Instalment Loans – Are they a good option?
An instalment loan is a short-term loan that is paid back in multiple repayments, rather than in one lump sum. Instalment loans have become very popular with customers who want to spread the cost of a loan, giving them greater flexibility in how much they could borrow without becoming overstretched. Upwards offers repayment terms of 3 to 36 months depending on the amount you wish to borrow. If you have been declined by your bank or have bad credit, we may still be able to help.
Many instalment lenders specialise in providing loans to those who have been declined elsewhere or have a poor credit rating. At Upwards we work with a large panel of direct lenders who specialise in providing instalment loans for bad credit. By completing one quick application, we can find you the best deal and get you an instant decision. Once you are approved the money can be in your account within 15 minutes*
When you take out a payday loan you are usually committing to repay the loan in full on your next payday. This can be quite a challenge as not only do you have to repay the amount that you have borrowed, but also any fees and interest. This can leave the person borrowing the money in quite a difficult position the following month. This can lead to the borrower having to take out another payday loan the following month, beginning a spiral that can be difficult to get out of. Instalment loans, however, enable the borrower to spread the repayments over multiple months. These short-term loans offer a great deal of flexibility and do not leave the borrower in a difficult position, as long as they can afford the monthly repayments.
The approximate interest for borrowing £100
Upwards is a registered trading name of Upward Finance Limited which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender. Rates between 9.3% APR and 1294% APR – your no obligation quote and APR will be based on your personal circumstances – we compare short-term loans from over 50 lenders to get you the best APR possible for you. Loan term lengths from 3 to 36 months.
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Instalment loans – How much can I borrow?
Our instalment lender panel allows you to apply for loans between £100 and £5,000 over 3 to 36 months. This gives you great flexibility in finding a loan that suits your budget. Whether you need a short-term loan for a sudden emergency and want to pay it back quickly, or you want to buy a new car, we will have the right loan for you. You can even use our Eligibility Checker to find out your chances of being approved. Using soft search technology we can get a decision from our panel of direct lenders instantly and give you the access to the quick loan that you need.
You need to be aged 18 or older, be a UK resident, have a valid bank account with a debit card and be employed with a regular income. Some instalment loan companies will accept customers for a loan even with very bad credit so if you have been turned down by an instalment loan lender elsewhere, we may still be able to help you. As explained previously, all lenders will perform a credit check before accepting you for credit. If you have a bad credit rating, don’t worry, we can search the market for the best online instalment loan for bad credit without damaging your credit file. You only need to make one quick application and we will do the rest. Our panel bad credit lenders are available to help at any time of the day or night.