What are small loans?
Small loans are when you borrow a small amount of cash from a lender or creditor to help cover unexpected bills and surprise expenses. You are usually expected to repay this loan within the month or by the next payday. For some people a £50 to £100 loans are considered “small” for others it will be £1000. We, at Quick Loans Express, allow our approved customers to borrow between £250 and £2,000. Need a small loan? Apply here!
How are small loans different from payday loans?
‘Small loans’ is a general term to describe a loan of a small amount. This can be a small bank loan, a small overdraft limit or even a small personal loan. Payday loans, on the other hand, refer to loans ranging between £50 and £1500 that are borrowed in one lump sum and then repaid monthly. Because payday loans are a risky product, they can usually only be obtained in small amounts, which is why they are sometimes referred to as small loans as well.
What do people use a small loan in the UK for?
People commonly borrow small loans in emergencies to get out of sticky situations. It may be you have a desperate car repair, an urgent overdue bill or a medical expense and you need a same day loan quick to ease the financial burden. To find a small loan that suits your circumstances visit our how it works page and then apply today.