Small Loans
Looking for a small loan? You’ve come to the right place! At Lending Stream, we offer small loans ranging from £50 to £800 for new customers and £100 to £1500 for existing customers to meet your needs. We consider people with bad credit too. We are a direct lender in the UK, authorised and regulated by the FCA.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream for small loans?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
What are small loans?
Small loans are short term loans designed to help you borrow a smaller amount of money, typically a few hundred to £1000. They’re often used for covering unexpected expenses like car repairs, home repairs, or other urgent needs.
Unlike large loans, small loans typically don’t require assets. You repay the loan in smaller, manageable instalments over a set period, which can range from a few weeks to a couple of years.
These loans are offered by banks, credit unions, or online lenders and can be a quick way to access funds when needed. Always check the interest rates and terms to ensure it’s affordable for you.
Eligibility criteria for small loans
If you are looking to check your eligibility to apply for a small loan with Lending Stream, then you must:
- Be a UK resident
- Have an active bank account
- Have a valid debit card
- Be over the age of 18+
- Should be in regular employment with a monthly income of at least £400
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
Representative 1271%APR
How to apply for a small loan with Lending Stream?
Applying for small loans with us is an easy process. You need to fill out our online application form and give us the following details:
- Enter your personal details
- Choose the amount you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once we receive your application form, we will run affordability and credit checks on your profile. If approved, we’ll send the cash to your bank within 90 seconds. It may take longer to reach your account depending on your bank’s processes.
Representative 1271%APR
What can I use a small loan for?
Small loans can help you manage various financial needs. Here are some common uses:
- Unexpected bills: Cover urgent expenses like bills and other expenses
- Car repairs: Fix your vehicle without straining your savings
- Small expenses: Manage minor purchases or home repairs
- Financial emergencies: Handle any unexpected expenses quickly.
While small loans can help you in times of need, it’s important to remember that they can be high-interest loans and should be used only when necessary. This is why you should carefully consider your finances and see if you truly need a small loan before applying for one.
How much money can I borrow with a small loan?
The amount you can borrow with a small loan typically ranges from £50 to £1,000. However, the exact loan amount you can borrow depends on factors such as your income, credit history, and ability to repay.
Borrowers with a higher credit score may qualify for larger amounts, while those with a poor credit history might start with smaller sums. With Lending Stream, you can borrow between £50 and £1,500. New customers can apply for loans ranging from £50 to £800, while existing customers may borrow between £100 and £1,500. The exact loan amount depends on your credit score, monthly income, and our quick affordability assessment.
We consider individuals with a poor credit history too, offering them a fair and flexible chance to borrow money.
What is the repayment period for small loans?
The repayment period for small loans varies based on the lender and loan type, typically ranging from a few weeks to several months. The monthly repayments, including the interest rate and due dates, are outlined in the loan agreement.
At Lending Stream, the repayment period is spread over 6 months. You have the flexibility to repay your loan early without extra charges, which can save you money on interest.
Can I get small loans with bad credit?
Yes, it is possible to get a small loan with bad credit. Many small loan direct lenders consider factors beyond just your credit score, such as your monthly income and affordability. While borrowers with lower credit scores may face higher interest rates, reputable lenders ensure the terms are transparent and manageable.
At Lending Stream, we believe that everyone deserves a chance, including those with a bad credit. Unlike some small loan direct lenders, we focus on your current financial situation rather than just your past credit rating. Being a responsible lender, we ensure fair and transparent terms for all our borrowers.
Types of small loans
1. Payday loans
Payday loans are short term borrowing options designed to help you manage unexpected expenses until your next payday. These loans are typically small in amount and come with a quick application process. However, these loans often come with high interest rates, so it’s important to consider the costs before applying.
2. Short term loans
Short term loans are designed to provide quick financial relief, making them a practical solution for unexpected expenses such as car repairs or urgent home repairs. These loans are typically repaid within a few months, offering manageable monthly payments and flexible terms.
3. Bad credit loans
Loans for bad credit are tailored for individuals with a poor or low credit score. These loans can offer flexible options, allowing borrowers to access funds while improving their credit score through regular, manageable, on-time loan payments.
4. Unsecured loans
Unsecured loans allow borrowers to access funds without providing assets. These loans rely on factors like credit score, monthly income, and financial
stability, offering borrowers a convenient option for managing unexpected expenses or smaller financial needs.
What if I can’t repay my small loan?
If you can’t repay your small loan, it’s important to act quickly. Many lenders offer options like extending the repayment period or restructuring your loan to make payments more manageable. However, missing payments can lead to late fees, higher interest rates, and a negative impact on your credit score.
If you’re struggling, contact your lender as soon as possible to discuss alternatives. You can also seek financial advice to explore other options, such as debt consolidation or budgeting support.
FAQs – small loans
How can I borrow a small amount of money instantly?
You can borrow a small amount of money instantly by applying for a small loan online with lenders offering quick decisions. Lending Stream provides an easy application process with an instant decision. Submit your details, pass the affordability assessment, and, if approved, you’ll get the funds to your bank within 90 seconds. It may take longer to reach your account depending on your bank’s processes.
Do small loans hurt your credit?
Taking a small loan may impact your credit score. As lenders will place a hard search on your credit file. However, making your repayments in full and on time can improve your credit score, whilst missed payments can negatively impact it. So, it’s important to borrow within your means and stick to your credit agreement.
What is a small personal loan?
A small personal loan is an unsecured loan that lets you borrow amounts ranging from a few hundred to a few thousand pounds without needing to secure it. These loans are great for covering unexpected expenses or bridging short-term financial gaps.
Can I get small unsecured personal loans?
Yes, small unsecured personal loans are available. Lenders typically consider factors like your credit score, monthly income, and their own lending criteria. At Lending Stream, we offer unsecured loans that don’t require you to provide any assets as security.