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Installment loans are short-term loans offered by direct lenders where the repayment is done through fixed amounts over a set period. Compared to payday loans where a borrower has to pay it back in one single lump sum by the end of the loan term, borrowers of installment loans can enjoy the convenience of spreading out the repayment over several repayments.
Eligibility requirements for installment loans
While requirements can vary depending on the lender, there are basic factors that can determine whether you will get approved or not. A direct lender will need to assess how much you want to borrow and how long you would want to pay the loan back. Your income and expenses will also need to be looked into. Also, your credit score will also take center stage as well. Generally, you have the choice to borrow from £50 to $2,500 and this will be paid on a monthly basis.
Benefits of installment loans
The flexible repayment periods is considered as one of the top benefits of instalment loans. While this is a short-term loan very much like payday loans, instead of having to make a one-time payment, borrowers will be able to conveniently pay it back for a few months period which makes it more convenient and manageable.
Installments are often paid monthly, often on the borrower’s payday. There are direct lenders that can offer a weekly repayment. However, while spreading the loan repayments means making them more affordable, this would also mean that you are getting charged a higher interest rate so the small personal loan costs you more in the long run.
Things to consider before getting an installment loan
Before applying for this loan, determine ahead of time how much you need. You’re charged for whatever you are borrowing so the more you will choose to borrow, the higher the loan charges will be.
Consider the loan term too. Paying it over a longer period means a more manageable repayment figure but this could mean more interest rate. If you can pay it off within a shorter period the better.
Do find a lender that will give you the option to get the quick loan paid off early. The sooner that you can get the debt paid off the better. This type of loan charges you interest on a daily basis which is why it helps to pay it back the soonest you can.
When your credit is bad, getting approved for a standard loan can be quite difficult. So what do you do when there comes a time that you need to borrow money for emergency expenses? Getting turned down by a lender does not mean that the rest of them will do the same thing too.
What you can take advantage of, instead, are installment loans. These are short-term loans, with amounts ranging from £50 to £2,500. Compared to regular payday loans where you have to pay off the debt and the interest rate in a single payment, an installment loan is paid off in specific figures every month. The amount you are allowed to borrow will be dependent on your credit history and your income.
Why Choose Installment Loans?
If your credit score isn’t stellar to begin with but you want to borrow an amount that can be payable for several months, installment loans would be a great option. It is important to not keep sending in car loan applications when you have just been recently declined. Sending out one application after another is only just going to do more damage to your credit score since a credit check is done each time.
Remember that installment loans are charged with really high interest rates. The longer your payday loan term is, the more you’re going to end up paying as a result so try to keep the terms shorter.
How to get approved
Borrow only what you can afford to pay back. Whatever you borrow is subject to interest. Needless to say, the more you borrow, the more you’re charged for interest. Also, if the monthly payments are high, you might have a hard time paying it off. So, stick to what you can comfortably pay back. Stick to a much shorter term if you can. While it makes sense to spread the payments in such a term that will allow you to pay it back comfortably, the longer it is the more you will need to pay as a result. So, shorter terms will help you save more money in the long run.
Find out if it is possible to pay the personal loan early. Some lenders may charge an early repayment fee if you do so, but there are times when you can actually save money on interest. This is especially true if the interest is being charged on a daily basis.