Why Might You Need a Small Loan?
You could be looking for small personal loans online for any number of emergency expenses. Perhaps you have a dentist or vet bill that you haven’t accounted for, and don’t have enough in savings to cover it.
Most people would prefer not to ask their friends and family to borrow money, as it can be a difficult topic to bring up. They also may not be in a position to lend you the money even if they want to. If you need a smaller amount, over a short length of time, bank loans aren’t really an option either. In those situations, short term loans can offer the best solution.
Can You Get Small Personal Loans With Bad Credit?
If you’re looking for small loans for people with bad credit, there are a few options available. You may be eligible for a credit card, though it’s important to see what the interest rates are like. If you have poor credit, you may only be eligible for high interest credit cards. You can find out more about credit cards and the interest applied via the Money Saving Expert website.
In order to see what your credit rating is like, you can find out for free on the Noddle website. The higher the rating, the better. If you do have a low score, it could be due to a late payment or even because you haven’t taken out credit before. Having no credit footprint can sometimes be as bad as having a poor credit history.
With bad credit, your options may be more limited. It can be tempting to look into small loans without credit checks, but this can cost you more in the long run. These types of loan will charge much more in interest, as they could be taking a chance on their customers. PiggyBank do conduct credit checks as a responsible lender, though we also look at other information like your employment information.
All short term lenders have to let you know how much you’ll be repaying in total, and the repayment date. Lenders like PiggyBank also won’t charge you for paying back early, so you can save money in interest.
Do PiggyBank Offer Small Loans?
PiggyBank offer loans between £100 and £1000, over 7 days to 5 months. We won’t try to tempt you to borrow more than you need - you can borrow how much you want, for how long you want. That way you won’t end up paying more in interest than you need to, like you might do with a bank loan.
If you’ve had an unexpected expense, you can apply for a PiggyBank loan today. You’ll need to be in part time or full time employment, aged 18 or over, and living in the UK. You can find more information about loan eligibility on our Eligibility page.
How Do You Apply?
To apply for a small loan with PiggyBank, simply use the sliders to choose the amount you need and how long for. We’ll ask for some personal details, your income and expenditure information and your bank details. We’ll then run some checks and get a loan decision to you as soon as possible.
If approved, we aim to pay out all funds within an hour, so you can cover your emergency expense quickly.
Is There Anything Else to Think About?
When taking out a short term loan, it’s a good idea to check if you are working with a broker, in case they charge fees. A broker will also pass on your details to other lenders, so it can be hard to keep track of which lenders have your personal information.
PiggyBank are a direct lender not a broker, so we won’t charge a fee for taking out a loan with us, or pass on your details to third parties.
It’s also important to consider if you need to take out a loan before borrowing. Borrowing to pay back other credit can lead to a debt spiral. If you think you may need help with your finances, you can contact Step Change for free help and advice.