What are instalment loans?
The Instalment loans in the UK are short-term funding options for varied purposes, repaid weekly or monthly installments. The amount of these installments is always fixed, which helps the borrower plan their repayments well. These loans are the instant sources of funds. Whatever the purpose is, from an individual to a business owner, anyone can use these short-term loans. The minimum amount you can avail is £1000, and the maximum depends on your eligibility.
Why these loans are popular?
Find your mental piece with EasyAdvanceLoan, as we process loans faster than you imagine. We stream funds to your account in an hour. All the loan formalities, which are not many, happen online. You need to look for online instalment loans and we will ensure timely fund deposits. We have a widespread reach, and you can get money regardless of location. Whether it is your daily commute or the comfortable couch of your home, you can borrow funds anywhere.
Factors that affect loan eligibility
- Monthly income
- Credit score
- Work experience
- Lender relations
- Current liabilities
Nothing can hold you back once our team of experts assists you in the loan process. Yes, the application process is as simple as three steps of a cakewalk. First, apply online; second, wait for the instant decision; third, money reaches your account. It is why such loan options are called last-minute saviours. A mobile device is sufficient to apply for the funds. Personal instalment loans are as handy as your mobile. Call us now, and we can start processing your funds.
What can I use instalment loans for?
Loans that are paid through installments are significant for many purposes. They can serve your short-term and long-term purposes. Quick funding and instant approval make these unsecured loans even more versatile. Let us see how this loan choice can prove significant to you.
Short-term financial needs - Financial crisis always finds its roots in urgent, short-term and unpredictable financial requirements. An individual dealing with some medical emergency can rely on this option. At the same time, a business requiring working capital may need this. Borrowing funds through instant loan options fulfills your temporary but important needs. After all, life is more about little things that shape the bigger ones.
Support for long-term financial purposes – There is no doubt that instalment loans in the UK are known for providing immediate financial help. But you know what, even this immediately helps stabilise finances for the long term. Suppose you would like to purchase a house and don’t have sufficient funds for a deposit advance. A mortgage is not available on 100% property value. These loans can provide last-minute funds for property deposits in such a situation.
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Multiple boundless purposes - When you have no restriction on how you use it, you actually use it well. Whether you want to buy a new car and need some funds to deposit or want to spend for a wedding, use the money. You will never have to limit your purposes. Being your direct lender, we understand what this freedom may mean for you. So, let’s not wait anymore and apply now for your financial relief.
How much money can I borrow through a loan on instalment?
Technically, you can borrow the amount that you quality for. Yes, the least and the last amount may vary depending on the loan option. Applying for instalment loans from a direct lender gives you a minimum limit of £1000, and the maximum is £10000. You need to work on your financial records, credit history, and repayment capacity, and we are good to go for approval. Never take it as rocket science, as direct lending makes borrowing an easier task these days.
Calculate your eligibility -
A few details on our loan calculator are sufficient to let you know. Know the following benefits of using an installment loan calculator -
- It is always easy to use
- Know about your loan amount
- Know the loan tenure
- Accurate data
We immediately give you the numbers once you provide us with the exact details. You can also calculate without any assistance. Online financial tools are handy and generate results in seconds. It is like knowing your tenure and repayment quickly and applying for a loan instantly to receive funds right after that. Especially in the case of short-term instalment loans, things work faster than you imagine.
How long do you have to repay your instalment loan?
The loan tenure can span from 3 months to 3 years. However, the repayment mode varies for any tenure. You can get weekly instalment loans as well as monthly repayment loans. But as we always mention, it depends on your financial circumstances, whether it is the interest rate, loan amount or tenure. At Easyadvanceloan, we make sure to study your repayment capacity thoroughly. We want to find your possibilities to approve the maximum amount you need.
Besides the maximum tenure of three years, early repayment is also possible. The faster you pay off funds, the lower the overall cost. Most borrowers try to pay off early in case of instalment payday loans. Also, in case of a poor credit score, early loan payoff impacts your credit rating. Besides all these facts, we want to ensure you get the best deal. We offer you the best deal through a personalised approach.
We can always discuss your concerns and expectations on tenure. Sometimes, borrowers want a smaller tenure despite being eligible for a longer tenure. They want to pay off faster and eliminate an obligation immediately. On the other hand, if you need a longer tenure, we can work on that. Let us connect now and discuss your money requirements. A few minutes after that, find us processing your loan.
What are the advantages and disadvantages of instalment loans?
Everything has pros and cons, and small repayments loans are no exceptions. As an honest online lender, we practice transparency and promote the significance of financial literacy. Don’t you think you should know about a financial product before you obtain it? In totality, short-term funding is always beneficial. There are only certain aspects that you should know about. Let us not call it disadvantages, but several eye-opening facts.
| Advantages | Disadvantages |
|---|---|
| Get instant help during a money crisis through instant approval and timely fund disbursal. | In case of delayed or non-payment of instalments your credit score will go down. |
| People with poor credit can use them as debt consolidation loans to improve their credit rating. | These can be used to serve short-term and immediate money needs only. Not suitable for long-term purposes. |
| Lower interest rates and affordable payments due to customised deals. | Not available as student loans. The minimum age requirement is 18 years. |
| Follow online process completely from anywhere. Money will reach directly into your account. | Borrowers with no citizenship of the UK cannot get funds according to regulations applicable on lenders. |
| No early repayment penalty. Pay off early with a lower total cost and set your fee whenever possible. | You will get the deal depending on your eligibility and not your expectations. It is even more applicable in the case of bumpy finances in the past. |
Where can you apply for an instalment loan with bad credit?
Alternative lending options that give more importance to repayment capacity than credit scores can approve your funds. This alternative is called the direct lenders like us. While practising practical ways, we refrain from applying stringent traditional rules on our borrowers. It is possible to get instalment loans for bad credit by direct lenders only in the UK with flexible repayment plans. From here, flexibility denotes customised interest rates and repayment.
We do not deny the significance of credit rating. Still, we deny rejecting a loan application just because the applicant has a poor credit score. Let us be practical. Even the big financial companies face financial issues and even bankruptcy. Then why cannot a loan applicant? We only have to see if you can repay the funds you will borrow. Your current income and improvement in recent financial behaviour are two important decision-makers.
You just prove your capacity and get eligible for instalment loans for bad credit from direct lenders only with no guarantor benefit. Again, that is us because we have trusted many borrowers who repaid on time despite poor credit. The world needs to understand that low credit is not so bad. Yes, it is a situation that raises concerns, but it is not an exit gate from a happy financial life. Everyone deserves a comeback chance if he has good intentions to act responsibly toward personal finances.
What happens if my instalment loan application is rejected?
Firstly, it is not a reason to panic if your loan gets rejected. Varied lenders have varied lending policies. In case of rejection, you need to work on the cause. For example, if it is due to a poor credit score, you may get a smaller loan amount. In that case, either you need to qualify for bad credit loans. If you fail to prove repayment capacity, you will have to recover your credit rating.
Consider the following points in case of rejection -
- Know the reason for rejection
- Work on the prospects of getting approval next time
- Apply to our website for new possibilities
- Pick a smaller loan amount
Online lending is much more flexible than the traditional lending options. We are confident that we may help you find a possibility. For that, knowing your financial condition is necessary. In case you are struggling with a rejection, let us know. A borrower with intentions to repay funds always finds a way out. You should know that finance companies always look for a borrower, which may be a situational money issue but responsible behaviour.
Why choose Easyadvanceloan for instalment loans?
The choice of lender depends on the discretion of a lender. However, we would love to give you several reasons and explain why other borrowers trust us for instalment loans in the UK. After you accumulate all the convincing factors about us, call us, and we can start working on your money requirements.
Transparent online process - When everything happens online through the online process through identity codes, things are always transparent. During the application process, you can track the status. However, you get funds in a bank account before you know it.
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Data privacy through PCI-DSS - Whatever data you share with us is secured through the Payment Card Industry Data Security Standard. In fact, we can proceed with a loan only once you provide us with a one-time password sent to your mobile number.
Borrow with no guarantor despite bad credit - Yes, poor credit rating is not a crime, just an unfortunate situation. If your financial issues sound circumstantial, we can approve funds based on your intentions and repayment capacity.
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Speed, speed, speed - Exactly, no other adjective can be used in our lending process. It is clearly and simply speedy. After all, what is the use of being a part of alternative lending options? We are faster, more flexible and predictable.