Although living a fairly predictable life is ideal, it is not always the case. Unexpected situations can pop up occasionally, and some may require some additional funds to resolve. And some people may be unprepared for these circumstances, causing them to apply for quick loans. If you’re looking for quick loans to solve emergencies, choosing reliable financial companies for the best results makes sense. This post provides you with a Little Loans review about their quick loan product to help you make an informed decision.
It’s not unusual for people to view Little Loans as a lender. However, this isn’t the case, as they are an authorised and regulated broker that helps borrowers connect to lenders for short-term unsecured loans. Little Loans is another name for Digitonomy Limited and is registered in England and Wales (company number is 08385135). Digitonomy Limited is recognised by the Financial Conduct Authority and is listed in the Financial Services Register with reference number 690249. The Information Commissioners’ Office also licenses them under the registration number ZA007309. Their registered office is Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN.
Website – https://www.little-loans.com/
Admittedly, people hesitate to apply for loans due to their credit scores. However, over 80 credit lenders may be willing to work with borrowers with bad credit. You can connect with lenders who can approve loans to cater to emergencies, irrespective of your credit history. You can choose to apply directly to various lenders online or partner with a broker, so keep this in mind. You can get your application approved within minutes if you follow their requirements correctly with both options.
This doesn’t mean that your credit history isn’t important. However, they don’t operate like mainstream banks in that they consider your current financial situation before deciding to approve your loan application. It’s also important to note that these lenders will run a thorough credit check before lending you money. But if they have to run too many credit checks on you, your credit score may be affected, and lenders may consider lending you money a high risk.
While applying directly isn’t necessarily bad, you may be approved or rejected based on your information and credit report. Even if your application is approved, you may be offered a smaller amount. However, partnering with brokers like Little Loans may yield a more positive result. First, getting a lender to accept your application is highly likely. Also, you only need to pass through one hard credit check and multiple lenders can consider your application based on your status. You can also get your funds quicker as the application process is less tedious.
With Little Loans, you can apply for a loan of a minimum of £100 or a maximum of £10,000. However, how much the lender is willing to release is dependent on your affordability and financial situation. Your lender will also present you with a repayment schedule before moving forward with the process. Quick loan repayment periods usually range between three months to sixty months, and you can determine what day in each month to pay. You settle part of the original loan and interest with each monthly payment.
You can also expect Little Loans to ask you various questions about your household income and expenses like rent/mortgage, food, clothing, council tax, and so on. They ask these questions to ensure that you can repay your loan without further financial hardship. Also, interest rates may be higher than bank or credit card loan options. This is because the annual percentage rate (APR) on short-term loans for a few months is more substantial as it’s calculated as though your repayment period was over a year.
To be eligible for a Little Loans quick loan, you need to be above 18, a UK resident, have a regular income and have a valid debit card. Your income should also be paid directly to your bank account, so keep this in mind. You should also note that Little Loans don’t charge you any fees when applying for a loan.
It’s usually advised that you seek other sources of getting funds before applying for quick loans. Financial assistance from friends, family or employers may be the first option. However, quick loans become necessary if you’ve exhausted your options. However, ensure that you follow your repayment plan to avoid long-term financial consequences. You risk getting difficulties getting a mortgage or other credit sources if you fail to pay up your loan. Moreover, your lender may levy a charge against your account while interest increases. If you can’t meet your repayment schedule for some reason, it’s best to contact the customer service department to develop a flexible plan.
Taking quick loans can be helpful for emergencies, especially when you don’t have any other option. You can work with Little Loans since they have a 4.8-star rating on Feefo reviews. According to clients, they are straightforward and offer a great customer experience.