Small loans are becoming increasingly popular, it has been estimated that small loans in the UK have increased by 241% in the last 4 years*
The reason for this sudden increase in small loans could be down to the recent recession. Mainstream lenders have restricted who they will lend to, and as a result, people have looked to alternative ways to borrow the money that they need.
If you have a poor payment history and therefore a bad credit rating, don’t let this stop you applying for smaller loans. A lot of people think that they won’t be accepted for small loans with bad credit - however this doesn’t have to be the case. Even if you have missed payments in the past, have CCJ’s or if you are unemployed, you could still be accepted for a small loan. This is because there are no credit checks undertaken by some lenders for this type of loan. Instead, these non-standard lenders will look at your current situation.
When applying for a small loan, always research the company that you are applying with to ensure that they are a member of the CCA.
Small loans typically range from £100-£500 with repayment periods from a number of weeks to over a year. With most of these loans you simply apply online, and you are usually given a decision in principle within minutes of completing the application form.
Here at Provident we offer cash loans from £100-£500 which are available from 14 to 52 weeks. We assess your eligibility for a loan on your current circumstances and not your payment history, so even if you have missed payments in the past or have CCJ’s you could still be accepted. Once you have filled out our online application form you will receive a decision in principle within minutes. If you are accepted, an Agent will be in contact with you within a few days.
*http://iloancashguide.com
