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Compare deals to find the best rates depending on how much you want to borrow and for how long. See your chances of approval
Compare small loans and see what deals you’re eligible for
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A loan is a type of credit, usually a sum of money that is borrowed and expected to be paid back over an agreed period of time with interest.
When it comes to keeping your financial plans moving, a little boost can make all the difference. A loan could be useful if you need help to reach a goal – whether you’re looking to buy a new car, renovate your home or deal with some existing debts.
We can help find the right loan for you - and this should mean big savings in the interest you pay. Our eligibility checker shows you your chance of being accepted, as well as the guaranteed rate if you are pre-approved, so you can see all your options.
A small loan is a personal loan which means usually it’s unsecured – so you don’t have to put up any assets, such as your home, as security. There’s no specific definition of what makes a small loan, but most lenders consider sums of anything from £500 to around £2,000 as ‘small’. Here’s how small loans work:
Compare deals to find the best rates depending on how much you want to borrow and for how long. See your chances of approval
Once happy with the conditions of your loan, click through to apply directly with your chosen lender
The lender will look at factors including your credit score and income before deciding whether to lend you the money. Funds are paid direct to your account
Start paying off the loan in monthly instalments including interest over a set term until you have cleared what you owe
The type of small loan that best suits you will depend on your financial goals and what you need the loan for. Here is a guide to what types of loans might be offered:
An unsecured loan with terms offered to you depending on your affordability and credit rating. You won’t need to put up a valuable asset, such as your home, to get the loan.
A type of loan you take out with someone else – usually a family member or close friend (the guarantor) – who promises to pay your debt if you’re unable.
There are lenders who specialise in loans for bad credit, but you’re likely to pay a higher rate of interest and be able to borrow less than someone with a good credit score. If you compare through MoneySuperMarket we’ll perform a ‘soft search’ that won’t affect your credit score. We can then show you those loans you’re likely to be accepted for so you can get a better picture of what loan you might be able to get.
Use our free credit monitor service to check your credit score and get helpful tips on how to improve your credit score so you can boost your chances of getting a loan.
Representative 29.9% APR
There are a range of factors to weigh up with small loans. Our loans calculator can help you work out whether you can afford a loan before you apply. And here are some other things to bear in mind:
Interest rates on small loans can be high so you may want to look at possible alternatives before making a final decision. Other options could include:
Many cards offer low or 0% interest on purchases for the first few months. Try to clear your card balance before the end of the introductory period or interest rates will climb.
Borrow cash through a credit card and transfer it immediately to your current account at low introductory rates. Aim to pay off the balance before the rate rises.
It may be possible to get a small authorised overdraft at 0% interest which could be a convenient way to borrow short term. But some agreed overdrafts are expensive.
Find out more
Find the right small loan for you and see which rates you could get.
Tell us about yourself, your finances and the loan you’re after – if you’re looking to borrow less than £1,000, select ‘Other’ and over how long (the term). Small loans are likely to be only available over a short term.
We’ll search through loans from a wide range of lenders to find the right loan for you. You’ll be able to see your chances of being accepted for different quoted loan deals.
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted. Once you’ve made your decision you’ll be able to apply directly with your chosen loan provider
Most small loans can be applied for online in a matter of minutes, but there will be some minimum requirements.
You’ll need to be 18 or over
Have proof of address in the UK
You may also need proof of income
If you’re using a guarantor on your loan they will also require income and credit checks
Lenders will also run a credit check on you before agreeing the loan.
With many small loans it’s likely you’ll only be able to borrow over a shorter time frame. Different lenders will have different policies and terms and conditions so the best way to find out is to do a search (which won’t affect your credit score in any way) to see what loans could be available to you and over what time frame. Taking a loan out over a longer time period will make your monthly repayments lower – but you’ll pay more interest overall.
Once you have been approved for your small loan, you are likely to receive your money fairly quickly. The precise time will vary between lenders.
You might be able to get a small loan if you are unemployed. If you receive benefits, for example, you may still be able to borrow providing you can show you have the means to make the monthly repayments.
Be confident you can pay the money back. If you start missing repayments you will make your financial situation worse, drop further into debt and it could harm your credit rating – making it more difficult to borrow in the future.
What is a payday loan?
A payday loan is a type of short-term loan designed to help tide you over until payday. Typically they have high interest rates and should be seen only as an emergency measure. MoneySuperMarket doesn’t offer a comparison for payday loans.
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