Borrow £100
A £100 loan could be the financial stopgap you need to tide you over in the event of a financial emergency.
Can I apply for a £100 loan with Growing Power?
Growing Power is a credit broker. We work with a panel of lenders who offer personal loans between £100 and £10,000.
Before you use Growing Power to search for a £100 loan, you’ll need to make sure that you meet the eligibility criteria.
You’ll need to:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
Could I get a £100 loan today?
If approved for a £100 loan, your lender could send your money on the same day as your application is accepted, although this will depend on their individual payout timeframes.
You should bear in mind that even if your lender could offer you a same day £100 loan, the time it takes for the money to appear in your bank account will depend on your bank’s policies and procedures.
Is it possible to search for a £100 payday loan with Gowing Power?
None of the lenders on the Growing Power panel provide payday loans. Instead, they offer short-term, personal loans with a range of repayment terms.
How long can I borrow £100 for?
The lenders on the Growing Power panel make it possible to search for a £100 loan with a repayment term of either 3, 6, or 12 months.
You’ll repay your loan in monthly instalments, which will include interest. The interest rate you’re offered will depend on several things, including your credit score.
£100 loans for bad credit
If you have a history of poor credit, you might worry that your application for a loan will be turned down.
Getting a loan with bad credit can be difficult, and you should think very carefully and explore all the options that may be available to you before you decide to make an application.
Several of the lenders on the Growing Power panel specialise in loans for people with bad credit, although you could be offered a higher interest rate.
£100 loans for people with no credit history
Having no credit history, often referred to as having a ‘thin’ credit file, usually occurs if you haven’t paid bills or borrowed credit before. While this isn’t necessarily a bad thing, it could negatively impact your chances of being approved to borrow credit. This is because with no evidence of how you’ve managed credit in the past, lenders may feel apprehensive about approving your application.
Growing Power work with several lenders who are willing to consider applications from people with no credit history, although, like a bad credit loan, a no credit history loan could come with a higher rate of interest.
Will my credit score be affected if I apply for a £100 loan?
Growing Power uses soft search technology to check your eligibility for a loan. A soft search will not impact your credit score.
If you’re matched with a loan and make a full application directly with the lender, they will carry out an affordability check, which will be in the form of either Open Banking or a hard credit search.
A hard credit search will remain on your credit file for up to 12 months and multiple hard searches within a short period of time will have a negative impact on your credit score.
What’s Open Banking?
Open Banking is a secure procedure carried out by authorised third parties, such as lenders. With your consent, Open Banking enables the third party you’ve applied with to access your online banking account with a read-only view and see your recent transactions.
Why choose Growing Power to search for your £100 loan?
- Our service is free to use.
- No-obligation quote.
- Explore a range of repayment terms between 3 and 12 months.**
- Search for a loan at a time and place that suits you, 24 hours a day, 7 days a week.
What happens if I can no longer afford the repayments on my £100 loan?
Falling behind on or missing a repayment could harm your credit score.
If you’re struggling to repay your £100 loan, you should reach out to your lender. They will be able to talk over any options that may be available to help ease some of the financial pressure you’re facing.
Where can I get free money advice?
You can access free, impartial money and debt management advice through charities and organisations, including StepChange, MoneyHelper, Citizens Advice, and National Debtline.
**Growing Power can search for loans from £100 to £10,000 with repayment durations from 3 to 60 months. You should never borrow more money than you need to or can afford to repay.