What Are Instalment Loans?
Instalment loans are the type of loans that you can take and then repay back bit by bit for a long period of time. Taking an Instalment loan makes things more manageable for you, as you can stagger the repayment to suit your financial plan. With an Instalment loan, all you need to do is to fill the loan application form and submit all the necessary documents required to obtain an Instalment loan. Once we check the criteria from the lender against the document that you have submitted, we will then approve your money request and then transfer the money to your UK bank account.
How Do Instalment Loans Work?
Instalment loans lets you stagger your loan repayment in an affordable and smaller amount. For instance, if you take an Instalment loan of £1, 000 to be repaid in 12 months, your monthly repayment amount will be £89.33 plus the interest accrued. As a matter of fact, you can choose the number of months or years you want to repay back an Instalment loan.
How Can I Choose The Right Instalment Loan?
Choosing the right Instalment loan is not rocket science. From our experience, the best way for borrowers to choose a good deal include:
Find The Best Deal
Do not just pick a lender and sign paperworks immediately. Take your time to shop around different lenders and their offers and fees. If you do not have the time to shop around different lenders you can contract the job to a licensed broker. The broker will help you shop for the best deal.
Continually Review Your Credit Score
Once you have identified a broker that you want to work with, the next step is to check your credit score to be sure that you have met the broker's requirements for loans for bad credit. Checking your credit score will help you identify and fix any error that may make the lender reject your loan application.
Review The Loan Terms
It is important that you go through or peruse the loan terms of a lender before signing a deal with them. What if you are not able to repay back your loan in record time? Will the lender write your account officer to freeze your bank account? Will they report you to the appropriate agency for default? Make sure you read through the loan terms line after line before signing any paperwork.
How much would you like?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
What Are The Instalment Loan Benefits
Instalment loans come with lots of benefits for those who need urgent cash to settle unexpected bills. The two most important benefit of accessing Instalment loans are:
You Can Spread Your Total Interest
The biggest benefit of assessing Instalment loans is that you can spread your total interest within the repayment period instead of paying the lump sum that is usually required with other forms of loan. Repaying an Instalment loan is very easy for borrowers, as you will gradually pay off the total interest on your credit each month.
They Allow You to Plan Ahead
By submitting an application to obtain an Instalment loan you will have the opportunity to plan for all the financial expenses ahead of time. Planning your expenses ahead of time is a good strategy for those that are financially wise. It will enable them to pay off their Instalments in full even before the agreed date.
What Do I Need to Apply for an Instalment Loan?
Applying for same day loans is not a difficult process, provided you meet these requirements:
- You must be at least 18 years of age
- You must be in some form of employment.
- You just hold a UK bank account with a valid debit card linked to the account.
- You must be a permanent UK resident.
- You must have a verifiable permanent UK address.
If you meet the above criteria, you can fill the application form, submit the necessary documents, and submit your application form for consideration. Our team of experienced financial advisors will peruse your documents and then suggest whether or not you can borrow money.