Representative example of the total cost of the loan, including all applicable fees – Typical loan size of £25,000 over 120 months = £275.82 pm, 4.35% Variable APR – 6% (including £1800 in interest) total repayable £33,098
Maximum Annual Percentage Rate (APR) – approx. 24% (lender starting rate 18%) – Typical Apr will be around 8%
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Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable
It is our ultimate goal to make your lending experience as easy as possible.
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Competitive Examples From Other Companies
Representative Example: Amount of credit: £300.00. Term: 91 days. Interest: £155.35. 3 monthly payments of £152.63.
Total Repayable: £455.35. Interest Rate: 292% pa (fixed) Representative APR: 1264%.
Installment Loan: Important Facts To Remember
Are you planning to buy a new car but your income is not enough to pay it in full? Or are you eyeing on a new home for your family? Buying a new property is not easy unless you’re keeping a hefty amount of cash in your bank. Luckily, there are installment loans available, allowing borrowers to have the cash they need without taking out huge cash. The loan offers an amount ranging from £100 up to £10,000, depending on the lender’s terms and the borrower’s capacity. It is payable within a year or up to 20 years, usually on a monthly basis. Here’s what you need to know about the loan:
How Do Installment Loan work?
As the name suggests, the loan is settled in ongoing fixed regular installments. Almost every borrower can rely on this alternative, even those who have a bad credit history or have no credit history at all. However, a better deal is offered to those who have a clean credit report. Therefore, if you’ve committed financial mistakes such as late payments, arrears, defaults, and the like, get ready to face exorbitant rates and lower loan amount.
Every installment provider’s terms and conditions vary, but basically, it looks like this:
- Loan Repayment Terms
Installment loan are usually settled in as short as 6 months or up to 20 years.
- Payment Method
Lenders have different payment options for their borrowers: a debit from a bank account or by a postdated check. The company can deduct the monthly repayment from your bank account, so there’s no need to visit a loan office. Otherwise, you may hand them a postdated check containing the company’s name and the total loan amount.
- Repayment Frequency
The frequency of the repayment varies; it depends on the agreed due date that you and the loan provider have talked about.
The Cost Of Installment Loan
Most loan providers only consider the loan’s interest rate when getting a loan, however, there are other costs associated with the debt. Therefore, prior to signing up the loan contract, read the terms and conditions to find out all the other charges. Below are the costs that may apply:
- Annual Percentage Rate (APR)
This refers to the yearly percentage applied to the loan, including all the fees and interest rate.
Apart from the interest, some installment loan providers may ask for a loan origination or upfront fee. This may also refer to the fee charged for early or late repayments.
This is the fee charged for their service and other costs. It is usually expressed in percentage.
These are just some of the things you need to consider when getting a loan, but aside from that, you also need to know if you’re qualified to get a loan or not. Banks and traditional lending facilities usually have complicated loan prerequisites, and this is why many borrowers are turning to private lenders online.
Installment loans acquired over the Internet look for basic criteria such as the income, credit history, employment, and bank account. These factors determine your creditworthiness, thus it’s important to check if you can provide the requirements to avoid rejection. If you have a bad credit rating and you’re worried about your credit report, there are lenders who may accept your request; however, you have to shop and compare different companies first to guarantee a better ate.
You can start by completing an online loan application form, giving personal and financial details such as your identification, income, employment details, and bank account information.
Choosing the right installment loan provider is also important. With hundreds of lenders online, choosing one can be an overwhelming task but once you learned the difference between a reputable lender and a scammer, it will be a lot easier.
Below are some of the points you should consider in regards to installment loan:
Transparency is important, especially if involves money? Therefore, it’s crucial to find a lender who is willing to disclose rates, charges, and other policies involved in the contract. Some lenders intentionally apply hidden charges and this should be a red flag.
– Good Customer Service
Problems happen all the times and the first thing you want is to address it immediately. Thus, find an installment loans provider who can address your concern in a friendly, professional manner. It’s also beneficial to deal with a company that is available 24/7 so you can still send an application even after office hours.
– Low-Interest Rate
To save yourself from exorbitant rates, find a lender that offers a lower interest. You can conduct a research on your own to find different lenders; compare their APRs to know which offers the lowest rate.
Go with a lender who’s been in the lending industry for a long time and has been known with a good reputation. There is a plethora of online providers but it’s always best to go with someone who’s been trusted for years.
Even if it’s not your first time to borrow a loan, choosing a lender is quite difficult. If it’s too complicated, you can ask a loan broker’s assistance. These professionals have enough experience and education to perform their job very well. One of their responsibilities is to find a lender who will match your requirements. They have a wide access to different loan providers, thus making the task easier. For example, your income is low and banks cannot provide you a financial support; the loan broker will look for a loan provider who will offer a loan with a lower interest rate so you can settle the debt easily.
Loan brokers are beneficial especially to those who have never borrower installment loans before, however, they are costly. So to avoid paying for commission fees, find someone who offers a free service. These brokers will still earn but instead of getting the commission directly from you, they will obtain it from the lender.
Meanwhile, if you don’t want to work with a middle person, you can look for a loan comparison website instead. This platform offers a number of lenders, showing all the gathered details such as the rate, policies, and repayment terms. The only thing you need to do is read and compare.
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The best and more serious loan company, Moneysupermarket without a doubt! Fantastic customer services and great communication , lots of good advice in how to manage your loan and very reasonable rates in accordance to your possibilities. Perfect for that extra pending project without making a big dent to your monthly income. Highly recommended!
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This has proven to be an excellent service. Quick, efficient and trusting.I would definitely recommend Giffgaff loans to friends and family in the future.
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