What is an Instalment Loan?
Instalments loans are kind of loans that have flexible repayment period. One can repay them in manageable monthly instalments. These are easy to manage and reduces debt stress altogether. Because, at Loan Broker, we understand that paying smaller amounts each month towards the repayment of your loan is easier.
These loans can be taken out for a period that ranges between 3 to 84 months. Also, no guarantor is required to avail the loan. You do not have to even take the stress of putting your valuables at stake while applying for a loan with us as we only deal in unsecured loans.
Instalment Loans for Bad Credit Online
We understand that people struggling with poor credit score have limited options when it comes to borrowing money. You can apply for instalment loans with bad credit in just a few minutes with us. The lenders associated with us assess the creditworthiness by conducting a soft credit check that does not impact your credit score.
A credit score is the most important factor when it comes to loans. Generally, a bad credit profile is not appealing to any lender because of the risks involved. However, our lenders understand that a bad credit score may be a result of many factors and hence, they assess your current repayment affordability to approve your loan.
Benefits of Instalment Loans
An online instalment loan offers several benefits a borrower can gain. We have listed below a few major benefits of this loan:
1. Predictable Monthly Repayments
The interest rate is steady throughout the loan span. Stable interest rates are appealing, as you need not worry about a variable interest rate that may result in substantially higher repayment every month. You will know how much you have to pay every month beforehand.
2. Fast Application Process
The application process for an instalment loan is quite easy and fast. All you have to do is fill in our application form online with all the necessary details and the lenders on our panel will verify the details provided. The decision is instant and it will be displayed on the screen within minutes of applying.
The loan amount received can be used for a variety of purposes such as financing a wedding, consolidating existing debts, funding a vacation, replacing the boiler or even to add an extension to your loft.
4. No Collateral and Guarantor
Finding a guarantor who will willingly take your financial liability is quite difficult. And also, we understand how it feels to put your property at stake while borrowing money. If you apply for an instalment loan with us, you do not have to worry about any collateral or about arranging a co-signor.
Debt Consolidation Loans
A debt consolidation loan is a personal loan that helps you to merge all your existing debts into one. That means instead of paying for several debts, you will need to make only one repayment.
Sometimes it can be hard to obtain a loan when you have a poor credit history to contend with. Lenders may see you as unreliable and not want to provide you with that much-needed cash
Loans for Small Businesses (SME)
When you are looking for a small business loan, it is usually to help you as a company. You might be operating as a self-employed worker with or without a limited company set up, or
FAQs on Online Instalment Loans
You can apply for instalment loans online by filling up our application form with necessary details. It will take a few minutes for you to complete the form and click on the submit button. Do I need to be employed in applying for a loan with you?
Yes. We offer unsecured loans that mean no collateral or guarantor is involved in the borrowing process. And hence, the lender takes risk while lending you money. So, to ensure that the lender gets back the amount he has lent you, you must have a regular and steady source of income.
No. We do not charge any fees if you are applying for an instalment loan with us – as we do not charge any upfront fees to our borrowers.
If your loan application is approved by the lender, the loan amount will be transferred to your bank account by the lender. It generally takes up to a few minutes, however, the exact time frame varies from lender to lender and it also depends on your bank.
Just because you got denied for your loan application in the past, doesn’t mean you can’t get a loan. Eligibility criteria vary from one lender to another. You can apply with us, our lenders will assess your creditworthiness and make their decision.
The primary consequence of not repaying any loan is you will end up hurting your credit score severely. Secondary consequence depends upon the lender and the loan agreement. The lender’s collection department may follow up with you to know the status of repayment.
Apply for Instalment Loans Today – With Loan Broker
Loan Broker is not a lender and we do not lend money directly to the borrowers. We are a credit broker – registered by the Financial Conduct Authority (FCA). We offer a wide range of personal loans across the major cities of the UK. We give emphasis on finding the right lender according to your financial requirements. Apply for an online instalment loans with Loan Broker to sail through the troubled times by gaining quick and easy access to the necessary funds.
We do not charge any upfront fees or application processing fee to our borrowers. Our only mission is to help people who need money instantly to resolve their financial issues. That is why we have designed a simple application form that is not time-consuming.
Always make the repayments in full and on time to protect your credit score from any damage. Late repayments or non-repayments of loan can cause serious damage to your credit score – restricting your borrowing ability in the future.