If you need to borrow some money, you may be wondering where to turn. Money Pug can help you make sure that you are borrowing within your means, making the very best decisions about your finances, and getting the very best deal you possibly can for your credit rating, income and situation. If you are considering an installment loan, Money Pug can help. Whether you need the cash for an emergency situation, or simply want to borrow to get something you would like, you an find all the financial solutions available to you, all in one place.
What is an instalment loan?
An instalment loan is any type of loan with more than one repayment. These loans allow you to borrow a certain sum and to repay it over a given period of time. Short term personal loans, mortgages, secured loans, loans for holidays, debt consolidation loans, guarantor loans and business loans may all fall into this category. Any loan that you pay back over time, with more than one payment, is an instalment loan.
Instalment loans offer:
Short or long term lending
Flexible pay back periods.
Variable interest rates (depending on your circumstances and the provider).
Why Choose an Instalment Loan?
Depending on the type of loan, an instalment loan can be paid back in anything from a few months to 30-40 years. Providers often allow borrowers to tailor the amount they pay each month and the payback period, providing a certain flexibility that can make it easier to borrow responsibly and make sure repayments can be made within your budget.
Some instalment loans allow you to make payments weekly, fortnightly or on a four weekly basis rather than on the same date each calendar month. This means that you can tailor a payment plan to a degree to suit when your salary or other income goes into your account. This too can make budgeting easier.
What Interest Rate Should I Expect to Get on an Instalment Loan?
When comparing instalment loans with Money Pug, it is important to remember that you may not get the advertised interest rate. The interest rate you get on an instalment loan will depend on
Your credit worthiness (you can check your credit files online for free).
Your personal circumstances, including your income/ salary.
The type of loan you require.
How long you wish to take to repay that loan.
Is an Instalment Loan Right for Me?
An instalment loan is not the only financial product that you may be able to consider. If you need to borrow cash, you could also look into borrowing from friends or family, taking out a 0% credit card, or using a free overdraft. In certain circumstances, however, an instalment loan will be the right solution. Just remember that it is important not to apply for such loans if you feel that it is likely that you will be rejected, as rejections on your credit file can make it harder to get credit in future. Always borrow responsibly and try to make sure that you are confident that you can make the repayments, and will be able to continue to do so.
Instalment Loans FAQs
Instalment Loans FAQs
Payday loans are designed to give you cash quickly in an emergency. You could be able to borrow between £50 and £2,500 and pay it off over several months or in one lump sum, depending on your choices and the length of the loan. Lenders design the loan terms to be short, but most will let you extend your repayment date by an extra month, which will give you more time to pay it back but will, of course, increase the interest that you will have to pay.
Who do we include in MoneyPugs Payday Loans comparison?
We include every UK Payday Loan you get in the UK from our panel of providers. . They are all either directly regulated by the Financial Conduct Authority. or providers that are partnered with a company regulated by the FCA.