Loans for £2,500

How much will a £2,500 loan cost me?

The Annual Percentage Rate (APR) that you’re offered will give you an idea of how much your loan will cost you overall. The APR reflects the total annual cost of borrowing, including interest and standard fees.

How long can I borrow £2,500 for?

The lenders on our panel offer £2,500 loans with a choice of the following repayment terms: 6, 12, 18, 24 and 36 months.
Remember, the repayment term will impact the overall cost of your loan. Your monthly repayments will be more across shorter terms, but you’ll pay less in interest.
On the other hand, longer terms give you the opportunity to spread the cost further, although you’ll end up paying more interest.

How can I search for a £2,500 loan with CashLady?

Will I be approved to borrow a £2,500 loan?

This will depend on several factors, including your affordability and credit score.
Before you search for a loan with CashLady, you should check that you meet our eligibility requirements.
You must:

• Be over the age of 18;
• Be a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

Can I get a £2,500 loan with bad credit?

When you have bad credit history, getting approved for a loan can be tricky, however, there are certain lenders – including several of those on the CashLady panel – who specialise in loans for those with poor credit.

Bad credit loans are likely to come with high rates of interest, so it’s important to think very carefully about whether a loan is the right option for you.
Do you have savings that you can put towards the cost of the expense?
Is your need for money urgent, or can it wait a couple of months until you’ve saved up?
Are friends and family able to help at all?
These alternatives might not be available to you, but it’s worth exploring all avenues before you make a decision.

What’s a thin credit file?

A thin credit file is when you have no credit history at all. If you’ve never borrowed credit or paid bills, this is likely to be the case.
When applying for a loan, having no credit history could affect your chances of acceptance. With no available evidence of how you’ve managed credit, lenders may view you as a risk.

CashLady works with a number of lenders who are happy to consider applications from those with thin credit files.

How can I improve my credit score?

If you’re looking to improve or build up your credit score, there are a number of things you can do.

• Register to vote.
• Make sure all bills and any existing credit commitments are paid on time.
• Check your credit report for any errors.
• If you have a credit card, avoid using it to withdraw money from cash machines.
• Try to limit the number of hard searches on your credit file.
• If you’re hoping to improve a thin credit file, you may wish to do some research into credit builder credit cards. Use your card to make manageable purchases and then repay at least the minimum amount each month. Your activity will be fed back to the Credit Reference Agencies (CRFs), and in time, you could see an increase in your credit score. These cards work best when used alongside other credit building methods, such as those listed above.

How quickly could I get a £2,500 loan?

If approved, your money could be sent the same day that your application is approved. Remember though, the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

Every lender will have their out timescales in place, so if your need for the loan is pressing (for example, you have car repairs to pay for), it may be idea to speak with your lender before making a full application, just so you know what to expect.

I’ve taken out a £2,500 loan that I can no longer afford to repay – what are my options?

If you’re struggling to repay your loan, you should contact your lender as soon as possible. They will appreciate you reaching out and being honest about your situation, and will be able to discuss any options that might be available to you to help ease the pressure.

I’m worried about money. Where can I get help?

Money worries can feel isolating and consuming, but please don’t suffer in silence. Asking for help is the first step towards taking back control.
Charities and organisations such as StepChange, MoneyHelper, Citizens Advice and National Debtline offer free money and debt management advice.