£400 Loans

Cara Bradley

Written by

Cara Bradley

4 min read

Updated: 12/01/2024

Many of us will be faced with a financial emergency at some point in our lives.
No matter how careful we are with our budgeting and saving, some things just crop up and threaten to leave us short.
You may be thinking about searching for a £400 loan to help you with an unexpected financial hit.

You can choose to apply directly with a lender, or you may be thinking about using a credit broker to help you search for a suitable loan.

Viva Money is a credit broker, and we work with a panel of lenders who offer loans between £100 and £10,000.


Can I apply for a £400 loan?

You are welcome to search for a loan with Viva Money if you:

  • Are over 18 years of age;
  • Have a UK address;
  • Have a UK bank account;
  • Have a regular source of income paid directly into your bank account.

The Viva Money process is simple and straightforward.

Step one

Select your ideal loan amount and repayment term and fill out our online form. This should take no longer than five minutes.

Step two

In just 60 seconds, we’ll run a soft credit search and scan our trusted panel of lenders for a suitable loan for you.
If we’re able to find you a match, you will be redirected to the lender’s website to complete your application and undergo some further checks, including a hard credit search.

Step three

If the lender is happy with the results of their checks, you’ll be sent a loan agreement. Be sure to read this carefully before signing. It’s important to make sure you can comfortably make your monthly repayments without this affecting your essential bills, such as your rent or mortgage.

Step four

Repay the balance of the loan within your chosen repayment term.

How long can I borrow £400 for?

The lenders on the Viva Money panel offer £400 loans with repayment terms of either 3, 6, or 12 months.

Can I get a £400 loan if I have bad credit?

Getting approved for a £400 loan with bad credit may be tricky, although it’s certainly not impossible. Some of the lenders on the Viva Money panel specialise in loans for those with less-than-perfect credit scores.

Bad credit loans may come with high interest rates. A low credit score may also prevent you being able to borrow as much money as you’d like.

Will improving my credit score increase my chance of being approved for a £400 loan?

Improving your credit score could increase your chance of being approved for a loan, as well as unlocking a better rate of interest, if you decide to apply in the future.
Fortunately, there are several things you can do to work towards a healthier credit score over time.

  • Check your credit report for errors and request your credit reporting tool update any outdated information.
  • When using an existing credit card, stay well within your credit limit.
  • Ensure your bills and any current credit commitments are paid on time each month.
  • Sharing a joint account with someone who has a low credit score could have a negative impact on your own rating.
  • Register to vote. This will enable lenders to identify you at your current address.

Will applying for a £400 loan affect my credit score?

Searching for a loan with a credit broker, such as Viva Money, could help to protect your credit score from multiple hard searches.

When you apply for a loan directly with a lender, they will run a hard credit search on your financial history. Hard searches leave a footprint on your credit file, and too many searches over a short space of time can lower your credit score.

Using a soft credit search, Viva Money can scan multiple lenders at once to find you a suitable match. Soft searches are only visible on your file to you and the company who carried out the check, and do not impact your credit score in any way.

If you are matched with a lender and go on to complete a full application your lender will carry out a hard credit check.

When will I receive the money?

If approved for a £400 loan, it may be possible for some of the lenders on our panel to send your money the same day your loan is approved. Please be aware that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

If you need the money quickly – for example, you need to pay an emergency vet’s bill – you might want to speak with your lender and ask them when they will send the loan. This way, you will know exactly what to expect and can plan accordingly.

I’m struggling with my finances, please help.

We’re sorry to hear that you’re experiencing money worries and understand how frightening this can be.

You should contact your lender as soon as possible if you’ve taken out a loan that you’re struggling to repay. Your lender is not there to judge you, and they will appreciate the fact that you have reached out and asked for support. They will work with you to discuss your options.

Free, impartial money and debt management advice can be found online on sites such as National Debtline, MoneyHelper, and Citizens Advice.

Debt charity StepChange and Viva Money have worked together to provide a free, online Money Health Check quiz. The answers you provide will generate advice on what to do next and offer guidance for your current situation.