What is a £100 Loan?
A £100 loan is a small, short-term loan, similar to a payday loan. These loans can be taken out and repaid upon your next payday. As these loans are for such small amounts, they are usually repaid within a month, and interest rates reflect that.
Are you looking for a £100 loan?
Life is full of surprises, and unfortunately, not all of them are good. If you need some short-term help with your cash flow until payday, that’s where we may be able to help. At Flexy Finance we can provide you with the best deals on loans from £100 – £5,000 for 1 to 60 months.
Can I borrow more than £100?
Most payday lenders will allow you to borrow more than £100 as long as you can afford to repay the loan amount in addition to any fees or interest which is accrued on the loan.
At Flexy Finance, we offer loan applications of up to £5,000.
How can I apply for a £100 loan?
You can apply for a loan by completing the online application form using your phone, tablet or computer. The form requires you to provide how much you want to borrow and how long you need to pay back, plus some personal details. If accepted you will be matched with a suitable lender who will then offer you a loan. Once you have accepted the loan the lender will then transfer the money into your bank account.
Can I borrow a loan of £100 if I have bad credit?
Yes, you can apply to borrow a £100 loan if you have bad credit. Although your credit history may be considered, many lenders will also take into account other factors. Often affordability and income are taken into account as opposed to just focusing on credit rating.
Will I need a guarantor to borrow £100?
If you have poor credit, then some lenders will ask that you are able to provide a guarantor with your application. When borrowing loan amounts of £100, this isn’t always the case. Many lenders will be happy to provide you with your credit without a guarantor.
Most of the lenders that we work with will not require you to provide a guarantor; however, interest rates may be higher to encapsulate the risk. Ensure that you check your interest rate and APR before you accept the loan offer.
What can I use my £100 for?
Many applicants who apply for small loans of a hundred pounds use them for:
- Groceries and toiletries
- Unexpected bills or repairs
- Phone or utility bills
- Other small living costs
However, they are very flexible so you can choose what you want to spend the loan on.
Can I borrow other amounts?
At Flexy Finance, we are able to offer a range of cash loans to cover the costs of what you need it to. We offer loan applications from £100 to £5,000, for periods of anything from 1 to 60 months. Aside from £100 loans other popular amounts applicants apply for include: £200, £500 and £1000.
What are the benefits of borrowing £100?
There are many advantages to borrowing this type of loan, if it used in the right circumstances, they include;
- Only borrowing what you need: smaller loan amounts help you only to acquire what you need, preventing you against affordability issues.
- Apply online: you don’t have to visit your local lender, simply fill out an application form online in under 15 minutes.
- No paperwork: no need to spend your time finding and scanning documents; our application process doesn’t require you to provide any additional paperwork.
- Money paid quickly: get your loan paid directly into your bank account.
- Flexible repayment periods: whether you want to borrow for 1 to 60 months, we may be able to help.
What are the drawbacks?
It is also essential for you to weigh up the pros and cons when deciding whether or not to borrow this type of credit. Drawbacks can include:
- Not suitable for long term use: interest rates can be higher than long term loans, therefore making them unsuitable for long-term borrowing.
- Unsuitable for large amounts: Borrowing £100 is usually for small expenses only and are not suitable for large bills and purchases.
- Interest rates will vary: always check the terms and conditions of your loan to ensure that you can afford to repay the loan in addition to any interest you may accrue.
Why should I choose Flexy Finance?
|Why choose us?||Flexy Finance|
|How do I apply?||Our online application form|
|How much can I borrow?||We offer loan applications of £100 – £5,000|
|For how long?||For periods of 1 to 60 months|
|How long will it take to receive my money?||From 24 hours*|
|Are there any hidden fees?||No, we charge no fees for the service we provide|
What does ‘representative APR’ mean?
APR stands for ‘annual percentage rate’. It refers to the total cost of borrowing money over a year, including the interest and standard fees you have to pay. ‘Representative’ means that 51% of applicants will receive the same interest rate advertised or a lower amount.
For example, the representative rate Flexy Finance offers is 46.19%. Therefore 51% of customers will receive that rate of interest or lower. It is not a guarantee that customers will receive the same representative APR in their loan agreement.
Not everyone within the 51% will receive the same rate as the APR that is advertised. You will likely receive a personal rate which may be different from other applicants.
A personal rate may be higher, lower, or the same as the representative APR. It is usually determined by your credit score, how much you want to borrow, and your finances. APR is often used as a comparison tool to help people compare different loan providers.
I’m struggling with debt – what should I do?
If you’re struggling with debt, then you should not take a loan out to cover long-standing debt. This can cause further financial problems and it is always advised to never borrow more than you can actually afford.
If you are struggling from debt there are organisations that can provide advice to you for free. This websites include:
Frequently Asked Questions
In order for you to be eligible to borrow money, we require that you;
- Are at least 18 years of age
- Have been a UK resident for at least three years
- Have a monthly income of at least £750
- Have a valid UK bank account and debit card
£100 loans can be used for bills and expenses such as;
- Groceries and living expenses
- Unexpected bills or repairs
- Small appliance replacements
- Home, phone and utility bills
If you are looking for a £100 loan with no credit check, it is against Financial Conduct Authority regulations to provide you with a loan without carrying out the correct credit and affordability assessments beforehand.
However, if you are worried about bad credit getting in the way of you being approved for a finance, then we can still help.
Applicants who receive state benefits may need special assistance in finding lenders and loan terms designed to suit their needs. At Flexy Finance, we specialise in helping customers find the best deals on short-term credit options.