Get Added Flexibility with Instalment Loans
Instalment loans ranging from £100 to £250,000 offer a simple and flexible way to borrow money. With the opportunity to spread repayments over several months and years, you can pay back in monthly instalments to make life easier – and you always have the option to repay early if you need to.
Lending Expert is delighted to be working with the entire UK market of instalment loan providers, helping you find the right product for you based on your loan amount and credit history. With the option to repay over 1 to 30 years in instalments, we can find the best option for you.
Start by using our comparison table to compare rates, loan amounts and product details – and simply click on ‘check my eligibility’ to be taken directly to the lender’s website where you can apply.
Key Features
- Borrow £100 to £250,000
- Repay over 1 to 30 years
- Repay in monthly instalments
- Unsecured, personal, guarantor and secured loan options available
- Rates from 3.1% APR
- Same day funding available
- All credit histories considered
- Early repayment available
How Do Instalment Loans Work?
Instalment loans allow you to borrow money for personal, lifestyle or business purposes and then repay the loan and interest in monthly instalments.
With most customers selecting the last working day of the month to make their repayments, the agreed repayment amount simply comes out of your bank account on this date for the duration of the loan (lasting 1 to 30 years).
Instalment loans are flexible because you can receive a large sum of money upfront and then repay in small repayments, helping you stay on top of cash flow.
The longer you wish to borrow money for, the more expensive it will be since the interest accumulates over time. However, in most cases, you have the option to repay your loan off early or make overpayments to bring the overall cost down. There may be fees for early repayment, so always check this with your instalment loans direct lender.
What Are The Benefits of Instalment Loans?
Spread repayment – Instalment loans offer important flexibility to help you spread your repayment over a longer period of time. Whether you need money for an emergency, home improvements or to consolidate your debt, it can be helpful to receive the money you require in one lump sum, but with the breathing space to repay in affordable chunks over several months or years.
Stay on top of your cash flow – With certain types of short term loans, such as payday and bridging loans, there can be pressure to pay back the loan very quickly (in under 24 months). But with instalment loans, you have the option to extend them for much longer (up to 30 years) and this can help you keep your finances in order and relieve any financial pressures.
Early repayment – If you find that you are in a position to repay the full amount early, you can typically do so – and you should be able to save money on the overall interest that has been charged.
Are Instalment Loans Right for Me?
Instalment loans can certainly be right for you, depending on your requirements. Some people need money fast and want to pay them back as quickly as possible (e.g payday loans). However, some consumers benefit from having a loan where they can spread the repayment over time.
You can also borrow large amounts through instalment finance, with up to £25,000 for unsecured loans or as much as £250,000 if secured against your property or vehicle (or higher).
Before you apply for an instalment loan, it is always important to consider how long you need money for and how you plan to repay your loan. Will you be paying off the loan from your income from work? Savings? Or will you need to add another loan on top? Having a clear plan to repay your loan will be very useful to avoid financial difficulty down the line.
What is the Criteria?
- 18 or over
- UK resident
- Employed and able to cover monthly repayments
- Valid UK bank account, email address and contact number
- Good or average credit score (unsecured loans)
- Adverse credit considered (secured loans)
- Will need collateral i.e property or car (secured loans)
- No recent bankruptcy
How Do Repayments Work for Instalment Loans?
The repayments for instalment loans are typically equal monthly instalments, making it very simple to know how much you owe each month and this is typically collected automatically from your bank account or debit account.
Your loan repayment will be made up of a combination of capital and interest and depending on the loan product, the instalments may not be exactly equal, so it is always important to check this with your lender.
Representative Example: Borrow £400 for 6 months. Total repayment £734.23 in 6 monthly payments of £122.37. Representative APR 855.85%
Can I Get an Instalment Loan with Bad Credit?
Yes, there are several loan options available for people with bad credit. You may be eligible for an unsecured, personal or payday loan with bad credit, provided that you have a stable income, employment and can afford monthly repayments.
If you have very poor credit or a recent CCJ, you may need to use some form of security or collateral to be eligible. This could involve using your car or property as security to borrow money – but this could be at risk of repossession if you do not keep up with payments. See secured loans for more information.
How to Apply for Instalment Loans with Lending Expert
To apply for direct instalment loans with Lending Expert, use our comparison table provided to give you a full market overview and select the lender that best suits your needs. With products ranging from unsecured, secured and guarantor, you are sure to find the right loan for you.
Simply click on ‘check my eligibility’ to be taken directly to the lender’s website where you can apply in less than 5 minutes and usually get an immediate decision.
Unsecured loans can usually be approved and funded within 24 to 48 hours, with secured loans taking up to 2 weeks to confirm your details and verify your assets.
At Lending Expert, we are proud to be one of the UK’s leading price comparison sites for loan products. We do not charge any fees for using our service and applying with us or our panel of direct lenders will not impact your credit. For any further questions, please visit our FAQs or contact us directly by email.
