Do you need to borrow £100?
It might be that you need to cover some expenses before payday, or want to treat yourself to something and pay it off later.
Whatever your reasons, borrowing money can seem complicated and intimidating at first. But with our complete guide, we make getting a £100 loan easy, so that you can borrow with confidence.
Is a £100 loan the right option for me?
If you need £100, a personal loan is certainly an available option. However, it isn’t the only one and may not be the most suitable.
For smaller amounts under £500, a credit card can often be a better alternative for several reasons, to name just a few:
- Flexible repayment schedules give you greater freedom with repaying the debt;
- You only pay interest on any remaining balance after you’ve made at least the minimum monthly repayment. This means you can repay the £100 before you accrue any interest;
- Using a credit card and repaying it regularly could earn you rewards from your provider and help to boost your credit score;
- It is generally considered a good option for smaller, unexpected purchases.
These reasons, amongst others, make credit cards an appealing alternative over a personal loan or an overdraft, particularly if you’re borrowing less than £500.
Can I use a credit card to borrow £100 with a bad credit score?
Your credit score is based on your credit report, a record of your credit history that lenders use to determine whether you are eligible to receive the credit you have applied for.
If your credit score is currently going through a rough patch and is lower than you’d like it to be, this doesn’t mean you can’t borrow £100. However, it might mean that lenders will only offer you lower amounts, or higher interest rates.
With our credit card finder, we perform what’s known as a “soft search”, meaning you can browse credit card options you’re likely to be eligible for, without impacting your credit score.
Can I apply online for a credit card to borrow 100 pounds?
Yes, you can quickly and easily browse and apply for credit cards from a number of lenders online.
To get started, simply head over to our credit card finder, enter some basic details and start comparing your options.
Once you’ve opened the account and received the card, you can use it to borrow the £100 you need, by using it to make the payment required.
Can I afford to borrow 100 pounds?
If you are using a credit card to borrow £100, then you should consider whether you can repay the amount within the next month. If not, you can check the minimum repayable amount and the interest rate (APR) to calculate how much you will need to repay each month. You can then check how much the debt would grow, for each month in which some of the balance remains.
It’s helpful to remember that credit cards typically apply interest only on the remaining outstanding balance. So, while a personal loan of £100 might charge you interest based on the full amount borrowed across the entire repayment term, a credit card will only charge interest on the remaining balance after you’ve already repaid some.
What can I use a £100 loan for?
There are many reasons you might need to borrow £100. It might be that you need some extra cash to make ends meet or cover an unexpected bill before your next payday. In these cases, credit cards can be a huge help in covering the costs.
If you’re looking to borrow larger sums, for which a personal loan might be more appropriate, some of the most common reasons include:
How do I repay the money I’ve borrowed?
If you have used a credit card to borrow £100, then you will receive a statement at the end of the month from your credit card provider. This will contain the following information:
- Your outstanding balance
- Any interest applied
- The minimum amount you are required to repay
- The date by which you should repay the minimum amount or more
To repay the debt, simply pay the card provider the minimum amount or higher. The card provider will continue to send you monthly statements, which will inform you if you still have an outstanding balance.
If you choose to borrow 100 pounds via a personal loan, then you will be required to repay the amount agreed on with the lender, as detailed in your repayment agreement.
If you miss a repayment, either with a credit card or a loan, your provider will typically apply charges or fees to your outstanding balance. These are based on the terms of your agreement. If you’re having trouble making a repayment, it might be a good idea to contact your provider and let them know. They may be able to provide an extension in some circumstances.
Check your eligibility and start comparing credit cards to borrow £100
If you’re looking for a flexible way to borrow and repay £100, then a credit card can be a great option. To get started browsing credit cards, simply head over to our credit card finder to start your search.
If you would prefer to borrow a higher amount, such as £500, then you might also consider a personal loan. If so, head over to our eligibility checker to see how much you’re able to borrow and find the right loan for your needs.
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.