If you’re looking for a small loan due to an unexpected expense, typically the minimum you can borrow is £100. Payday loans are usually for smaller expenses - if you need a larger amount, you can look to spread the cost through an instalment loan.
Why Might You Need a £100 Loan?
Emergency expenses are something we all have to deal with at some point in our lives, and even if you have savings, there’s a chance you won’t quite have enough funds to cover the cost. With a payday loan of £100 to £400 with PiggyBank, you can borrow the amount you need to see you through until your next payday.
Payday loans can be a lot more flexible than traditional forms of credit like bank loans, as you don’t have to borrow a huge amount to cover a small expense. By borrowing the amount you actually need, you can save money in interest in the long run.
You might need a £100 loan for anything from car repairs, so you can get back on the road to get to work, to a dental bill that you need to pay quickly. Whatever your unexpected expense, we’ll do our best to help.
Do PiggyBank Offer £100 Loans?
At PiggyBank, we offer loans between £100 and £1000, however if you’re looking for a payday loan, you can borrow up to £400 for 7 to 35 days.
You can use the sliders on our homepage or our application page to calculate how much you’d be repaying, depending on how long you’re looking to borrow the funds for. Interest is applied at 0.8% per day, so if you borrow 100 pounds, the interest would be 80 pence a day.
PiggyBank is a direct lender not a broker, which means that if you’re approved for a loan, we’ll pay the funds directly into your bank account. It’s a good idea to always check to see if the company you’re looking at is a direct lender, as brokers can sometimes charge fees for their services. We won’t charge you a fee for taking out a loan with us.
Can You Apply for a Payday Loan of £100 With Bad Credit?
You don’t need perfect credit to apply for a PiggyBank payday loan. You might have poor credit if you made a few late payments in the past, or missed a repayment. As your credit history stays on your credit file for 6 years, these negative marks could be due to things that happened years ago, but could still affect your chances of taking out credit. County Court Judgements (CCJs) on your credit file can also lower your credit score, as can having a ‘thin credit file’. This is when you don’t have much of a credit history, so lenders don’t know how you handle credit.
We always look at your more recent credit history when making a loan decision, and review each case on an individual basis. As responsible lenders, we make sure that making the agreed repayments won’t put you into financial difficulty.
As a completely UK-based lender, you also have the security of knowing that we adhere to UK legislation when it comes to short term lending. The Financial Conduct Authority (FCA) recently put regulations in place that mean you will never be charged more than £15 in fees or charges, and never have to pay back more than twice the amount you borrow. All short term lenders also have to make you aware of how much you’ll be paying and when before you apply for a loan or sign the agreement. At PiggyBank, we are proud to have been the first short term lender to be authorised by the FCA.
Before taking out a loan, it’s important to think about whether you need one, or whether you can save up the funds you need. If you are looking to borrow due to long term financial difficulty, or to pay back other credit, a payday loan won’t be the best option for you. You can speak to companies like Step Change if you feel you need help and advice with your debts.
How Do You Apply?
To apply for a payday loan of £100 to £400, or an instalment loan up to £1000, simply go to our application page and fill in a few details about your income and expenditure, as well as some personal details. We’ll let you know your loan decision as soon as possible. We aim to pay out within an hour of approval.