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Representative example: £5,000 over 5 years at 16.9% APR representative. Rate of interest 16.9% fixed. Monthly repayment £120.85. Total charge for credit £2,251.00. Total amount repayable £7,251.00
Representative Example: Borrow £700 @ 12 months at £111.27 per month, total repayment of £1335.24, Interest £635.24, Interest rate 140% p.a.
Representative 277.5% APR (Variable). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
All about 100 loans and how you can find the most ideal deal for the best price
100 loans are options that you can consider if you are looking to acquire an extra hundred pounds fast to deal with an emergency situation. After all, you will never know when an unforeseen bill will arise and taking out a short-term loan like a 100 loan could be the quick fix you need to address unplanned costs and expenses.
Below you will know how 100 loans work, how you can get them for cheap, and the other things that will help you in making the best decision.
What are 100 loans?
100 loans allow you to borrow a hundred pounds and pay it back quickly in a matter of weeks or a few months. Because the amount is small, you don’t need to satisfy a lot of requirements to become eligible. In fact, most 100 loan lenders approve borrowers with bad credit all the time as long as they are financially capable to pay back the loan in the agreed time frame.
The loan can also be processed quickly with a lot of lenders in the UK offering same day funding services to approved applicants. But because of its short-payment term, lenient requirements, and quick processing however, the interest rates tend to be higher than other forms of loans.
How 100 loans work
With 100 loans, you borrow £100 from a short-term loan specialist like a payday lender and pay back the money that you borrowed plus interest rate in a term that suites you and your personal circumstances best. But because the financial products typically come with high interest rates, choosing the shortest term possible that is reasonable to your budget would be ideal.
The loans are based primarily on your affordability and not so much on credit history which means people with poor credit histories and even those with none-existent credit histories can still apply and get approved. However, you will still need to prove to the lender that you have a reliable source of income that is enough to cover the loan and the agreed repayments.
Once the lender verifies your affordability and the other information that you provided in your application such as your address, employment, and source of income, getting an approval response is generally quick. You can expect to complete an application for 100 loans in an hour or two and have the funds ready for use in the same day or the next business day in most instances.
Paying back 100 loans
When it comes to 100 loans, you have the freedom to opt with a payment term that suite you best. There are even lenders that will allow you to pay back your loan in a number of months through fixed instalment payments. You can also opt with a very short-term like a couple of weeks or in your next pay date so you can lessen the overall interest rates that you will have to cover.
You also have the option to clear off the entire loan in advance, make early payments to reduce the interest rates you will pay, or even borrow more the next month. This kind of flexibility makes 100 loans one of the more appealing short-term loans in the UK.
The costs of 100 loans
As mentioned earlier, the interest rates for 100 loans are generally higher than other types of loans. But since you will most likely be following a short payment term, it really won’t cost you that much in the end. When you are considering applying for the financial products, there are a couple of costs that you might want to ponder on:
- Interest Rates – This is your payment in exchange for the money that was lent to you and is generally presented as APR or Annual Percentage Rate. Interest rates for 100 loans are fixed which means they won’t change throughout the duration of your loan and are spread in the entire payment period. For this reason, you can save more if you pay off your loan in advance.
- Fees and Charges – When you fail to cover the repayments on time and on the agreed terms and conditions, you could incur extra fees and charges outside your interest rate payments. Also, missed and late payments can also result to a damaged credit history which can hinder you from obtaining loans in the future.
Finding the best 100 loans
Finding the best 100 loan deal that provides the cheapest interest rates and the most flexible payment terms and conditions and are perfectly suited to your present financial circumstances at the same time is certainly something that you would want. Before you start your search however, you might want to find out exactly:
- If you really need a 100 pounds worth of loan or larger
- What the ideal payment is based on your monthly earnings and outgoings
- The period in which you can comfortably pay back 100 pounds
Every lender has its own unique way of determining what the ideal interest rate would be for a certain 100 loan agreement so make sure that you take your time to shop around and compare as much deals and offers as you can find. It would also be best to check what the eligibility requirements are first before you make an application to ensure that you will enjoy the best chances of getting approved.
Securing the most affordable 100 loans
After you have determined how much you can afford to pay and for how as well as the requirements that you need to meet, it would be easy for you to find the cheapest 100 loans available in the market. Use these steps to guide you in landing a 100 loan deal that provides the lowest interest rates:
- Request for a quote from lenders that advertise low interest rate 100 loans
- Compare every quote and find out which one offers the least possible cost
- Make an application on the cheapest 100 loan offer
And never forget to work only with lenders that are reputable and trustworthy. The company should be licensed by the FCA or Financial Conduct Authority and has a proven track record of providing honest and responsible lending services.
5 most recent personal loan reviews
Great team at credit star. Helped me out a few times with no bother at all! The new expense calculator is a great way to speed up the application too! A quick phone call to confirm some bank details and the money was in my guarantors bank in hours! Brilliant service, thanks you stars!
Review posted by Ian Yeates, Pocklington
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Loans Hub are seriously good at what they do. I knew I would struggle to get a loan as have poor credit history although I work full time. My sister was happy to be my guarantor as she knows I would never leave her to pick up my debt.. that's the key to loans hub loans and why they work so well. From start to finish the process was professional and easy. I never leave feedback for anything however I felt so strongly that I should share my positive experience.... just go for it, you won't regret it!!
Review posted by Emma Maguire, Darlington
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Money made simple - M&S complete all the necessary background checks, even though it may seem a lot, it is not. Its made simple by an efficient team of advisers. Money is drawn down by the underwriting team within an acceptable time frame of 2 working days. I spoke with a guy called Michael over the telephone and he was able to discuss my top up loan and within a matter of minutes the loan application was completed. Great service all round.
Review posted by Connor Brewer, Cheltenham
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