Little Loans

Who is Little Loans?

Little Loans is a trading style of Digitonomy Limited, a UK-based financial technology company that specializes in helping customers find short-term loans. The company particularly assists individuals who may have experienced difficulties obtaining credit in the past. Established in 2013, Digitonomy Limited has over 120 years of combined experience in the financial services industry.

Unlike traditional lenders, Little Loans functions as a credit broker, meaning it does not provide loans directly but connects borrowers with a panel of trusted, regulated lenders. The company is committed to creating a responsible and inclusive financial environment.

In addition to matching borrowers with lenders, Little Loans provides educational resources that help users build financial confidence, improve budgeting skills, and gain better control of their personal finances.

How Does Little Loans Work?

Applying for a loan through Little Loans is designed to be a quick and straightforward process, typically taking only five minutes. The application follows these steps:

1. Complete an Online Application: Borrowers fill out a simple application form available on the Little Loans website. The form requires basic personal and financial details.
2. Soft Search Eligibility Check: The system performs an initial check to determine eligibility. This check is classified as a “soft search” and does not affect the applicant’s credit score.
3. Loan Matching Process: If eligible, the applicant is matched with a lender from a panel of regulated financial institutions.
4. Redirection to Lender: Once a suitable lender is found, the applicant is redirected to their platform. The lender then conducts a full credit check, known as a “hard search,” which may impact the credit score.
5. Loan Approval and Fund Transfer: If the lender approves the loan, the money may be transferred on the same day, subject to the applicant’s bank policies.

In cases where an applicant is not matched with a loan provider, Little Loans may offer alternative financial services, such as credit-building tools, to help improve the applicant’s chances of securing credit in the future. Borrowers are under no obligation to use these additional services.

What Types of Loans Does Little Loans Offer?

Little Loans enables users to compare and apply for different types of short-term loans. These include:

• Quick Decision Loans: Loan amounts ranging from £100 to £10,000.
• Same-Day Cash Loans: Funds may be available on the same day as approval, depending on the lender’s policies.
• Bad Credit Loans: Options available for individuals with varying credit scores, including those with a poor credit history.
• Short-Term and Instalment Loans: Loan terms vary from 3 to 36 months, providing flexibility in repayments.

How Much Does It Cost to Borrow Through Little Loans?

Little Loans does not charge any fees for its services. Customers receive a no-obligation quote based on their personal financial circumstances. Loan terms, interest rates, and repayment schedules vary depending on the lender’s criteria and the applicant’s credit profile.

A representative example of a loan through Little Loans is as follows:

• Amount borrowed: £1,000 for 12 months
• Monthly repayment: £123.40
• Total repayment: £1,480.77
• Interest: £480.77
• Interest rate: 79.5% per annum (fixed)
• Representative APR: 79.5%

Actual interest rates may vary, ranging from 15% APR to 1,721% APR, depending on personal financial circumstances and lender criteria. Borrowers should carefully review loan terms before proceeding.

Why Choose Little Loans?

Little Loans stands out in the financial services industry for several reasons:

• Inclusive Loan Matching: Welcomes applicants with all types of credit scores.
• No Hidden Fees: The service is completely free for borrowers.
• Quick and Easy Application: The entire process can be completed in about five minutes.
• Soft Credit Check: The initial eligibility check does not impact the applicant’s credit score.
• Trusted and Regulated: Works with lenders authorized by the Financial Conduct Authority (FCA).
• Secure and Confidential: Fully licensed by the Information Commissioner’s Office (ICO) for data protection compliance.

How Can You Contact Little Loans?

Little Loans provides various ways for customers to get in touch and explore their services.

Is Little Loans Right for You?

Little Loans provides a convenient and efficient way for UK residents to find short-term loans. With an easy online application, soft credit checks, and a network of trusted lenders, the platform makes it possible for borrowers to compare and secure suitable loan options.

While Little Loans offers a reliable service, it is crucial for borrowers to assess affordability before taking out a loan. Reviewing loan terms and interest rates is essential to ensuring financial stability. Applicants should also explore the financial advice available on the Little Loans website to make informed borrowing decisions.