Do you need to borrow £300 today?
When you need some extra cash, it can help to take a moment to review your borrowing options – and we’re here to help.
In this guide to borrowing £300, we’ll cover everything you need to know about the options available, so you can decide which is best for you.
Is a £300 loan the right option for me?
While personal loans can be a great way to borrow and build your credit score, there are other options available to you as well.
For amounts under £500, a credit card will often fit your needs better for a few reasons:
- Flexible repayment schedules give you some extra breathing room for repaying the debt
- You only pay interest on any remaining balance after you’ve made at least the minimum monthly repayment, so you might repay the £300 before it has a chance to build any significant interest
- Using a credit card and repaying it regularly could help to boost your credit score
- Many credit card providers offer rewards and benefits for their cardholders
- Credit cards are a handy option for smaller, unexpected purchases
As a result, if you’re looking to borrow £300, a credit card may well be a better option than a personal loan or overdraft.
Can I use a credit card to borrow £300 with a bad credit score?
Yes, though you may have a lower credit limit and higher interest rates than you otherwise might.
Your credit score is a figure used by lenders to evaluate whether you’re eligible to borrow with them.
It’s based on your borrowing history, and will be positively or negatively impacted based on how frequently you’ve borrowed in the past, the amount you’ve borrowed, and whether you repaid the debt on-time.
A good credit score will be a sign that you have borrowed reliably in the past, giving lenders the confidence to offer you higher amounts and more favourable terms.
Whereas a lower credit score might be a sign that you’ve not borrowed much previously, or there have been some cases of late repayments.
While a low credit score might make it a little harder to find the credit card you want, it doesn’t mean you can’t use one to borrow £300. This is where we come in and can lend a hand.
When you use our free tool to check your eligibility, we run a soft search to look at your credit history and suggest card providers that would be suitable for you.
This way, you can apply for a credit card in confidence, reducing the risk of harming your credit score due to an unsuccessful application.
Can I apply online for a credit card to borrow £300?
Yes, it’s easy to compare cards online and apply for a credit card.
To get started, simply head over to our free credit card finder tool and enter some basic information about yourself and what you’re looking for.
We’ll then run a quick check and provide you with a list of card providers that look like a good fit for your needs.
Then, it’s simply a case of looking through the options and considering which feels right.
Can I afford to borrow £300?
When taking out a credit card, it’s important to be sure you can repay any debts that build up and avoid falling into the trap of overspending beyond what you can afford.
As a general rule of thumb, it’s worth thinking about how you will repay the debt and how much you can afford to put towards it.
Minimum repayments on credit cards are often quite low, although they can vary between cards and providers. As long as you can always pay off a little extra every month, you should find it manageable.
What can I use a £300 loan or credit card for?
Credit cards and loans can be used for any number of things, and you no doubt already have something in mind.
If you’re looking to borrow more than £500, a personal loan might be a good option to consider.
Some of the most common reasons for taking out a personal include:
How do I repay the money I’ve borrowed?
Whether you’re borrowing with a loan or a credit card, the repayment process is similar.
You will repay any debt in regular, typically monthly, repayment instalments.
In the case of a loan, this will be a strict schedule set out in the terms of a loan agreement, which will be enforced as soon as the loan is transferred.
For credit cards, repayment is more flexible. Essentially, at the end of each month, your card provider will send you a statement including the following:
- The amount spent on the credit card that month
- The total debt on the card
- The minimum repayment amount
- The date by which the minimum repayment must be made
You must then pay at least the minimum repayment amount to the card provider, before the listed repayment date.
You can pay more than the minimum, even repaying the entire debt in full.
You are free to continue using your card as much as you need to, as long as your card’s balance is within the approved credit limit—the maximum amount you have been approved to spend on the card—and you are keeping up with the minimum repayments each month.
Check your eligibility and start comparing credit cards to borrow £300
If you’re looking for a flexible way to borrow £300 today, then a credit card can be a great option. To get started, simply head over to our free credit card finder tool to start comparing card providers.
If you would prefer to borrow a higher amount, then personal loans starting at £500 might be a better fit. To see how much you’re able to borrow and start comparing lenders, it’s easy to check your eligibility with our free tool.
Learn how much you can borrow
Do you have a different amount in mind than the one above? Check out our Loan Amount Guides series below.