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Sometimes, our money doesn’t quite stretch to the next pay packet and we may find ourselves worrying about a last-minute emergency expense that we now have to cover. Whether it’s money to buy a new washing machine or to pay for a car repair, a payday loan is a potential option after exhausting all other possibilities, to ensure that urgent payment is covered. However, it’s very important you carry out some research and choose the right lender for your needs.
Payday loans are a big commitment, even in smaller amounts of £100, and with a very slim payment window for you to return what you owe some people find it tough to find the funds to cover their loan payments, plus interest and regular bills.
With this in mind, we’ve taken a look at £100 loans, what you need to consider before applying for one and how to find a lender that’s right for you.
Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.
Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
There are a number of lenders on the market that can provide you with a £100 loan. Sunny, for example, provide access to short-term loans that can be paid in installments to make managing your money easier. Then, you have the likes of Drafty who offer lines of credit and Amigo who provide guarantor loans. Take a look at our lenders section featuring guides about all of the companies that are currently offering loans.
If you opt for a payday loan, these typically have to be paid back within 35 days or when you next receive your wage packet. This small time period can be tough for many people, especially when they have to account for the interest on top of the £100 they’ve borrowed. If you choose a short-term lender through Sunny, you can pay back your £100 loan over a minimum of 3 months.
There are a number of reasons why you may need to apply for a £100 loan. Here we’ve detailed just a few examples:
While there are no rules when it comes to what you use your money for, some lenders may ask to help them make their decision on whether to accept your application.
If a lender is offering you a loan without a credit check we recommend that you do not use them. Lenders must be regulated by the FCA and must perform rigorous credit and affordability checks on all applicants, to ensure that they are lending money to those who are likely to be able to make payments comfortably.
Yes, there are lenders on our partner’s panel that offer loans in higher amounts than £100. For example, we provide access to loans up to £2,500. However, it’s very important you only apply for a loan in the amount that you need. Applying for a higher amount of money could lead to financial strain later if you find that you are struggling to keep up with repayments.
Representative 89% APR