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What is an installment loan?

They are installment personal loans which you do not have to pay back at once. Scheduled repayments have to happen over time. Loan payments meant for each month are part of the borrowed amount.

This also includes the rate of interest fixed according to the loan amount. Here, you will receive a lump sum that 24cashfinances will approve after conducting affordability checks. This means when you get installment loans from direct lenders like us, credit scores should not be a problem.

Obtaining any amount ranging from £1000 to £10000 is a cakewalk once you confirm your eligibility. Depending on the amount you look forward to borrowing, the repayment term should vary from 3 to 24 months respectively. A simple representation of how the repayment term works for £2000 amount is given below.

Duration Costs Repayments
3 months £ 640 £ 2640
6 months £ 880 £ 2880
12 months £ 1360 £ 3360
20 months £ 2425 £ 9625
24 months £ 4900 £ 14900

This table is given for educational purposes, but the actual offer might differ in certain aspects. You can get an idea from it as you will borrow something close to it. Our motto is to help you make the correct financial decisions with no confusion.

Are installment loans better than payday loans?

Instalment and payday loans resemble the same category of short-term funding solutions. You can have them in different sets of situations. Therefore, depending on what scenario you are facing, one loan can be a better option than the other.

Repayment of a payday loan should be completed within the next payday. Unlike this, instalment loans include loan payments that stretch over an extended duration. Find more about the pointers where these loans can complement or contradict each other.

Payday loans Instalment loans
You can receive a comparatively smaller amount of loans. Receiving a lump sum amount of loan is possible.
They carry higher rates of interest because of their shorter duration. The interest rates are affordable and realistic as the repayment term elongates.
These loans should be repaid in full. You do not need to pay back in full and in one go.
They are riskier to obtain. They come with flexible lending conditions
Repayment is difficult and might result in missed payments. Repayment is going to be hassle-free and relaxing.

Both these loans can cater to any bad credit borrower as they are mainly income-based loan options. Prove that you can pay back smoothly based on your earnings and nothing else.

How is getting instalment loans for bad credit justified?

It is justified as monthly installment loans need no credit check, as direct lenders in the UK allow this. Here, a hard assessment of your credit profile is not mandatory. Our lending concept is different and more realistic.

We base our decisions on practical aspects like affordability. If you can afford weekly, monthly, or fortnightly payments, these loans are a perfect option. Remember to evaluate the advantages and disadvantages to see if your decision is justified or not.

Benefits

You must keep counting how you can take advantage of the different features of these loans. Here they are:

  • Easy repayment - Instalment loans from a direct lender give you relaxation from paying loans back in one go. The loan payments will be portioned out over months to make repayment effortless. You just have to take care of gathering a small amount every month without fail.
  • No complexities - It is about the application procedure, which will go ahead online. No hefty paperwork needs to be completed from your end. The online form needs a few details that you can easily fill out. Besides, the decision comes out speedily and online once you apply successfully.
  • No fuss of a guarantor - Bad credit scores can invite further complications, but not here. This is because you can get installment loans for bad credit from direct lenders only with no guarantor claim. This happens even if your credit scores are not perfect, as your affordability concerns the most.
  • Pocket-friendly rates - As the loan payments break down into small amounts, the cost of interest will not be high. Your monthly payments are going to be more affordable. Skipping payments will be out of the question when you get access to these loans.

Setbacks

  • Getting penalised - You will have to pay penalties if loan payments get delayed. Missing payments will directly result in compounding rates of interest. Thus, the overall cost of the loan will increase, and you will have to bear it until you complete the repayments.
  • Impact on credit scores - When you do not pay back loans on time, it gets reflected on your credit profile. On the flip side, when you repay loans within the specified duration, your scores start improving. Thus, loan payments have an impact on your credit scores.

In what ways are instalment loans with no credit check useful?

These loans can give you good reasons to apply for them. As a responsible loan provider, 24cashfinances will always ask you to validate the purposes ahead of accepting any loan offer. The ideal way to make the most out of instalment loans with bad credit is to stick to fulfilling short-term purposes.

Starting from paying unexpected expenses to meeting funding gaps, these loans cover a wide variety of purposes that could be:

  • Handling financial emergencies
  • Consolidating debt payments instead of paying individually
  • Managing funds to meet travel expenses
  • Paying off the rent for this month
  • Arranging funds for treatment payouts

There will be no restrictions on you regarding the ways you should use these weekly payable instalment loans. Stay away from getting these loans to make pricey purchases. You cannot take out a significant loan amount and should not take out an amount that is out of your budget.

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What entails the working procedure of an instalment loan?

A simplified approach is implemented to work on these loans. It is also like getting an instalment facility with bad credit loans. Irrespective of your credit history, you can get loans that allow easy repayment that spreads over months. Two important aspects sum up the working procedure of these loans.

Are you eligible to apply for these loans?

The first thing to look at is your income. You don't need to earn money from direct employment. Next, your ongoing outlays can give you better control of your financial life. The standard conditions that you must qualify for are:

  • Age should be 18 years or above
  • You must have UK residency
  • Having a valid bank account is crucial
  • You must receive a stable salary
How to proceed with the loan application?

There are no heavy steps involved in the application process. You have to go through a few steps that revolve around understanding your requirements and eligibility. It should begin in the below manner.

  • Select the loan amount
  • Pick the repayment pattern and term
  • Enter details in the online form
  • Undergo soft credit check
  • Receive the final decision at the earliest

Why 24cashfinances and no other direct lender?

Amplify the benefits of installment loans for bad credit with direct lenders only. We are here to help borrowers in the UK navigate financial problems by offering practical funding solutions. We know how relieving it could be when a huge loan debt breaks down into small portions.

We aim to provide this relief to our customers. Credit history is less significant than other factors like affordability. Here are a few things that are exclusive about us.

  • Processing speed: We understand that borrowers need urgent cash and cannot wait for days. For this reason, we provide an installment loan online directly to their checking account. This enables them to collect the money on the go.

  • Reliable lending: We are committed to responsible lending ethics. No random offer just to make money will be intended for you. We design an affordable loan proposal at the best rates. This ensures easy repayment by the borrower.

  • Your privacy: We can guarantee that you will never have to face any data security breach. Your personal details are safe with us. We do not share your confidential details with any third-party sites without seeking permission from you.

  • No additional fees: We work independently, and no brokers are in involved in our working procedure. Thus, there is no question of us paying any brokerage or establishment fees at the time of applying for these loans.


FAQs

What are some of the tips for managing installment loans?

When you take out any loan, you are bound to take care of their payments. These loans are also not an exception. However, some steps can make this job easier for you.

  • Create a good budget
  • Saving money should be your priority
  • Set reminders to remember the repayment
  • Automate payments to be free from worries
  • Ensure to keep enough money in your account

How much does it cost to get these loans?

Interest rates are the prime element of the loan cost. You can check if rates are according to your expectations or not by taking advantage of pre-approval. You can get a free loan proposal that can show you an estimate of the price. However, the cost might rise in the case of loan defaults and go beyond your financial limitations.

Do I have to pay higher interest rates because of poor credit?

No, here, credit scores are not used as a standard parameter to assess the risk factor. Your credit history is crucial but has no significance when it comes to deciding the interest rates for instalment loans. Repayments are meant to be made affordable by extending the loan term. However, with a longer duration, automatically, the frequency of interest payments increases, and the cost elevates.

Is it possible to top up my existing loan?

Yes, you can go for this option, provided you are eligible. Beware of the remaining balance you have from the previous loan. This is because it will add up to the sum that you aspire to borrow on a new note. The combined amount should be affordable for you as interest rates will add up at the time of repayment.

Are there alternatives to these loans?

There is no point in reaching out for these loans if you are unsure about loan payments. Loans are indeed a responsibility and you have to face consequences on not being able to fulfil it. It would be better for you to consider these ways:

  • Using a credit card
  • Getting financial help from family
  • Starting another source of income