What Is a 100 Pound Loan?
While self-explanatory, £100 loans are a form of short-term borrowing that you can apply for and receive very quickly from a £100 loan direct lender. And unlike traditional lenders, 100 loans from direct lenders will usually offer a much faster loan application process, and depending on the lender, you can even receive your £100 loan within 60 minutes of being approved.
And even though a 100-pound loan is a small amount, if you need a quick influx of cash to deal with an emergency expense or unexpected bill, these loans can be very useful, since they will allow you to resolve the problem within the same day
However, it is also important to keep in mind that most £100 loans from direct lenders will usually conduct creditworthiness and affordability checks. And this means that the higher your credit score is, the higher your chances are of securing the best interest rates when you borrow 100.
As a credit broker, PaydayLoansUK is in the best position to match you with a panel of FCA-compliant lenders, who are prepared to give 100 loan approval bad credit to clients that may have poor credit history.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
What Can a Quick £100 Loan Be Used For?
A £100 loan may be a small amount of money, but most applicants usually have their own reasons behind needing to borrow 100, which can often range from having to deal with urgent utility bills, unexpected repairs, or any other unexpected but necessary costs.
In short, a £100 loan is often a quick solution that can allow you to deal with small but unavoidable problems that must be dealt with within the same day because you may not have any savings to dip into.
However, while 100-pound loans can often be a lifesaver in such times of crisis, it is important to note that these loans are not meant to be used as a long term solution to try and resolve any lingering debt issues that you may be facing.
And this is because taking out such a loan without being confident of your ability to repay it will only end up increasing your debt burden even further if you are not careful. As such, you should only ever use these loans to help get you through the month until you eventually receive your paycheck.
What Are the Different Types of 100-Pound Loans?
If you want to borrow a £100 loan, there are usually two main types of loans that you can get from a 100 loan direct lender. The first type of £100 loan is a payday loan, which is essentially a short-term loan that needs to be repaid in full by the time your next paycheck arrives, hence the term 'payday'.
These loans can be easily applied for online and are usually processed very quickly with most 100 loan lenders even open to approving those with low credit scores.
However, the downside is that they often come with extremely high APRs, and also have significantly shorter repayment periods, which is why the rate of defaulting tends to be higher than most other lending options.
The other type of 100-pound loan is a short-term loan, which is usually more manageable than a payday loan in that it can be repaid in monthly instalments and often come with more favorable lending terms. Plus, they are often just as fast and easy to get, which means that you can get access to your funds in no time, as well.
What Do I Need to Borrow £100?
If you want to successfully borrow 100, you will first need to make sure that you fulfil the basic eligibility requirements expected of you by 100 loan lenders. And in most cases, this usually means that you have to:
- be a UK resident with a permanent address
- be at least 18-years-old.
- have an active bank account and valid debit card.
- show proof of income
Aside from that, you should keep in mind that the £100 loan direct lender will also need to conduct an income assessment and credit check as required of them by the Financial Credit Authority (FCA), which regulates the financial services industry in the UK.
However, you can rest assured that even if you have a bad credit score, most of the direct lenders in our network are willing to consider applicants with a poor credit history provided that your income shows that you can afford to make your repayments on time.
How to Get £100 Loans with PaydayLoansUK?
1. Submit Your Loan Application Online
All you need to get started is to head to PaydayLoansUK and select how much you want to borrow. You are allowed to borrow up to a maximum of £5000, but in this case, you can select to apply to borrow £100.
You will then need to fill out an online form on our website, which should only take a few minutes to complete and will require you to fill in your personal information, financial details, as well as contact information.
2. Choose a Suitable Lender
Our system will then generate a list of pre-approved lenders that will allow you to compare and find the direct lender loans that offer you the terms that are best suited to your financial needs and situation.
Keep in mind, that you should only choose the 100 payday loan offer that you are confident you can repay, otherwise, you risk facing late penalties and fees should you end up defaulting.
3. Await Loan Approval
Once you have found the offer that you are most satisfied with, you can formally accept it. The 100 loans bad credit direct lender will then carry out creditworthiness and affordably check on your application before granting final approval. They may even end up contacting you for additional information.
4. £100 loan deposited
Once final approval is made, you will only need to await your loan for 100 to be deposited into your account. And depending on the date and time of application, the funds will be deposited in as little as 24 hours, if not less, after final approval. After you receive your money, you will need to ensure that you meet your repayments on time, as dictated in the loan agreement.
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Can I Get a £100 Loan With Bad Credit?
Yes. It is possible to secure £100 loans for bad credit and this is because most of the lenders that we work with are usually more concerned with assessing your level of affordability, rather than your credit history.
So, while they will still conduct a credit check when reviewing your application because they are legally obligated to, this is usually a formality, as our partners will also take a look at how you are doing right now financially, and then take that into consideration before making a final decision on your loan application.
This means that as long as you can prove that you can borrow 100 and make your repayments on time, then your chances of securing a 100-pound loan are high. However, while your credit score will not automatically rule you out from qualifying to borrow 100, it is important to note that it will most likely affect the type of interest rates and loan limits that you will be offered.
In other words, the higher your credit score is, the lower the interest rates and the higher your loan limits will usually be.
Can I Apply For £100 Loans Without A Credit Check?
No. This is because the Financial Credit Authority (FCA), which regulates all legitimate lenders in the United Kingdom dictates that all legitimate credit lenders in the country must conduct the relevant affordability and creditworthiness checks before approving an application.
However, this shouldn’t discourage you from submitting your application for a loan 100, because our panel of lenders will also take your finances into consideration before making a decision.
So, as long as you can prove that you have a steady stream of income that will allow you to make your repayments on time, then you should have no problem securing yourself a 100 loan approval bad credit.