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How do small personal loans work?
Taking out a small personal loan eases your financial burden by spreading the cost over a fixed, affordable monthly instalment so that you can concentrate on the moment rather than on the cost.
When you borrow a small personal loan, lenders assess your application based on a few key metrics – your credit score, income stability, and employment status. A credit score is the creditor’s window into your past financial behavior, allowing them to evaluate your repayment ability.
Once you qualify for a hard credit inquiry and your loan gets approved, the lender will transfer the amount right into your bank account within a few days. The funds are then at your discretion, but it is crucial to use them responsibly.
Missing repayments on your small personal loan could be detrimental to your credit score. Plus, a default may result in a County Court Judgment (CCJ) from the lender. A CCJ stays on your credit file for about six years, impeding your chances of securing low-interest credit in the future.
Whether it’s a bit of cash crunch, a medical emergency, or to regulate a financial hiccup, end your money woes with LoanTube. Compare loans with guaranteed APRs and find your ideal offer with LoanTube. Borrow from £1,000 – £15,000 and repay over 12-60 months.
What are the benefits of borrowing a small personal loan?
A small personal loan is a convenient and quick way of securing funds. Small personal loans are an easily accessible financial option without a collateral requirement. Borrow from £1,000 to £15,000 over 12 – 60 months and tackle any financial crisis head-on!
What to consider before borrowing a small personal loan?
A small personal loan is relatively easier to manage but is still a big decision. Consider the following before taking your call:
• Is this a suitable loan amount for me?
If you intend to borrow a loan, you must assess your affordability. Make sure you borrow an amount you can afford to pay back within the chosen repayment period.
• Will I be able to commit to the loan term?
Even though small personal loans typically have a shorter repayment term, you must understand that a loan requires your will and commitment. Figure out whether or not you’ll be able to keep up with the repayments for the entire length of the loan term.
• Do I need a contingency plan for repayments?
We should always prepare for life’s unexpected twists and turns. Maintaining consistency with your loan repayments will protect your credit score. Thus, it is always best to have a contingency plan for your loan payments.
• What can I use a small personal loan for?
You can solve a myriad of purposes with a small personal loan:
• Minor home improvements
• Repair works
• Debt consolidation
• Settle emergency medical bills
• Cover wedding expenses
• Purchasing a new appliance
• Buy business equipment
What happens if I miss a payment?
You may lose a few points from your credit score if you miss a payment. If you miss payments consistently and default on your loan, your lender may file a CCJ against you. It might be difficult for you to obtain credit for your future goals if you have a CCJ. Therefore, maintaining a healthy credit score and managing your repayments are essential.
Calculate monthly payments
Representative Example
Loan Amount
£1,000
Loan Term
18 Months
Total repayment
Monthly repayment
RAPR
79.5%
Interest
59.97% p.a (fixed)
*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk.
Tell us how much you need, for how long, and for what purpose.
We find you the loan offers you qualify for from multiple lenders.
Select the loan that best matches your circumstances, and Get Funded.
When you borrow via LoanTube, you won’t have to pay any upfront fee on your loan – Experience transparent and hassle-free borrowing like never before!
If you plan on repaying the loan early, the best thing to do is look for any settlement fees in your contract. You can settle your loan before the end of the repayment term if your lender does not impose an early repayment fee on you.
A guarantor could help you out if your credit score is below par. Both parties jointly take on the loan’s obligations when a guarantor co-signs your loan application. In this case, an individual with a strong credit history can guarantee your application.
You can borrow up to £35,000 over 12-84 months with LoanTube.
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.
Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.
Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.
