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Home » Why many people in the UK take out 100 loans

Why many people in the UK take out 100 loans

In today’s fast-paced world that is full of uncertainties, it’s easy to stumble down financially no matter how carefully you manage your finances. After all, emergency situations can happen anytime to anyone and these are things that are simply outside our control. 100 pounds may not seem like much, but it doesn’t mean that you won’t be able to get a loan for such an amount.  As a matter of fact, there are plenty of 100 loans in the UK that you can consider if you are looking to secure an extra hundred pounds for any purpose.

100 loans in the UK

100 loans in the UK are one of the smallest, short-term unsecured loans available to different borrowers.  Because the credit amount is small, getting qualified is easy and completing an application process for the loans is often a breeze. The payment terms are also short, often within 30 days or a bit longer depending on the lender and the financial product. You can also access them online from numerous different lenders making them an extremely popular option for borrowers who are faced with emergency situations.

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Advantages of 100 loans

One of the reasons why many people in the UK continue to take out 100 loans is because of its numerous advantages and only a few drawbacks. When you get approved for the financial products, here are some of the advantages that you will be able to enjoy:

  1. Extremely quick funding – 100 loans provide extremely quick funding. Generally, you can expect your application to be completed in no more than 15 minutes and the loan amount deposited into your account in an hour or two after approval. So when you need 100 pounds ASAP, the financial products are the ideal options you can consider.


  1. Seamless approval – While there is no such thing as a 100% approval rating, meeting the loan’s basic eligibility requirements is pretty easy. In fact, you can get approved even if you have a poor credit history and the same can be said to those who have none-existent credit histories. Income and affordability are often the primary requirements in getting approved.


  1. Easy access – You can find numerous 100 loans online and this makes it easy for you to make an application, anytime and anywhere you are whether it’s during lunch break at the office or 12 in the midnight at your home. There are even apps that can make it easy for you to apply for the financial products using your Smartphone.


  1. Unsecured forms of credit – The financial products are unsecured types of credit which means that you don’t have to stress yourself in putting one of your valuable assets as collateral. For this reason, you won’t be risking anything once you default from your repayments. Only your credit rating will be affected in the aftermath of a default.

The only drawback with 100 loans is their relatively high interest rates. Lenders normally put a high rate for the financial products in exchange for the risk involved in an unsecured loan deal that can cater borrowers with bad credit. But if you consider all of the mentioned advantages above, taking out the form of credit is still worthwhile.

100 loans are perfect for emergency situations

With 100 loans, you will normally receive an instant decision from your lender and can withdraw the loan amount into your bank account on the same day after your credit request is approved.  Overall, beginning from the filling out of an online application form, to an approval response from your lender and finally to have the money ready for use, all of these steps can easily be accomplished within 24 hours or a single day. Because of this kind of ease, speed, and convenience, the types of loans have become one of the best solutions to emergency situations.

How 100 loans work

100 loans are relatively straightforward. Just complete an application in a licensed lender’s website and submit it once it’s done. The application that you sent will then be evaluated by the lender to determine if you are financially capable to pay off the loan you are requesting for. If the lender sees that you are, then an approval response will be sent to you shortly. The money will then be transferred directly into your personal account without delay

When it comes to paying off your loan, you basically won’t be doing anything as it will be deducted automatically in your account. Once the payment is due, the 100 pounds, including its interest rate, will be debited from your bank account digitally. Normally, the date of payment is set on your payday or in the day when your pay check enters your account.

Applying for 100 loans

Taking out a 100 loan in the UK is pretty simple even if it’s your first time. This is because the lenders providing the financial products have designed the entire application process to be as quick and streamlined as possible. There is no need to do any kind of paperwork or fax documents. All you need to do to apply for the type of credit includes:

  1. Complete the provided application page on the lender’s site. Remember that online lenders do not have an opening or closing hours which means you can submit an application any time of the day.


  1. Once you have filled out the necessary information in the application form, simply click the submit button and your lender will get back to you shortly. The lender will verify all the information that you entered in your application and afterwards, they will give you an approval decision.


  1. You will be given a loan contract that will outline the terms and conditions of your loan. If you agree on all of the information that is presented, simply sign it and the lender will be transferring the money to your account.

Finally, remember that the interest rates for 100 loans will vary from lender to lender which means it would be best to shop around and compare as many offers as you can. Once you find a potential lender and 100 loans offer, simply follow the three basic application steps mentioned above and that’s pretty much it.

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