If you’re looking for a cash loan, Growing Power could help you narrow down your search. We’re a credit broker, working with over 30 Financial Conduct Authority (FCA) authorised and regulated lenders offering short-term cash loans from £100.
Search for a cash loan with Growing Power today for free, with no impact to your credit score.* Any credit score welcome to apply.
What is a cash loan?
A cash loan is a sum of money borrowed from a lender and is usually used to cover the cost of an unexpected expense, such as repairs for a car that’s failed its MOT or a replacement boiler.
Here’s how a cash loan could typically work:
- If approved for a cash loan, the money will be sent to your bank account.
- Once received, you can use the money to help plug a financial emergency.
- You’ll repay the money you’ve borrowed, plus interest, in monthly instalments throughout the duration of your chosen loan term.
Before you apply for a cash loan…
Before you search for any type of loan, it’s vital to stop and really think about whether this is a suitable solution for you at this stage. You might find it useful to go through the points below.
- Is your need for money really urgent? When faced with an unplanned cost, it can be all too easy to panic and make a rash decision. In these situations, try to take a step back and explore any options that could be available. For example, your car might need repairs, but could the expense wait? You might need your vehicle for commuting purposes, but could you car share, take public transport, or work from home for a few weeks to give you time to save up the money instead? Using your own money instead of borrowing credit will mean that you’ll avoid paying interest.
- Could you borrow the money from a loved one? A friend or family member might be happy to lend you the money at a lower interest rate than a high street bank. They might even agree to let you borrow the funds with no interest at all. When repaying somebody you know, it’s vital to be respectful of any pre-agreed arrangements, or you could risk harming your relationship.
- If you feel that a loan is an appropriate option for you, you should carefully consider the cost of monthly repayments, which will include interest. You should be able to comfortably afford to make your repayments in full each month without it affecting your ability to cover the cost of your essential outgoings, such as bills and groceries.
- A loan will affect your credit score. If you make your repayments in full and on time each month throughout your chosen term, you could see an improvement in your score, providing that you’ve also kept on top of any existing credit commitments and bills. Making a late repayment or missing one altogether will damage your credit score and could negatively affect your chances of being considered for credit again in the future.
Can I get a cash loan online?
- The majority of credit brokers and direct lenders make it simple for potential borrowers to search and apply for a cash loan online.
- Many lenders are able to process your application for a cash loan entirely online, meaning you can apply for credit when you need it the most at a time and place that suits you.
- Please note that some lenders may require you to complete part of your application for a cash loan at a local branch.
Can I get a cash loan with Growing Power?
Growing Power is a credit broker, not a lender.
If you need money in a hurry, we could help to save you the hassle of making multiple applications with numerous lenders.
We work with over 30 responsible lenders and can scan our panel for a suitable loan for you with just one search, with no impact to your credit score.*
Who can search for a cash loan with Growing Power?
You can search for a cash 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.
How much money could I get with a cash loan?
Growing Power makes it possible to search for a cash loan between £100 and £10,000.
How long do I have to repay my cash loan?
Depending on the amount of money you apply to borrow, you could repay your cash loan across a term of 3 to 60 months.
Could I get a cash loan today?
If your application is approved, your money could be sent today.
Please be aware that each lender has their own pay out timeframes, and the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Cash loans for bad credit
It might be possible for you to get a bad credit cash loan, although you should think very carefully before you apply. A bad credit loan could come with a high rate of interest, which will increase the overall cost of borrowing, as well as your monthly repayments.
Here at Growing Power, we work with a number of lenders who specialise in loans for people with bad credit.
Cash loans for people with no credit history
Having no credit history, otherwise known as having a ‘thin’ credit file, could make it difficult to find a lender willing to consider your application for a loan.
With no evidence of how you’ve managed credit commitments in the past, lenders may view your application as a risk. This can be frustrating; you might wonder how you’re supposed to prove that you’re a responsible borrower if lenders aren’t willing to give you a chance.
Fortunately, several of the lenders on the Growing Power panel are willing to consider applications from people with a thin credit file. While getting a loan with no credit history isn’t impossible, you should be aware that, similarly to those with bad credit, you could be offered a high rate of interest.
I can’t afford my loan repayments; what should I do?
If you’re struggling to make your monthly repayments, you should contact your lender without delay. Try to avoid burying your head in the sand in the hope that the problem will go away – the sooner you contact your lender, the sooner you can work together to put a suitable plan in place to help you through this difficult stage.
Can I get free money advice?
Yes, you can. Please know that you can access free, confidential money and debt advice through the following organisations: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
*If you’re matched with a loan and proceed to make a full application, the lender will complete a creditworthiness assessment, which will include a hard search or Open Banking. A hard search will remain on your credit file for up to 12 months, and multiple hard searches in a short period of time will have a negative impact on your credit score.
Open Banking is a procedure used by many authorised lenders. With your consent, Open Banking grants lenders access to your online bank account and allows them a read-only view of your recent financial activity. This could provide lenders with a more accurate representation of your current financial situation, rather than relying on your credit history alone.