When you need a small amount of cash to pay a few bills there are a few options which are available to you. You could dip into an overdraft from the bank if you have access to one, although some types of overdrafts can be very expensive to use and you could end up paying lots in fees and interest. If you have not arranged an overdraft with your bank it could end costing you even more than the amount of money you took out in the overdraft.
Alternatively, you could stick everything on the credit card. This is an easy way to pay off those bills. The drawback to using a credit card is that you become too dependant on rotating debts. Where every month you are in debt paying off the minimum balance each month and never getting rid of the debt.
Going to the bank to ask for a £300 loan might require a lot of paperwork if they would even entertain lending such small amounts of money. Banks would prefer to use their resources to lend larger amounts of cash. Also, worth considering the amount of time it would take to get to the bank, filling in all the application forms then having to wait a few days for the loan to be approved when all you want is to get cash now and pay those bills.
If you want to borrow a small sum of cash for a short period of time, then you should consider applying for a small loan via Cashute. We will present your small loan application to a panel of reputable lenders who specialise in bad credit small loans.
If you go to the local bank for a small loan, they might have a policy which limits the minimum amount of a loan to more than you actually wanted to borrow. This might sound great. More money! The problem here is that you now have the temptation of having money you did not need, and you might be tempted to spend it.
It is a good idea that you only borrow money which you really need and not a penny more. The same principle applies with small loans, only request to borrow the amount you need. This way your repayments are smaller, more manageable and you’ll be done with repaying the loan faster, so you don’t have a debt to concern yourself with.
Only borrow the amount you need.
Pay over a period of time you know you can manage.
Know exactly how much you need to repay each month.
£200 borrowed for 35 days
Annual interest rate of 292% (Fixed)
Total amount payable is £256
1212% APR Representative
A small loan is exactly that, a loan for a small amount of money generally between £100 and £1,000, it is a short-term loan. These types of loans are normally repaid on your next payday or in multiple instalments over a few months.
In the past payday loans like small loans had the potential to be expensive. This was before the Financial Conduct Authority stepped in to impose caps on how much interest could be charged on short-term loans. The old extremely high APR’s which used to be charged on small loans is now a thing of the past. The FCA have stated that these small loans cannot incur more than 0.8% interest per day plus you will never repay more than double the original loan amount. What this means is if you borrow £100, you never repay more than £200.
No, is the simple answer. Cashute does not perform any credit checks before, during or after your application. We connect your application to a panel of lenders. The panel of lenders will perform a soft credit check to determine in principle if they could offer you a loan. Whichever lender decides that they are best suited to grant the loan will send you a loan offer. It is only when you accept the loan offer will the lender perform a hard credit check.
If you have bad credit do not worry too much, you can still apply for a bad credit loan. The panel of lenders has lots of experience working with applications for loans for bad credit.
The credit checks they perform are so that they are secure knowing that you are able to afford the loan and they are not putting you into any financial difficulties. Also, the credit checks are to ensure that you are the real person that is applying for the loan and not some fraudster.
If you need an unsecured small loan to help you out of a tight financial spot until the next payday then you can always turn to Cashute to get your application presented in front of the widest selection of small loan lenders in the UK. These lenders have some of the best payday rates in the industry who are more than ready to help you get your financial holes plugged up.
Applying for a loan is straightforward and is all online.
Before you start your application have this ready
Simply chose how much you wish to borrow and over how many months you wish to repay the loan
Fill in our simple application form which takes only a few minutes and then apply for your loan
We send your application to our panel of lenders, once approved you will receive the funds directly to your bank account
As we have already seen that banks are not interested in helping people who need access to smaller amounts of money to pay off urgent bills or pay for repairs. You can always attempt to ask for a small loan from your local bank and see what they say, you never know they might surprise you, although that’s not the end of the story.
When people look for small loans it is generally for urgent purposes that cannot wait a few days or weeks while the bank sits on your application trying to decide if they ought to grant you a loan.
The alternative is to find a direct lender online that specialises in small loans. There are lots of them, so which one to choose?
There are so many direct lenders to choose from that it can be tricky, confusing and ultimately frustrating to say the least. This is where loans via Cashute come to the rescue. We do all the hard work of connecting you to a panel of UK direct short-term lenders who will consider your application for a loan. You simply fill in the application form which only takes a few minutes and you could have the cash in your bank in 60 minutes (speed of deposits depends on your bank)
Cashute was established with one goal in mind that was to remove the hassle of having to apply through one lender after another to find the right loan. It is not a great idea to apply through multiple lenders as this could affect your credit score.
When the lenders receive your application, they will determine if they are the best lender to provide you with the loan you require.
Applying for a small loan through Cashute will save you time and effort and it only takes a few moments to do.
The popularity behind small loans is down to their simplicity and ease. Unlike other forms of consumer credit applying for a payday loan takes only a few moments. All you need to do is supply some basic information, hit apply, sit back and wait a few minutes for your loan offer to come through.
When you submit your application, it will be passed onto a panel of lenders that use their own proprietary formulas to determine if they are the right lender for you. Their systems are designed to make these decisions rapidly. Since there is no human interaction unlike a bank you will have your decision in minutes. Not having humans in the decision-making process reduces the time from application to decision to mere seconds.
Most lenders look for the same criteria, for example they want you to be over 18, be employed, have a steady income and be resident in the UK.
The biggest benefit is, of course, the ability to respond to an unexpected event with a lump sum of cash. But, compared to other types of credit, there are other benefits to applying for a short-term loan through Cashute:
Depending on your circumstances, you should apply if:
If you do find yourself unable to make the next repayment on time, we recommend that you contact your lender as soon as you possibly can. Do not delay or you could be charged late repayment fees and possibly the interest rate on your loan might increase slightly. So, contact your lender and they will do their best to help you.
Remember that the lender would like for the entire loan to be repaid and the best way they know how is to work with you to repay the money.
If you explain your situation to them, you might be able to prevent any late payment fees. Some lenders might allow you to defer the payment until the following month.
To apply a loan is simple. Provided you meet the criteria listed below you can start your application process:
Once completed submit the application form by clicking on the “Apply” button and we’ll find the best match for you. The search will not take long and you’ll have a response in minutes.
When you receive the loan proposal can decide if you wish to proceed with the offer. If you do want to proceed with the loan just apply and the funds will be deposited into your bank account within hours, always remember that you can apply with no obligation even if you have bad credit as many direct lenders support payday loans bad credit.
If you find yourself in difficulties and are unable to make your repayments, we strongly advise that you contact your creditor immediately, we also recommend that you speak to the companies listed below.