the small loans the UK that you can look into include:
1.) Small Payday loans
Small payday loans from reputable lenders are usually offered from £100 to as much as £1000 to be paid back in the next month or your next payday in one single payment. The great thing about small payday loans is that they are quick to process and approve without any form of paperwork or hassle involved. If you meet the required criteria from your lender, you can have your money deposited into your account on the same day your application was approved.
2.) Small personal loans
Small personal loans can be borrowed for much longer periods from three months to more than a year depending on the lender. If you want small loans that can give you larger amounts than small payday loans for longer payment periods, then small personal loans will suit you best. The loan is unsecured which means there is no need to offer any form of collateral to obtain it. If you possess good credit and your income says that you can afford to make the proper repayments, you can take out small loans as small as a few hundred pounds to as much as £25,000.
3.) Small Business Loans
Small business loans are designed for business purposes. If you are a start-up or you need money to finance a minor expansion, then taking out business loans would be ideal. The kind of business loan you apply for will depend largely on your business circumstances and why you need the money. You can apply for a start-up loan to help launch your business, a short-term loan to help augment cash flows, and other forms of business loans depending on your personal need and current circumstances.
4.) Guarantor loans
If you need a relatively larger loan, a guarantor loan can be a great solution. Normally, a guarantor is some you trust and is close to you. The person can be a family member, relative, or friend, who will guarantee to make the repayments if you are unable to. You can take out a small guarantor loan from £1,000 to £5,000 and repay over a period of time that is comfortable for you and your budget. Guarantor loans are also great small loans if you have bad credit but want a loan with comfortable payment terms and interest rates.
5.) Doorstep Loans
Among the small loans UK available, doorstep loans are without a doubt the most convenient. This is because you can complete the entire loan transaction right at your doorsteps. All you need to do is make an application and your lender will immediately send an agent who will present the terms and conditions of your loan personally. If you agree with them, the money will be personally handed to you by the agent. The small loans are usually available from £100 to £1,000. Payments are collected weekly at your home by your lender’s agent.
Small Loans for Bad Credit
Small payday loans, personal loans, small business loans, guarantor loans, and doorstep loans, are all small loans for bad credit which mean you don’t need to possess a good credit rating to become eligible. As long as the lender sees that you can afford your loan, they normally won’t hesitate to lend you the money that you need. Normally, the qualifications that you need to meet include:
- Must be at least 18 years of age in the onset of the loan
- A citizen or permanent resident of the UK
- Employed and have a stable income
- Have an active bank account
Doorstep loans are the only small loans for bad credit that do not necessarily require you to be employed as there are doorstep loans offered by brokers like Pickaloan that cater those who are unemployed and living under benefits like government pension.
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