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Small loans

Find the right small loan for you

  • Searching won't affect your credit score

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Compare loans from over 40 lenders, right across the market

We do the heavy lifting, so you don't have to. We work with a wide range of leading providers to help you borrow the money you need.

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Why compare small loans with MoneySuperMarket?

We’re here to help you find the right loan for your needs – searching won’t harm your credit score. 

  • It's quick and easy

    Give us some information about you and the loan you want. 

  • We'll find suitable loans

    We scour the UK’s leading lenders to find the best deals to suit you. 

  • Apply today

    Found the right deal? Click straight through to start your application.

What is a small loan?

A small loan is a personal loan which means it will usually be 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 UK lenders consider sums of anything from £500 to around £3,000 as ‘small’.  

We can help find the right loan for you at the best price - and this should mean savings in the interest you pay. Our eligibility checker shows you your chance of being accepted for different loan deals so you’ll know where you stand. 



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How do small loans work?

Borrowing a small loan works in the same way as with bigger loans. Here’s what to expect: 

 



  • Find a loan

    Compare deals to find the best rates depending on how much you want to borrow and for how long. See your chances of approval

  • Make an application

    Once happy with the conditions of your loan, click through to apply directly with your chosen lender

  • Get approved for the loan

    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

  • Pay back what you owe

    Start paying off the loan in monthly instalments including interest over a set term until you have cleared what you owe

How much will a small loan cost?

How much your small loan will cost you will depend on how much you borrow and the interest rate you are offered. The interest rate will be set by the lender, but you’ll be offered a higher or lower rate depending on your credit score. 

Borrowers with the highest credit scores are typically offered the best deals and lowest loan rates. 

Shopping around and comparing different loans can also help you find the most competitive deal.  

Our loans calculator can help you work out how much your small loan will cost. 

Loan calculator 



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What are the pros and cons of smaller loans?

There are a number of things to consider before you borrow a small loan, including: 

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    Advantages

    • Borrowing a smaller sum means lower monthly repayments 

    • You may be able to pay off the loan more quickly 

    • A small loan can help bridge a cashflow gap when you don’t have time to save up 



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    Disadvantages

    • Smaller sized loans tend to have higher interest rates 

    • Borrowing rather than saving up means you’ll pay interest – so it will cost you more overall 

    • If you miss a repayment it will negatively affect your credit rating 

     



What are the alternatives to a small loan?

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:

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    Purchase credit cards

    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.

    Find out more

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    Money transfer credit card

    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.

    Find out more

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    Agreed overdraft

    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

How to compare small loans with MoneySuperMarket

Find the right small loan for you and see which rates you could get.

  • It doesn’t take long

    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 browse the market

    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.

  • Choose your loan

    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.

It may still be possible to get a loan even if you have a low credit score. There are lenders who specialise in loans for bad credit, but you’re likely to pay a higher rate of interest and you won’t be able to borrow as much. If you compare through MoneySuperMarket we’ll perform a ‘soft search’ that won’t affect your credit score. We can then show you loan deals 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. 



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.

A payday loan is usually a small sized loan and taken out over a short-term (such as one month). They were originally designed as loans 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.  

MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.

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But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?

We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.