Why Do You Need Installment Loans?
Getting a short-term loan is easy but getting an affordable deal is quite complicated. Over the decade, the reliance on small loans has increased due to one or another reason. Things become complex when your credit score is poor and you need money quickly at lower interest rates. Of course, the best deals are exclusively available for good credit borrowers. Why a lender will avail the best deal if you show high default risk?
Having a bad credit score can keep you from getting a loan at competitive interest rates, but Loan Lender has an effective solution – installment loans in the UK.
These are for small and long term that you can take out to finance any unexpected expenditure or for a planned purpose. Whether you need funds to have your car repaired or you need it for your tuition fees, getting these loans are extremely convenient. These loans work differently compared to other small loans like payday loans, text loans, doorstep loans, and self-employed loans. They usually come for a short period, not more than a month. As you receive funds in your account, you are obliged to reimburse the loan on your next payday in lump sum. However, installment loans from direct lender require you to repay the debt over an extended period from three months to a year depending on your credit need and repayment capacity.
Features of our installment loans:
- You can take out up to £5000
- Our interest rates are competitive
- We charge no upfront fees
- Same-day money disbursal
- Bad credit borrowers can also apply for them
- No hidden surprises
- Neither guarantor nor collateral
- Simple online application procedure
These loans are a better option if your credit score is less-than-perfect and you want to build your credit. Other small loans like payday loans do not help you build your credit rating because you repay the debt in lump sum just after a two-week period. This does not provide a clear idea to a lender about your creditworthiness. They allow you to pay off in equal monthly installments. Making all repayments on time will help to improve your credit rating and allow you to take out other loans at a lower interest rate down the road. Secondly, you should take out these loans when you know that you will not be able to reimburse the debt in lump sum.
Why Direct Lender for Installment Loans?
Contrary to traditional lenders, online direct lenders follow simple and straightforward procedure from application to disbursal. Further, conventional methods of borrowing cannot let you apply for the loan if your credit score is not perfect. One of the biggest advantages is loans are available for bad credit.
Direct lenders allow you to borrow despite your past credit mistakes. They understand that you often fall behind repayments because emergencies come in your way. Life always does not go your way. Of course, you will not be able to pay off your debt if you are admitted to hospital. Loan Lender considers these situations and hence allows for installment loans with bad credit. The policy of direct lenders is transparent. Since starting, you know how much the loan will set you back. You will be able to pay back the amount in much more manageable way.
How Easy to Avail Installment Loans for Bad Credit?
The direct lender provides these loans to all types of borrowers. You can apply even if your credit history is bad. Installment loans for poor credit borrowers come with a bit higher yet affordable interest rates than those with good credit. We allow you to apply for Installment loans for bad credit from direct lenders only despite of having an adverse credit history so that you can build credit rating. Please note that you will not be able to take out these loans if your credit report shows unsettled CCJ.
Available Loans on Installments
Installment loan is not a type of a product rather a loan repaid in installments come into this category. Here is a list of some of those loans:
- Cash loans: lenders do offer cash loans to meet the emergency expenses, which the borrowers can repay in fixed repayments.
- Unsecured loans: Providing the collateral is not in everyone’s capacity. Thus, unsecured loans are offered to make easier for the borrowers to secure the funds easily.
- Secured loans: Unlike unsecured loans, these loans do require collateral and bring the benefits like large amount to borrow that you can pay in easy monthly installments.
- Guarantor loans: These are also perfect for the large funding but need a guarantor to repay if in case primary borrower is unable to do so.
- Personal loans: These loans too can be repaid in fixed amount up to a certain period and can be applied for any financial purpose.
Fund your unexpected expenses with installment loans. Manageable repayments will not let you fall into debt. Apply now!
Instalment loans FAQs
What are the prime examples of installment loans?
There are various types of installment loans. The most common are auto loans, mortgages and personal loans. If you don’t have any idea about this, then you can read further to understand this loan one by one.
- Auto Loan
This loan is considered as an installment loan and a person uses this one to purchase a new vehicle. You can repay the amount in monthly installments which range from 12 to 90 months and direct lender gives you that loan on flexible features and multiple benefits.
This loan is used for buying a house and repayment term may vary from one lender to another. And most of them come with a fixed interest rate.
- Personal Loan
You can use this loan for various purposes such as paying unexpected expenses or consolidate debts. And many lenders in the UK provide this loan without any collateral.
How Can Installment Loans Benefit to My Credit Score?
In installment loans, you have to borrow a certain amount from the online lender and you have to repay the loan in a set of time which is fixed by the lender mostly it is monthly. Because of flexible repayment, you can easily pay off the loan within a given time. If you will able to do this then this will give you benefits. And this benefit will reflect on your CREDIT REPORT.
This credit report is compiled by Equifax or Experian and eventually, it will help you to improve your credit score. A good credit score means you will get loan approval easily with much less interest rate or APR as compared to loans with bad credit.
Can I Make Early Payment of Installment Loans?
Yes, you can pay off your loan early without any issues but many lenders in the UK may charge some extra fees but Loan Lender charges very less as compare to other online loan providers. Usually, most of the borrowers do not want to pay their loan early because it can cost them badly but due to some certain circumstances, it becomes an obligation for you.
As a responsible lender, we can understand your financial concern and make the necessary arrangements. But it would be better for us if you inform us well before so that it won’t become hectic for us. We do charge some fees for the early repayment but it will not cost too much to your pocket. We are here for better communication.
How long it exactly takes to get the approval for instalment loans?
With the easy and simple application procedure of Loan Lender, you only have to spend a maximum of only 5 minutes in order to fill the form where you will have to provide your basic details. Here, you can get up to £5000 on Installment loans for bad credit people and that too at a highly competitive price rate. After you have submitted the online form, the lending team will go through the details and the requested amount will be disbursed on the same day of the approval. You won’t be asked to provide any collateral or present any guarantor in order to get the approval of the loan. Also, there is a possibility to get the loan even if you have bad credit.
How to check the status of my instalment loan application?
Well, if you have applied at Loan Lender for an instalment loan, then you don’t have to worry at all. Here, you get the benefit of customer support service that is available for 24*7 and a team of experienced members who can solve all your issues at an earliest. So, if you want to know the status of your loan application, then all you need to do is contact the support team and speak all your concerned matter. The highly skilled team will let you know the exact date and time when you are expected to get the amount on your bank account. Also, you can directly mail your queries or doubts to the support team who will respond quickly after your mail is being received from the other end.
Can I change the amount of my payment in Instalment loans?
Basically, in an instalment loan, the borrower has to pay the entire debt on monthly instalment that is decided by the lender and borrower with a mutual discussion. However, if you think that your financial status is not good for a particular month and you will not be capable to pay the repayments, then you could approach your lender and discuss the issue. If there is a possibility, the lender might lower down your lower or even hold your instalments for a certain amount of time, but you could have to pay extra later and you might even charged an additional fee depending on the lender whom you are dealing.