Borrow £300
Growing Power is a credit broker, working with a panel of over 30 reputable lenders, all of whom are authorised and regulated by the Financial Conduct Authority (FCA). If you’re looking for a £300 loan in the event of a financial emergency, we could help you search for a suitable option.
What could a £300 loan be used for?
A £300 loan is typically used to cover the cost of an unplanned expense. This could be urgent repairs to get your vehicle back on the road after a failed MOT, or a new fridge to replace an old model that’s no longer fit for purpose.
A loan is a serious financial commitment. If you have exhausted any other options that might be available to you, you should do thorough research into different loans and lenders before deciding on the right choice for your circumstances.
Where can I get £300?
You can search for a short-term £300 loan with Growing Power if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
Ready for a quick loan?
£300 loans for bad credit
Some of the lenders on the Growing Power panel specialise in £300 loans for people with bad credit and could be willing to consider your application. Please be aware that a bad credit loan could come with a higher interest rate, which will increase the overall cost of borrowing.
We can’t stress enough how important it is to stop and think before you search for a bad credit loan.
In the next section, we’ll explore some of the key things to consider before you apply for a £300 loan.
£300 loans: things to consider
A loan is a serious financial commitment – is it the right option for you?
- Do you have any savings that you could use to cover the expense instead? While talking about money with friends and family can feel awkward, it might be worth having a conversation with a loved one to see whether they could lend you the money you need. They might agree to let you borrow the money interest-free or for a lower interest rate than a high street lender.
- The Annual Percentage Rate (APR). When searching for and comparing loans, you should pay close attention to the APR. The APR is the annual cost of borrowing and includes interest and any standard fees. Please note that any additional charges, such as late or early repayment fees, are not included in the APR and, if applicable, will be charged as extra. The lower the APR, the less in interest you will pay.
- The impact to your credit score. When you apply for a loan directly with a lender, they will complete a creditworthiness assessment, which will include a hard credit search or Open Banking. A hard credit check will be visible on your credit file for up to 12 months. If you make numerous applications for credit, and multiple hard searches are carried out in a short space of time, your credit score will decline. If you’re approved for a loan and make your repayments on time and in full each month, your credit score could increase over time. You will need to manage any other credit commitments in the same responsible way. On the other hand, a late or missed repayment will harm your credit score.
Could I get a £300 payday loan?
You might be able to get a £300 payday loan, depending on the payday lender you apply with. Growing Power do not work with any payday loan lenders.
Any application you make with a payday lender will be subject to the same creditworthiness assessment as a short-term loan.
It’s important to understand the difference between payday and short-term loans so that you can make the best decision for you. A payday loan must usually be repaid in full within a month, while a short-term loan could allow you to spread the cost of borrowing over a longer period.
Remember: none of the lenders on the Growing Power panel offer payday loans.
How long can I borrow £300 for?
With Growing Power, you can search for a short-term £300 loan with one of the following repayment terms:
- 3 months
- 6 months
- 12 months.
Can I get £300 today?
Some of the lenders on the Growing Power panel could send your funds on the same day as your application is approved, although this doesn’t guarantee that your money will be received that day. The time it takes for the money to appear in your bank account will depend on your bank’s policies and procedures.
What to do if you’re struggling to repay a £300 loan
If you’ve taken out a £300 loan that you’re having difficulty repaying, you should contact your lender. We understand that this situation can feel stressful, but please remember that you have nothing to feel ashamed of. Our financial situation can sometimes suddenly change for reasons outside of our control, and your lender will understand this. They will take the time to talk you through any solutions that they might be able to offer to help reduce some of the pressure while you get back on your feet.
I’m worried about money; who can help me?
So many of us will experience money worries at some point in our lives. Feeling concerned about our finances can take its toll on our wellbeing and leave us feeling isolated and anxious, but please know that help is available.
Reaching out and asking for help is a massive step, but remember that you are deserving of support, whatever your situation.
The following charities and organisations offer free, confidential money and debt management advice: StepChange, MoneyHelper, Citizens Advice, and National Debtline.