Your Complete Guide to Instalment Loans in the UK

Often there are situations when you suddenly face a financial crisis and quickly look for a loan to overcome it. Repaying the availed loan amount in a single lump sum doesn’t look feasible as your repay power is quite low, and you need some time to stabilise your financial health.

In such a grim situation, the instalment loans in the UK give you an opportunity to repay the debt in easy monthly instalments over a period of time i.e. 3 to 24 months. Such loans are easy to avail and come with no hidden charges.

What are Instalment Loans?

 

An instalment loan is a loan, where you have the freedom to pay the debt in periodic instalments or EMIs throughout the tenure. A periodic instalment consists of both principal plus interest. 

Looking for a quick EMI loan in the UK? No need to worry! There are various online lenders in the UK who offer hassle-free instalment loans at affordable interest rates. So, you don’t have to go anywhere to get the required money. And there is no paperwork at all. You just need to fill a simple online form and submit it. That’s it!

Types of Instalment Loans

There are various types of installment loans depending upon your requirements:

•    Mortgage Loans
•    Unsecured Loans
•    Personal Loans
•    Short-Term Loans
•    Long-Term Loans
•    Car Loans
•    Student Loans
•    Loans for Unemployed
•    Secured Loans

Why Instalment Loans are better than Payday Loans?

 

An installment loan can be availed for a longer time as compared to a payday loan. With a payday loan, you can borrow a small amount from the lender, but there is no cap on the availed amount in the instalment loans. Usually, lenders charge a very high-interest rate on payday loans, but instalment loans are cheaper.

Online Instalment Loans in the UK – Instant Approval, No Guarantor

 

Looking for a guarantor to avail a short-term EMI loan in the UK? Feel relaxed! There is no need to submit any kind of guarantors or collateral for availing EMI loans from the online lenders in the UK. They give instant approvals on the instalment loans with no guarantor required and no extra fee charged.

Instalment Loans are Bad Credit Friendly

 

 

Most of the people in the UK are facing bad credit issues. At some point of life, all of them need quick money for overcoming their financial emergencies. For the sake of helping them, the online lenders in the UK offer guaranteed instalment loans for the bad credit people.

They don’t charge any extra fee for approving loans for bad credit with no guarantor. In sum, there are equal financial opportunities available for the bad credit customers and good credit customers.

Freedom from the Credit Check Step!

 

It is really frustrating when you urgently need funds and the lender asks you to submit the credit report. Moreover, many borrowers hesitate to submit the credit reports as their credit scores are not good enough to avail a loan.

But, the top online lenders in the UK never ask you to undergo credit screening. They take the lending risks and quickly approve your loan applications no matter what is your credit score.

Who can apply for an Instalment Loan in the UK?

Any resident of the UK can apply for an installment loan provided he or she is 18-75 years old. He or she should have an active bank account. These are the basic eligibility criteria required by most of the online lenders. For knowing more about the additional criteria, please check the website of your lender.

How to Apply for an Instalment Loan in the UK?

Applying for an online installment loan in the UK is very simple. Search for the best lenders in the UK and check their offered loan deals. Choose the best loan deal and apply for the same on the lender’s website. You need to fill very basic information. Just click the submit button and happily wait for the instant loan amount.

In most of the cases, the credible lenders in the UK approve the online loan applications on the same day of submission and credit the amount within 3 working days.

Things to Check before Applying for an Instalment Loan

Nowadays, availing a loan is very easy due to the Internet technology, but paying off the loan is still tough due to the low repayment power. Let’s have a look at things you should check before applying for an instalment loan:

1.    Analyse your Requirement 

Check the actual amount that you urgently need. A few extra pounds can add more pressure on your head. So, never apply for the loan amount more than your requirement.

2.    Check your Credit Score

A good credit score can help you to get a cheaper interest rate deal. Keep your latest credit rating statement ready with you.

3.    Plan your Budget

You need to plan your budget smartly so that your loan money doesn’t get consumed in unnecessary expenses.

4.    The Required Tenure

You can’t think of clearing the debt within 3 months as you are already under financial mess and it would take time to recover. Always choose tenure that is convenient.  Choosing a very long tenure may increase the debt burden due to the total interest paid.

5.    How much you can Repay Monthly

Never choose an EMI amount that you can’t afford on a monthly basis. Always, check your budget and source of income before agreeing on the monthly EMI amount.

How to Select the Best Instalment Loan Online?

 

You should choose an instalment loan which can be availed quickly, has a lower interest rate, no upfront fee, no pre-payment charge, and can be repaid in a flexible schedule. Let’s have a look at some important tips to get the best loan:

1.    Compare the loan deals smartly
2.    Select only the popular lenders
3.    Check the track record of the lending company
4.    Try to choose a direct lender or a reliable broker
5.    Smartly calculate APR and monthly interest rate
6.    Check the feedback of the previous customers
7.    Analyse the loan representative example given on the site
8.    Read and understand the terms & conditions
9.    Check if the chosen lender’s customer team is 24/7 available
10.    Ensure there are no hidden charges

Once the loan is availed, try to focus on making a realistic budget on a monthly basis, so that you don’t face the same financial crisis in the future. Create a contingency fund for tackling unplanned expenses. Do proper savings and plan your retirement today.

What are you waiting for? Apply for an instalment loan now!