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Small Loans in London: Apply now!

Representative Example: If you borrow £500 over 6 months at a rate of 25.5% per annum (variable) with a representative 46.19% APR you will make 6 monthly payments of £92.96, repaying £557.76 in total.

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Small Loans in London: Apply now!

Get the cash sent to your account in 15 mins!*

Representative 46.19% APR

Find The Answers To All of Your Questions about Small Loans in London

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Do You Qualify?

Am I eligible for a small loan?

How do I apply for a small loan?

Where is the best place to get a small loan?

Will I be Approved?

What happens if my application is rejected?

Understanding Short-term Loan Products

What are small loans?

Small loans are a form of personal short-term loan available to applicants who need to borrow small amounts of money to stretch their budget until payday. Small loans are usually unsecured, meaning that borrowers have no need to offer their home or vehicle as collateral to secure the loan against.

At Multi Month Loans, we help applicants find cash loans in London from £100 to £5,000 to cover the costs of those unforeseen expenses, such as home repairs and emergency medical bills.

What different types of small loans are there?

If you are looking to borrow a small loan in London in an emergency, then it may be useful to know the different types of loan that fall under the small loan categories. The following loan types fall under the small loan short term category:

  • Payday loans: These loans are perfect for borrowing small sums of money and repaying on your next payday. While payday loans are prevalent in the UK among many short-term loan applicants, they aren’t suitable for long term use, and representative APR and interest rates reflect that.
  • Personal loans: These loans are generally unsecured and can be taken out for periods of anything from two months to two years. Personal loans are generally more convenient than payday loans if you wish to spread out the costs of your repayments over months, making the payments more manageable.
  • Guarantor loans: These require the applicant to provide a co-signory with their application. Guarantor loans are ideal for those who may not be in full-time employment, receive state benefits or have struggled financially in the past. If the applicant is unable to make repayments then this duty falls on the guarantor. However, this can cause conflicts, can affect both guarantor and borrower’s credit rating, with applicants may struggle to find someone willing to act as guarantor.
  • Bank and high-street loans: Banks and high-street lenders can sometimes provide small, short term loans to their account holders. However, their eligibility criteria may be stricter than other lines of credit. Making them a tougher approval option for those who have had financial difficulties.
  • Credit Cards: For unexpectedly large utility or maintenance bills which have affected your ability to pay for your monthly expenses, such as commuting, food or living costs. You could potentially use a small loan in the form of a credit card. However, be aware of interest rates.
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What should I use a small loan for?

There are a number of different uses for a small loan in London, such as maintenance, repairs and home improvement costs. Whether you need to purchase a new appliance or need help making ends meet until your next payday, these loans are used for, but are not limited to the following situations:

  • Appliance and home repairs
  • Vehicle repairs
  • Emergency medical bills
  • Unexpected utility bills
  • Rent or mortgage payments
  • Commuting or groceries

How much can I borrow?

At Multi Month Loans, we provide small personal loans  in London of up to £5,000, total amount made repayable over periods of 1 month to 2 years (24 months). Other popular loan amounts applicants can apply to borrow but are not limited to, include: £100, £200, £500 and £1000 loans.

Do You Qualify?

Am I eligible for a small loan in London?

We work with a panel of UK small loan lenders, each of who will have their own list of eligibility criteria that you will have to meet. However, generally, most of the lenders will expect you to be able to meet the following requirements as a minimum.

What is the eligibility criteria?

In order to have access to a small loan, you will need to meet lenders eligibility criteria. Generally, this will include, but is not limited to the following:

  • 18 years of age
  • UK resident
  • Valid UK bank account
  • Have a regular income of over £700
  • Afford the repayments
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Can I get a small loan if I have bad credit?

There are many different reasons why an applicant may have had issues managing their credit in the past. Therefore if you're worried about being rejected due to a poor credit history, you needn't worry. Instead, the majority of lenders will still consider small loan applications from those with bad credit.

Instead, lenders will perform affordability checks to determine the likeliness of you repaying your loan. If you are worried about being rejected, you can use an eligibility checker to see whether you are likely to be approved. These tools will use soft search credit checks which won't impact your credit.

How do I apply for a small loan?

Where is the best place to get a small loan?

If you’re looking to borrow a small loan, you may be wondering how to apply. Like most payday loans, there are two ways you can apply, either in person or via an online application. Here’s how the small loans application process works.

  • Applying in person: You can apply for your loan in person by visiting your local high street lender. You'll need to supply evidence of your affordability by providing bank statements and payslips, as well as valid ID and proof of home address.
  • Applying online: You can apply for a loan by applying directly with a lender using their website. Or by going through a credit broker, allowing you to compare the many options available to you.
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How do I apply with Multi Month Loans?

At Multi Month Loans, our application process is designed to be as straightforward as possible for ease of application when time is limited. All you'll need to do is fill out our application form with some of your personal, financial and employment details.

Once your application has been submitted, we'll then run your details by our a panel of UK lenders, to find your short term finance that is suited to your needs and circumstances. If your application is approved, your loan could be paid straight into your bank account in as little as 15 minutes*.

Will I be Approved?

What happens if my application is rejected?

We help a range of different applicants to find short term loan products regardless of whether they’ve been turned down for credit in the past. Nevertheless, if you’re concerned you may have your application rejected due to financial difficulties in the past and your application is rejected, here’s what you can do.

  • Double-check the information on your application: Check for errors and typos on your form which could potentially affect your application. Mistakes on applications are a common reason for applications being rejected due to problems confirming identity or income.
  • If there were no mistakes: Contact the lender directly to ask for more information on why you were rejected for credit. This can be due to factors such as your creditworthiness and/or affordability. If you have issues with your credit, then you may want to take action to improve this.
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If poor credit was a contributing factor, lenders may be worried about your ability to repay your loan. Lenders assess your creditworthiness based on how you've used credit in the past. If you've missed payments, then this could affect your likeliness of being approved. Check your credit report before you apply with Equifax.

If lenders are concerned with your affordability, then may reject your application. All lenders have a duty to carry out responsible lending practices, to safeguard you against affordability issues and future debt. Check your affordability before you apply by using a loan calculator.


  • What are small loans?

    Small loans are personal loans used in a short term financial emergency where applicants are struggling to make ends meet until payday. As these loans are for small loan amounts, no collateral is required to secure the loan against.

  • What is the interest like?

    Small loans are regulated by the Financial Conduct Authority (FCA), meaning that all charges and interest rates are capped. Total fees are capped at 100%, meaning that applicants will not be able to accrue charges or interest more than the total amount of the loan itself. These loans are not suitable for long-term use, representative APRs reflect this.

  • Will a small loan affect my credit score?

    By ensuring that you make your repayments in full and on time, a small loan could positively impact your credit score. However, failure to make loan repayments could end up in charges and fees, which will negatively impact your credit.

  • How do the repayments work?

    Most of the lenders that we work with will collect payments using a Continuous Payment Authority (CPA), which you have the right to cancel at any time. If you miss a repayment or cancel your CPA, you will be able to make repayments by getting in contact with your lender directly.