The best avenue to borrow some money like small little loans online, is to ask your family and friends. But not everyone lives with family and not many people have a large group of friends, one of whom would be willing to lend some money.
A Brief Guide To Help You With Small Little Loans Online
Personal borrowing works best because it does not come with the baggage of interest, late payments and the various qualifying criteria. You cannot go to your bank and ask for five hundred or a thousand pounds.
That’s difficult to get even if you have good credit. And if you happen to have a poor credit score or an undesirable credit history then you would possibly be turned down by most banks and financial institutions.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
What Is A Small Loan Anyway?
Now, before we talk about where you could get some small little loans online, it is necessary to define what a small loan is. A hundred pounds will obviously be considered a small loan but so would be five thousand pounds, provided the lender considers it so.
Every lender has a certain approach to defining what’s a small loan amount and what’s big. There are many companies that would cap the loan amount to a thousand while there are few companies that would not mind lending three thousand and more, and yet it would be categorised as small little loans online.
Let us talk about where you could get some small little loans online.
Pay day loans are the easiest to get. If you are employed right now, then you can use your pay day as the qualifying criterion to get loans ranging from a hundred pounds to a thousand pounds and more.
How much you earn, the frequency of your pay cheque and your previous repayment history with the pay day company, if any, will determine your eligibility.
Pay day loans incur a high rate of interest, but they are approved very quickly and that is the primary reason of their popularity. You will not be asked many questions and may have the loan amount deposited in your account in less than twenty four or forty eight hours.
Quick Small Little Loans Online Today
You can also get some small little loans online from credit unions or peer to peer lending networks. The latter is more desirable if you want an impersonal transaction but the rates may be higher than credit unions.
With credit unions, you may need to have an association prior to getting a loan or you need some reference. The qualifying criteria could be a little more stringent.