Instalment Loan For Bad Credit: Something You Need To Know
Instalment loans are quite different from the usual loans you get from your lenders. After you get an instalment loan offer from a lender, you will be required to pay a down payment which is a portion of the principal amount. You will then repay the remaining loan amount in instalments for a specific period. Depending on the amount borrowed, the repayment period could be 3 months or more.
How Can I Apply For An Instalment Loan With Bad Credit From UK Direct Lenders?
A majority of financial institutions in the United Kingdom offer instalment loans. Thus, you can always check with your bank or loan brokers to help you get the best instalment loans for bad credit. We work closely with many lenders in the UK. Thus, you can find the best lenders with PaydayLoansUK in the region. Here is the process for getting instalment loans in the UK;
Application: We have made it easy for you to apply for the instalment loans. Just fill out the online loan application form on our website, and we will hand over your details to over 150 lenders around the United Kingdom. Please make sure you provide truthful information when filing the loan application form.
Approval: Upon making your application, we will immediately forward your details to lenders. Thus, you may start getting loan offers within 5 minutes after submitting your application. The lenders will get back to you with all instalment loan details, including the loan offer and the underlying terms and conditions. If you accept the offer, the lender will approve your loan immediately.
Receive Your Money: Typically, the lender will process your money immediately once you have accepted the instalment loan offer. According to your bank’s speed of processing payments, you should get your money as soon as the following business day.
Want to Get a Loan?
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).
Who Is Eligible For The Loans With Bad Credit In The UK?
Like any other loan, lenders always set some requirements that you have to meet to get the instalment loans with bad credit. Some of the qualifications for this type of loan in the UK include;
You must be a citizen or prove that you’re a resident of the United Kingdom.
You must meet the age requirements; be 18 years old or older
Demonstrate that you have an active UK bank account and Debit card.
What Are The Benefits Of Instalment Loans?
Personal instalments loans are beneficial in various ways, such as;
The loan approvals are fast; you can get quick cash.
Instalment loans have a flexible repayment plan.
The loans can help you sort out financial emergencies.
You can buy properties with the instalment loans and repay them later.
You can always repay your loan early and build your credit score.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
What Are The Main Types Of Instalment Loans In The UK?
When you’re looking for a personal instalment loan, it’s always good to understand the type of loan you’re looking for. Instalment loans are categorised based on the purpose and there are different types of instalment loans offered in the UK, including;
Auto loans; instalment loans made for buying cars or vehicles.
Mortgage loans; you can take this loan to buy or build your dream home.
Personal loans; made for personal use like sorting out emergency financial needs such as repairing your car, home repair or paying bills.
Student loans; loans for individuals who want to go back to school and advance their education.
How Soon Will I Receive The Instalment Loan In My Bank Account?
There is no specific time frame for receiving your instalment money. The time varies depending on the lender’s terms and the amount involved. Some lenders can process and deposit your loan to your account within less or more than a day.
How Much Can I Borrow With An Instalment Loan In The UK?
The amount of money you can borrow depends on various factors such as your income, the purpose of the loan, your credit score and the underlying lender’s terms and conditions. However, many lenders can offer 100 – 5000 pounds instalment loans.