Small Loans FAQs
How do repayments work with small online loans?
Once you are accepted for a loan and get the money into your bank account, you make the first loan repayment in the next month. Our customers make small loan repayments every month for 3-9 months, depending on the loan amount. Payments are made with CPA (continuous payment authority) where the borrower gives permission to the lender to deduct monthly payments as agreed in the contract. At QuickLoansExpress, we do encourage you to make repayments early if possible to save on interest.
Can I get small personal loans with QuickLoansExpress?
QuickLoansExpress offer loans between £300 and £1,500. Personal loans are generally higher. However, if you need between £300 and £1,000, feel free to apply for a loan with us. Our small loans can be a good alternative to small personal loans if you need cash in a hurry. Although personal loans are cheaper, our small loans can be in your bank account within an hour.
Will taking out a small loan have an impact on my credit file?
Taking out a small loan will affect your credit score. However, that impact can be positive if you pay back your loan on time. Taking out a loan and making on-time repayments leaves a good mark on your credit file and shows that lenders can trust you when applying for loans in the future. Of course, late repayment of your loan will negatively impact your credit rating can stop you from getting approved for future credit.
What are the costs of a small loan?
The costs of our loans are explained on the application form. Once you have chosen your loan amount and duration and selected your pay days you will be clearly shown all the payments you will need to make.
Why is it more preferable to use direct lenders over credit brokers?
There are a few reasons why a direct lender may be a preferable loan provider.
- Direct lenders will lend you the money directly, and any issues you can discuss directly with them.
- A credit broker may pass your information to other brokers, and your personal details may be repeatedly resold.
- Using a direct lender can often be cheaper as there are no credit broker fees to pay.
How do I know that your small loans are safe?
Our loans are all regulated by the Financial Conduct Authority and we are authorised under FCA license 714479. You can check this in the Financial Services Register here. People are wary of payday loans due to their bad reputation. That reputation came from people misusing payday loans, borrowing where they could not afford and where it was not necessary. However, if used correctly, payday loans can be a good thing. Besides for only using a lender registered by the Financial Conduct Authority, precautions you should take are:
- Make sure you can afford repayments
- Don’t take out a loan if you have an existing loan
- Don’t apply for a loan if you have friends or relatives who can lend you what you need for free
- Keep on top of your repayments. Late payments can result in high fees, and an interest pileup
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