What are Installment Loans for Bad Credit?
Installment loans are a type of lending that you pay off in regular installments over time, typically several months to a few years. They differ from payday loans, which generally must be paid back in full until the next payday.
What makes installment loans different from other types is that they have a fixed interest rate and monthly payment amount. You know what you're paying right off the bat and never have to worry about it changing down the line.
Am I Eligible for an Installment Loans in the UK?
To be eligible for an installment loan in the UK, you must meet the following criteria:
- Be a legal resident of the UK.
- Be at least 18 years old.
- Have proof of employment or a steady income.
- Have a valid email address and phone number.
Where Can I Find the Best Installment Loan from Direct Lenders Only?
1. Direct Lender Only
Direct lenders are companies that issue you a loan directly. When you take out an installment loan from a direct lender, you work directly with the lender without the involvement of any other type of middleman.
To apply for an installment loan, you simply fill out a form online. Wait for a decision from the direct lender that works with your application. If you get approved, you can expect your money to be deposited into your bank account within 24 hours.
2. Professional Online Broker
The common practice to find the right installment loan is to shop around and see what's available, which will certainly take you much effort. Fortunately, an experienced broker will do this for you.
As a broker specializing in the loan business, UKBadCreditLoans brings together multiple direct lenders in one place so that you can compare their rates and terms on the same screen, enabling you to pick out the one that suits you best.
|How much can I apply for?||£100 to £5,000||Zero-obligation quote|
|Length of the repayment||1-36 months||Quick payout|
|Interest rates (variable)||49.7%||Zero paperwork|
|Can I apply with poor credit standing?||Yes||Bad/low credit considered|
|Do I have to pay a lump sum?||No||Flexible repayment|
|When am I allowed to apply?||24/7||2-min simple application|
How Does UKBadCreditLoans Help Me with an Installment Loan Online?
Getting a loan online is much easier than visiting each lender in person and standing in queues. We make it easy for you to get your loan approved in as fast as 15 minutes.
1. Tell Some Basic Details
The first step is to tell us some basic details about yourself, your current employment status, and your credit history. This only takes seconds. We will connect you with the best match lender based on the information provided.
2. Wait for Decision in Minutes
You don't have to wait long for a decision. Many customers hear back from the lenders within minutes of submitting their applications. Depending on the time of day, some applicants may have to wait until the next business day for a response.
3. Receive the Money You Need
Once your application has been approved, most lenders will transfer money into your bank account as soon as the next business day! Some may even be able to get the funds to you within 24 hours.
Looking to Borrow Money Easily?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Do I Need a Guarantor for My Loan Application?
No Need! As long as you have good enough credit, income, and stability to meet the lender's criteria. There's no reason why you shouldn't be able to apply for personal loans on your own.
Can I Get My Loan with No Credit Check?
Unfortunatly no. The law requires all lenders to do a credit check before they provide you with any type of money loan.
More Questions? We've Got You Covered
What Can Installment Loans Be Used for?
Installment loans can be used for just about anything. From buying a new car to paying for college to covering home repairs, these loans are for anyone who needs money fast. As long as you meet the requirements, there's no limit on what you can use the funds for.
Will an Installment Loan Negatively Affect My Credit Score?
No, an installment loan will not harm your credit score. In fact, if you make your payments on time, the opposite is true: An installment loan can boost your credit score. What's more, you can borrow money without jumping through hoops or going through lengthy credit decisions.
Will You Charge Higher for My Bad Credit?
As a broker, we do not charge for our service. However, our lenders may charge higher to reduce the risk of lending money to those with poor credit history. Besides, your lenders will judge you on your current financial situation. The interest rate charged by lenders will depend on their own policies and terms.
What Happens If I Fall Behind on My Installment Loan Payments?
If you can't make a payment on your installment loan or think you're going to miss a payment, talk to your lender. Your lender is willing to work with you. You'll want to ask about any fees involved in changing the terms of your loan. And what the consequences of missing a payment are.