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What 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?
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.