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Instalment loans are an evolution of payday loans. They recognise that people may only want to borrow a small sum of money, but need a little longer than their next pay day to repay it. Using an instalment loan should allow you to avoid the typical risks associated with payday loans, the most pressing of which is that of rolling over payments so incurring extra fees and interest.
But by the standards of unsecured loans instalment loans are a relatively expensive way to borrow. So do closely consider how much you need to borrow and how long you want to borrow it for. It could make sense to explore other options. You can use our Quick Start tool to see what other forms of credit may be available to you.
As you might imagine the term "instalment" describes that fact that these loans are repaid in chunks each month over a pre-agreed time period. These loans would typically be borrowed for between 6 to 12 months although we do have access to lenders who offer shorter and longer repayment periods. We're sure you would find a lender who would suit your needs.
Instalment loans have evolved from payday loans. But there are a couple of key differences between the two:
The primary reason you might want to consider using an instalment loan is that you need a relatively small cash loan but want to repay it over a longer time period. If you've every used a payday loan you'll be aware how stressful it can be knowing you need to repay the entire sum on your next payday. To avoid this an instalment loan allows you to spread the repayments but without doing it over an unnecessarily long period. In fact you can choose the repayment period that suits you.
As we don't know your financial objectives or your personal circumstances we cannot tell you. However, what we can do is suggest you use the Quick Start tool. When you answer 4 short questions you'll get a summary of the types of loan that may suit you and then you can dig deeper within our website to make that decision.
We aren't a lender ourselves, but have technology that gives us access to a wide range of reputable instalment loan lenders. If you apply using our quick enquiry form you will get an instant lender response that will allow you to complete your loan application online.
Alternatively you can discover more about specific lenders that we work with. Compare them and then apply to them direct. How you choose to proceed is up to you!
It is always good practice to aim to repay a loan early as this helps to reduce the total interest you have to pay on the borrowed amount. In general lenders will allow you to repay early and will reduce the interest charges accordingly. However, we would recommend that you check this aspect of your loan's terms and conditions before you sign your loan agreement. If necessary also speak to your lender first.
No. Instalment loans have no requirement for the loan amount to be guaranteed by someone you know well or are related to. Sometimes finding a guarantor can be difficult, so an instalment loan can help you avoid this issue. However, providing a guarantor can help you get a small cash loan at a lower rate than with an instalment loan.
1 Subject to application being approved by the lender. Not all lenders are able to provide up to £2000.
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