Cash Loans

Sometimes, all it takes to derail our financial situation is a car that unexpectedly fails its MOT or a poorly pet in sudden need of expensive veterinary treatment. In such situations, when the expense simply can’t wait until payday, our savings fall short, or friends and family are unable to help us out, we might think about searching for a cash loan.

What is a cash loan?

A cash loan is a form of short term borrowing designed to help people cover an unplanned expense in the event of an emergency.

When you take out a loan, the lender will charge you interest, and this will be included in your monthly repayments. You must make your repayments in full and on time each month throughout your chosen loan term.

Can I apply online?

Many direct lenders make it possible for you to apply for a cash loan online.

If you’re not sure where to start, Little Loans could help. We’re a Financial Conduct Authority (FCA) authorised and regulated credit broker, with access to a large panel of trusted and responsible UK-based lenders, many of whom specialise in loans for people with either bad or no credit history.

When you fill out our form, we’ll use the information you’ve provided to scan our panel of lenders for a suitable loan for you, based on your financial circumstances. Our form can be completed entirely online, and should take around five minutes to fill in. We’ll be able to reveal whether you’ve been matched with a lender in just 60 seconds.

I’m looking for a cash loan; how much money can I apply for?

With Little Loans, you’re welcome to search for a cash loan between the value of £100 and £10,000, with a repayment term from 3 to 60 months, depending on the amount of money you apply to borrow.

Before you complete our form, you’ll just need to make sure that you meet our eligibility criteria. In order to search for a cash loan with Little Loans, you must:

• Be over the age of 18;
• Be a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

How quickly will I receive the money?

If your application is approved, the money could be sent to your bank on the same day, depending on the individual payout timescale of your lender. The time it takes for the money to be received in your account will depend on your bank’s policies and procedures.

What can I use a cash loan for?

Common uses for a cash loan include urgent home or car repairs, or an unexpected vet’s bill. When used responsibly and repaid in full and on time, a cash loan could be useful during a time of need or to cover an unexpected expense if you have no other options.

Can I get a cash loan with bad credit?

Here at Little Loans, we don’t believe that past financial errors should necessarily prevent you from applying to borrow credit when you need it the most, particularly if you have recent history of managing your finances effectively. This is why we’re proud to partner with a number of lenders who specialise in loans for people with bad credit.

While you may be able to get a loan with bad credit, you should stop and think very carefully before you search. A bad credit loan could come with a higher rate of interest, and you’ll need to make sure that this is affordable for you. Repaying a loan should never interfere with your necessary monthly outgoings, such as rent or mortgage, bills, and food.

Can I get a cash loan without a credit check?

All authorised and regulated lenders in the UK are required by the FCA to thoroughly assess your affordability before lending you any money. A creditworthiness assessment will include a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches within a short period of time will damage your credit score.

Open Banking is a procedure carried out by an authorised third-party, such as a lender. With your consent, the lender will access your online bank account with a read-only view and look into your recent spending and repayment activity. This will provide them with an overview of your financial situation, without relying solely on your credit history.

You can use the Little Loans free eligibility checker to get an idea of your chances of approval before you make a full application. Checking your eligibility will not impact your credit score, although if you’re matched with a loan and proceed to make a full application directly with the lender, they will complete an affordability check which, as discussed, may include a hard search.

Do I need a guarantor to apply for a cash loan?

With a guarantor loan, somebody else, usually a trusted family member or friend, agrees to step in and cover the cost if you find yourself unable to repay the money you owe.

If you have bad credit, applying with a guarantor could improve your chance of being eligible for a loan. With this being said, you should never apply for a loan unless you’re certain that you can afford the repayments yourself. Our financial situations can sometimes change due to reasons out of our control, and that’s where your guarantor will step in; however, you should not use your guarantor as ‘insurance’ to apply for a loan that you know you can’t afford.

Little Loans do not work with any lenders of guarantor loans, but as mentioned, some of the lenders we work with may be willing to look at more than your credit history when assessing your application. We might be able to find you a lender willing to consider your application without the need for a guarantor, even if you have bad credit.

How can I search for a cash loan with Little Loans?

Step one: select the amount of money you need to borrow and choose a repayment term. Fill out our online application form and tell us some key information about yourself, including your employment status, income, and address history. You can expect this stage to take around five minutes.

Step two: in just 60 seconds, we’ll run a soft search and scan our panel of lenders for a suitable loan for you.

Step three: if we’re able to match you with a personal loan, you’ll be redirected to the lender’s website. Here, you can find out more about the loan and decide whether you’d like to make a full application with the direct lender.

Step four: the lender will carry out a creditworthiness assessment, which will include either a hard search or Open Banking. A hard search will stay on your credit file for up to 12 months and will be visible to any other lenders or providers who view your file. Multiple hard searches within a short period of time will damage your credit score.

Step five: if you pass the lender’s checks, they will make a formal loan offer. Your lender will let you know when you can expect to receive your money. Some of the lenders on the Little Loans panel could offer a same day payout, although the time it takes for the money to become available in your account will depend on your bank’s policies and procedures.

Important: your lender will send you a credit agreement. This will contain details of the loan terms and conditions, as well as your instalment loan repayments. If you’re happy with everything, you can go ahead and sign and return the agreement.

I’m in financial trouble – can you help?

We’re really sorry to hear that you’re having trouble with your finances. We appreciate how stressful this situation must be for you.
Whether you’re seeking advice on money management or guidance on how to process your debts, the following charities and organisations offer free, confidential support: StepChange, MoneyHelper, Citizens Advice, and National Debtline.