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Small loans
Compare small loans and see what deals you’re eligible for
See your chances of approval
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.
What is a loan?
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.
What is a small loan?
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:
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
What type of small loan could I be offered?
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:
Personal loan
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.
Guarantor 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.
Can I get a small loan with bad credit?
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
What to consider with a small loan
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 can be high
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Loans can be more expensive if you have bad credit
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Missing a repayment can mean you’re charged a fee
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Falling behind on repayments can harm credit score
What are the alternatives to a loan for a small amount?
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.
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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.
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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.
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
What do I need to apply for a small loan?
How long can I borrow a small loan for?
How quickly will I receive my loan?
Can I get a small loan if I’m unemployed?
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.
Guide to getting a loan with bad credit
You might find it tricky to get a loan if you have a muddled credit history - so what are you options?
Unsecured vs secured loans
It's important to know the difference between secured and unsecured loans before making any application
A guide to financial jargon
Our glossary will help you to understand the range of financial jargon surrounding these products
Guide to car loans
Discover how getting a loan can offer you an alternative to dealer finance
Loans for young people
Tips for finding the right loan if you’re a student, or need your first loan
Guide to home improvement loans
Find out about borrowing to upgrade or extend your family home
Get Credit Savvy
How to secure the best card or loan deal in a lending squeeze
No Credit Check Loans
Can you get a loan without a credit check?
Emergency Loans
Need a loan in a hurry? Make sure you're fully informed with our guide to emergency loans
Short term bad credit loans
If you’ve struggled with bad credit in the past but need money quickly, you may be worried about being rejected for a loan. Our guide covers how short term loans work and if you can get one with a low credit score... If you need money quickly but are worried you’ll be turned down for borrowing, our guide might be able to help
Quick payout loans
Being able to get money quickly with few credit checks may seem appealing to potential borrowers, but with high interest rates and the amount you can borrow being capped, they won’t be for everyone. Our guide covers how quick payout loans work and what you need to know
Guaranteed acceptance loans
Is there a way of guaranteeing a successful loan application? If not, how do you maximise your chances of being approved? Our guide explains
Bridging loans guide
A bridge loan can be a good solution for short-term borrowing. Our guide covers how bridge loans work so you can decide if they’re the right choice for you
Secured loans guide
Secured loans can be a way to borrow more, by using your home (or other valuable asset) as security. Understand how secured loans work in our guide with pros and cons to consider.
Unsecured loan guide
Secured loans can be a way to borrow more, by using your home (or other valuable asset) as security. Understand how secured loans work in our guide with pros and cons to consider.
Cheap loans guide
The cheapest loan is not always the one with the lowest monthly repayments. Find out more with this guide.
What is PCP car finance?
Personal contract purchase plans, otherwise known as PCP have become a popular alternative to buying a car outright. Our guide covers how PCP works, to help you decide if it’s the right financing option for you
What is hire purchase?
HP is a form of car finance where you pay a deposit and monthly instalments for a fixed term before you own the vehicle. Our guide explains more
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Other useful links
Loan guides - Credit reporting services - 0% purchase credit cards - Payment protection insurance - Loans jargon buster
Providers
Admiral Bank - Barclays Bank - Hitachi Bank - M&S Bank - Sainsbury's Bank - Santander Bank - Tesco Bank - Yorkshire Bank - Zopa Bank
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