Can I Borrow a Small Amount Like £300, £400 or £500?

Sometimes it doesn’t take a huge thing to throw your budget off.

Perhaps your car needs a £300 repair to keep it on the road, your washing machine might suddenly stop working and a new one will cost around £400. Or you might want to freshen up your living room and it will cost £500.

If you don’t have enough put aside to cover the cost, you might be looking to borrow a few hundred pounds rather than taking out a larger loan.

Borrowing costs money, so before you apply, it’s worth looking at your other options and working out how much you really need to borrow.

So, what are your options?

Can I borrow £300?

Imagine your car needs a repair and the bill comes to around £300.

If you rely on your car to get to work, take the children to school or get around day to day, it might be a cost you can’t easily put off.

Before borrowing, it’s worth checking whether you can cover some or all of the repair another way. You could ask the garage whether they offer a payment plan, check whether you have savings you can use or see if there’s other support available to you.

If borrowing is the option you choose, Moneyline do offer small loans for £300 so you can apply to borrow £300 rather than taking a larger amount you don’t need.

We do checks to make sure we think the payments are affordable for you before making a decision. You can find out more about these here.

What about a £400 loan for something like a washing machine?

A broken washing machine is another expense that can be difficult to plan for and going to the laundrette to wash the clothes can soon mount up in cost.

You might find a replacement for around £400, but before borrowing the full amount, have a look at your other options.

Is there a good second-hand or refurbished option that might work for you? Are there grants available in your area that you could apply for?

If you decide a loan is the right option, £400 is within our small loan range.

We’ll show you your payments and the total amount you’ll repay so you can decide whether it works for your budget.

Could I borrow £500 for home improvements?

Sometimes the cost is a little higher. It could be you want to freshen up your living room to make it a nice place to relax and enjoy a cuppa.

If you don’t have £500 available, borrowing might be one of the options you consider so you can spread the cost over a few months.

If you do decide to borrow, compare the total cost and make sure the payments will leave you enough for your usual bills and everyday essentials. Our £500 loans can be paid back weekly to help you manage your payments in line with your budget.

If you apply with us, we’ll look at your individual circumstances and check whether we think you can afford the payments now and for the rest of the loan.

Do I have to borrow more than I need?

No. If you only need £300 to cover a cost, borrowing £500 just because it’s available means taking on an extra £200 of debt that you didn’t need in the first place.

Start with the actual cost you need to cover and think carefully about how much you need to borrow, whether you need £300, £400 or £500.

A smaller loan still costs money, so borrowing only what you need can help keep the overall cost down.

Where can I get a £300, £400 or £500 loan?

Different lenders offer different loan amounts. Credit unions may also offer loans for smaller amounts. It’s worth comparing your options before deciding what works best for you.

If you apply with us, you’re applying directly to us. We’ll look at your application and make the lending decision ourselves.

Our loans can cost more than loans from banks, credit unions and some other lenders, so always compare the total amount you’ll repay as well as the amount you want to borrow.

What will we look at when you apply?

We don’t look for a perfect credit history.

When you apply with us, we look at the information you give us, information from credit reference agencies and your bank statement.

This helps us understand your circumstances and check whether we think you can afford the payments now and for the rest of the loan.

Whether we’re able to offer you a £300, £400 or £500 loan will depend on your individual circumstances.

Could there be another way to cover the cost?

Before borrowing, it’s worth checking whether there’s other help available.

Our free MoneyToolkit can help you see whether you could get more income, save money on your bills or find support if money is tight.

You might find some extra income or support that means you don’t need to borrow at all — or that you can borrow less.

If you’re worried about debt or managing your money, free and independent help is also available from organisations such as StepChange, National Debtline and Citizens Advice.

Our small loans

We calculate interest daily, so you only pay interest for the time you have the loan. We don’t charge a fee for making extra payments or paying your loan back early.

Whether one of our loans is right for you will depend on your circumstances, what you can afford and what other options are available.

FAQs about £300, £400 and £500 loans

Can I borrow £300?

You can apply to borrow £300 with us. We’ll look at your individual circumstances and check whether we think the payments are affordable before making a decision.

Can I borrow £400?

Yes, £400 is within our small loan range. Whether we’re able to offer you a loan will depend on your circumstances and our affordability checks.

Can I borrow £500?

You can apply for a £500 loan with us. We’ll look at your circumstances and affordability before deciding whether we can offer you a loan.

Can I get a small loan with a low credit score?

We don’t look for a perfect credit history. We look at your individual circumstances and whether we think you can afford the payments before making a decision.

Can I pay my loan back early?

Yes. We don’t charge a fee for making extra payments or paying your loan back early.