

Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
So, you think you might need to borrow £100 fast but you’re not sure if you even stand a chance of being approved due to your low credit score? If that sounds like your predicament, you should take relief in knowing that there are actually a handful of ways you can borrow this amount fast. It’s a common misconception that people with poor credit have absolutely no funding options available to them, as there are many alternative lenders who are willing to approve high-risk borrowers in exchange for charging a higher interest rate.
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
In other words, you can probably still borrow £100 even with the lowest credit score, but you should expect the interest rates and late payment penalties to be slightly steeper than they would be if you had good credit. It’s easy to feel like nobody cares about your struggle when you’re in the embarrassing situation of needing to borrow £100, but prepared to have your faith in humanity restored, as we’ve cared enough to compile the most feasible options available for getting your hands on the money you so badly need:
Payday loans are the top option to consider when you’re only trying to borrow £100 because that’s usually the minimum loan amount, which means lenders normally won’t bat an eye to approve you. Now, that doesn’t mean they’ll approve anyone, as you’ll still need to meet a few basic prerequisites in order to qualify. More specifically, here’s what you’ll need in order to obtain approval for a £100 loan from a payday lender:
Overall, if you can meet the requirements listed above, you should be able to find plenty of payday lenders that will offer you a £100 loan, even if you have a very low-paying job.
We listed payday loans first because, let’s face it, nobody wants to ask their loved ones and friends for money if they don’t have to. Still, for an amount like £100, reaching out to the people close to you might be your best bet if you can’t even get a payday loan. For most funding amounts, asking relatives or anyone else for money might seem out of the question, as many people who are too proud to ask for help.
If you don’t have any proof of income that will convince a payday lender to let you borrow a single penny and you’re unwilling to ask anyone you know for that small amount, you might just be completely out of luck. At that point, you would only have a couple of other funding options worth considering and those would only be applicable if your credit isn’t absolutely horrible, or if you have some business idea or cause that people might want to invest in or fund.
With an amount as low as £100, you’d be surprised how many family members might just give you some cash and not ask for it back, depending on how dire your situation is. Understandably, this is a route that many people refuse to take, but it’s still worth mentioning due to the fact that it is a legitimate option when you’re dealing with such a small denomination.
Crowdfunding sites like Indiegogo let you raise funds online for personal or business-related causes. Raising money on a crowdfunding site might seem like an easy way to get free money but reaching funding goals will usually require quite a bit of marketing and networking effort. In other words, people aren’t just going to stumble upon your crowdfunding page and invest in a stranger who they know nothing about. While that does sometimes happen, working your network is going to be the best way to start racking up donations quickly.
For larger amounts, crowdfunding can require some significant work to reach the amount you’re after but raising £100 shouldn’t be too difficult for anyone. However, there will still be some work involved in that you’ll need to create a well-written and convincing profile page for your fundraiser in order to convince people to submit donations.
You may be wondering how a crowdfunding campaign could be considered a loan. While it’s not technically considered a form of borrowing, if you’re collecting donations under the guise that you’re going to invest those funds in a business, you do at least have the personal obligation to follow through with that promise. So, in a way, it is a loan because you owe your donors the work involved in making the business succeed.
After being approved by one payday lender to borrow money online, you might get the idea that you could instantly go to other lenders and be approved for more small loans on the same day. That’s certainly a valid option, but one that can come with serious financial consequences.
While payday lenders do not report your timely payments to the credit reporting agencies like Experian, if you go delinquent on your repayments to the extent that your debt is sold to a collection agency, the debts could start to show as collection items in your credit profile.
If you’re already in the situation of needing to borrow £100, you probably shouldn’t risk causing any further damage to your credit score. Thus, it’s always wise to only borrow an amount that you’re confident you’ll be able to repay, whether it’s from a single loan or several.
If you are struggling with debt or are unable to service your loan repayments, you might want to consider reaching out to one of the UK’s leading debt charities. Please visit the websites below for free, impartial help and bice.
Please remember when taking out a loan, even if just for £100, you should always make sure you can afford the repayments and have the necessary cashflow to pay it back on time.