Small Loans
Need a small loan? Lending Stream offers small loans to UK residents, including those with bad credit. Our loans range from £50 to £1500, with a quick and easy application process and almost instant decisions.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream for small loans?
Fast
Cash sent to your bank in under 90 seconds once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments.
Pay early with no extra fees and
save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
What are small loans?
Small loans are a type of unsecured loans that can help you get quick access to small amounts of money when you need it the most. These loans are designed to provide borrowers with a small amount of cash, usually ranging from £50, £500, that can be repaid over a short period of time.
Small loans can be used for a variety of purposes, such as covering unexpected expenses, medical expenses, home repairs, car repairs, and more.
With Lending Stream, you can get small loans of up to £1500 (up to £800 for first time borrowers) and repay within 6 months.
How do small loans work?
Small loans work like most loans. To borrow a small amount of money from any reputed direct lender in the UK you need to apply online and fill in the application form.
If your application is approved, the lender will then send you a credit agreement with the terms and conditions of your loan. If accepted, the money will be sent to your UK bank account within a few hours or on the same day.
You then will need to repay, along with interest, from your next payday which is why some people also refer small loans as payday loans.
If you take out a small loan with Lending Stream, we'll give you 6 months to repay your loan, along with the interest rate in easy monthly repayments.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
What can I use a small loan for?
Small loans can be used for a variety of purposes, and they can help you cover unexpected expenses. Here are some of the most common uses of small loans:
- Cover emergency expenses: A small loan can be a good option when you need to cover unexpected expenses but don't have enough savings. This loan can provide you with the funds you need to deal with your financial difficulties.
- Home improvements: If you need to make small repairs or improvements to your home, a small loan can be a great way to fund your project if you don't have enough in your savings fund. Whether you want to fix the water leakage or update the electrical wiring, a small loan can help you in this.
- Debt consolidation: If you have multiple high-interest small amount of debts, such as credit card balances or small personal loans, you can use a small loan to consolidate your debts into a single, more manageable repayment to clear your loan early. This can help you save money on interest and improve your monthly finances.
- Car repair: Whether your car needs a new engine, new brakes, or just a routine service, an unexpected car repair can be a major expense that can put a strain on your finances. A small loan can help you cover these expenses and get back on the road quickly and safely.
While small loans can help you in times of need, it's important to remember that they are 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.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How to check if I’m eligible for a small loan in UK?
If you have some unexpected financial emergency and are looking for a small loan in the UK, then first you need to see if you are eligible for it or not. For this you can check the below mentioned factors that reputed direct lenders in the UK consider when evaluating your small loan application:
- Age: You must be aged 18 or above to be eligible for small loans in UK
- Nationality: You must be a UK resident to be eligible for a small loan
- Affordability: Before approving you for the loan, a direct lender will always ensure to see if you can afford the loan repayments without having any financial difficulty
- Income: Most of the lenders prefer the borrowers to be in a regular employment with a monthly or weekly regular income
- Credit history: Having a good credit rating or credit history will let the lenders know that you are a responsible borrower. If you have a bad rating on your credit file, you may still be eligible for a small loan, but the interest rate might be higher
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+
- Be in regular employment with a monthly income of at least £400
During our application process, we might ask you to show us your income proof, and if you can afford the repayments with all your existing financial commitments. In some cases, we may verify these details (although this will be done discreetly).
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How to apply for a small loan in UK?
If you have checked your eligibility and are now looking to apply for a small loan in the UK, then here are a few steps to get started.
- Find a lender: Look for a reputed lender who provides small loans and is authorised by the FCA
- Check your eligibility: Before applying, check your eligibility. Almost all lenders have some kind of eligibility criteria which you need to meet in order to get approved for the loan amount
- Apply online: You can apply online for a small loan by filling out the online loan application form given on the lender’s website and submitting it
- Wait for decision: Once submitted, you should wait for the lender's decision. Most lenders usually give their decision within a few minutes or hours
- Accepting the loan: If approved, the lender will send a loan agreement to you. Read all the terms and conditions carefully before accepting the loan amount
Applying for small loans with Lending Stream is an easy process. You need to fill out our online application form and give us the following details:
- Enter all your personal details
- Choose the amount which you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once your application is received, we will run credit and affordability checks on your profile. If approved, we will send the approved amount to your bank within 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How much money can I borrow with a small loan?
The amount of money you can borrow with a small loan will depend on the lender you're borrowing from, your credit history, the repayment schedule and a few more. It is always advised to borrow only what you can afford to repay.
If it is your first time applying for a loan with Lending Stream, then you can apply for any amount between £50 and £800. But if you’re an existing customer then you can apply for up to £1,500.
How quickly can I get approved for a small loan?
When it comes to getting approved for small loans in the UK, lenders will consider several factors like credit score, your income, employment status and other financial obligations. A reputed lender will generally give you a decision on the very same day.
At Lending Stream, once you submit your application, we'll review it and give you an instant decision. If you're approved for a loan, we'll transfer the funds to your bank within 90 seconds.
What if my small loans application is rejected?
If your small loan application is rejected, it can be disappointing, but it's important to understand why it was rejected and explore other options.
At Lending Stream, we don’t guarantee approval. If we reject your application due to the information we receive from one of the credit reference agencies then we'll let you know the name of the credit reference agency by email, so you can check your credit file with them if you want to.
What is the repayment period for small loans?
When it comes to small loans, repayment periods can vary depending on the lender and loan amount. At Lending Stream, we allow our customers to repay within 6 months. And if you want to pay back early you can, and save on interest.
It's important to keep in mind that longer repayment periods may mean higher interest rates, so you should always carefully consider the loan amount and repayment term and see what works best for your financial situation.
What are the advantages of small loans?
- Quick and convenient: Small loans are often processed quickly and can help you if you have any small financial emergency.
- Improves your credit score: If you make regular and on-time repayments then it can help you in improving your credit score.
- No collateral required: In most cases, you don't have to provide collaterals such as your house, cars, and other assets to get approved for small loans.
- Repay in affordable amounts: Since the amount you have borrowed is small, you can either repay it on your next payday or in easy monthly instalments. With Lending Stream, we’ll give you 6 months to pay it back.
What are the disadvantages of small loans?
- High interest rates: Small loans typically have higher interest rates than other loans due to their short repayment periods.
- Risk of debt cycle: If you start relying on small loans to cover your regular expenses then it can lead to a debt cycle which can become difficult for you to break out of.
- Limited loan amounts: Small loans are typically only available up to a certain amount, which may not be enough for larger expenses or emergencies.
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs - small loans
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How many small loans can I have?
It depends on your credit check and affordability. Having multiple loans at once may negatively impact your credit score and ability to get approved for future loans.
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Can I get small loans for bad credit?
Yes, you can. There are lenders who will consider you for small loans even with bad credit, but the interest rate might be higher. At Lending Stream, we understand that a credit score may not give us a complete view of your current financial situation which is why we consider people for bad credit loans.
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What is a small personal loan?
A small personal loan is a type of unsecured loan typically ranging from £100 to £3,000. It is used for various personal expenses and is paid back with interest over a fixed period of time.
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How can I borrow a small amount of money fast?
Applying online with a lender like Lending Stream for a small amount of money is a quick and easy way to borrow and obtain credit fast once approved.
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Do small loans help build credit?
Yes, if you make your repayments on time then small loans can help you in building your credit as it shows lenders that you can manage credit responsibly.
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Where can I get small loans in UK?
You can get small loans in the UK from banks, credit unions, and online direct lenders like Lending Stream. Always check the eligibility criteria and interest rates before applying.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk