Apply for a loan of up to £25,000*
Get Your Cash!
Installment Loans UK
Compared to how things work before, applying for a loan is easier and more convenient nowadays. Thanks to the power of technology, there’s no need to get dressed and drive your way to the loan office just to borrow a certain amount. Conventional loans have not spelt its goodbye yet, however, online platforms are becoming more and more popular. One of the reasons why it’s a hit with many borrowers is because of its less complicated and flexible policy; many lenders accept those who have installment loans bad credit ratings and unemployed. In addition, there are a lot of financial institutions offering easy payment methods and these are in the form of installment basis.
Introduction Installment Loans
From the term itself, installment loans are loans paid on portions. The overall loan is repaid over time for a fixed amount, normally given on a monthly basis. It is compensated in as short as 3 months or over 30 years, depending on the money and loan agreement. One of the popular types is the mortgage loan.
Why Choose Installment Loans
There are many reasons why a person chooses an installment loan; primarily, it’s because it’s more flexible than payday installment loans. While short-term loans normally suffice emergency cases, it can only provide a small amount that comes with extremely high interest rates. This makes it challenging for the borrowers as they need to produce not only the principal amount but the fees and other charges as well on their next payday. Meanwhile, installment loans work the other way around.
One of its benefits is that it has a stable interest rate. Its terms and conditions include fixed interest rates that are applicable from the very beginning of the repayment up to the end. This minimizes worries as there is no unexpected increase in interest rates.
Since it is categorized in a long-term range, it can be settled for as long as 15 years. There’s no pressure in giving out one lump sum; instead, the payment is given on small amount, thus, making it easier.
Although the loan amount is big, the borrowers can have the money in less than two weeks. Some lenders even transfer the fund in less than two days. The prerequisites of installment loans UK are versatile and its approval rate is high as long as the borrower can meet its basic requirements.
Applying For Installment Loans
When applying for a loan, the borrower has three options to choose from – via the physical store, phone, or online.
A loan’s physical store is recommended to loan seekers who have a lot of inquiries as their representatives are available to clarify all their concerns. On the other hand, it can be accomplished over the phone. The borrower just needs to follow easy instructions for the phone application. Meanwhile, the borrower can opt for the easiest one – the online loan application. A 5-minute online application form is provided to find out the borrower’s personal information and once submitted, a verification call will take place. There are lenders who provide a decision on the same day; otherwise, they need to wait for a week or so. Afterwards, the money will be sent to the borrower’s bank account.
Our Lending Panel
We have relationships with the best institutions in the financial market, so we can bring you the highest quality loans around.