You should praise yourself for surviving these financially challenging times. Unfortunately, things are not in our favour every time. Various circumstances can leave us in a financial fix, wanting additional money to manage a crisis.
Besides your savings, you may need an alternative way to get money during an emergency. Short-term installment loans are usually the first to catch attention during a money crisis.
Small loans with affordable instalments offer you timely support. For example, a sudden medical emergency where you are left with little or no funds in your bank account can leave you in a mess. Forget expensive payday loans, Online installment loans oninstant approval decisionhelp you manage such situations without delay.
Prove your repayment capacity and get funds approved in the blink of an eye. That is how the funds offered by direct loan lenders on installment loans work. You always have support during bad times.
Do you want to get a loan now? If yes, Annuityloans is ready to process your loan application 24x7, 365 days online. Apply now and get approval, receive money and use it for your desired purpose.
Installment loans are short-term unsecured loans designed to provide immediate financial support during emergencies. You need no guarantor and collateral because these have a small loan limit and tenure.
Due to online lending, these are conveniently available if you search for installment loans near me without a guarantor. These no guarantor loans are available through personalised deals. It means you get what you can repay.
Three decisive factors for the loan approval are-
You need to provide your financial and personal details online. The verification for the same is done online only. Once your application receives approval, the funds get transferred to your bank account.
Due to flexible loan policies, you can borrow despite bad credit. However, only direct lenders offer a high approval rate if you apply with a less-than-perfect credit score.
Apply for installment loans for bad credit from direct lenders only, and you can borrow within 24 hours with a strong repayment capacity. Your current financial circumstances play a significant role in the approval decision.
Instalment loans are easy to apply for and offer better rates. You may get quick approval, even with bad credit scores. It is an ideal loan for individuals who require a substantial sum immediately but lack sufficient cash. You may receive the amount without having to build up savings. Here are other benefits of instalment loans to consider:
a) Fixed and equal repayments
The best part about these loans is that you always know how much you must pay monthly/weekly according to your loan agreement. Therefore, you can set direct debits and save a fixed amount manually for the payment. However, skipping one may lead to penalties.
b) Flexibility to spread costs
It’s okay if you cannot pay the dues in a single lump sum. Unlike payday loans, you can split the loan costs into small and manageable payments. It helps you meet other basic needs without missing loan instalments.
For example, if you want to buy a car by borrowing £10000 as an instalment loan, your payments may look like this:
| Parameters | Costs |
|---|---|
| Loan amount | £10000 |
| Interest rates | 7.8% |
| Loan term | 5 years |
| Monthly repayment | £195.24 |
| Total repayable | £11714 |
c) Helps one build a credit score
Taking an instalment loan for a long term may improve your credit score. It requires you to make timely repayments. Doing so repairs your credit history and reveals reliability in loan management. This good impression boosts the credit score. You can take the following measures:
Instalment loans and payday loans may seem similar, but they differ in functionality. Precisely, in instalment loans, you pay the loan in equal monthly repayments. It allows you to budget for hassle-free. Here is the detailed difference between the two:
| Parameters | Installment loans | Payday loans |
|---|---|---|
| Purpose | It is usually ideal for short-term and long-term life goals | One can use payday loans in emergencies or to address a small need before the next payday. |
| Loan size | You can borrow up to £10000 for your needs | The payout size says £1500 on payday loans |
| Term length | The loan may last from 12 months to 10 years | You generally need to repay the dues by the next salary date. If you are struggling financially, you can repay the dues in 12 months |
| Interest rates | Instalment loans allow you to spread the payments in monthly instalments. You pay less monthly, and hence it reduces the total interest costs you pay | Payday loans are short-term loans with competitive interest rates and high monthly payments. |
| Use case | You can use the instalment loan for buying a car, renovating a home, purchasing furniture, or financing a child's education | You can use a payday loan to fix the pipe urgently, pay essential bills, or refuel the car. |
Installment loans for bad credit work like any general personal loans. The installment of the loan is also affordable due to personalisation. However, you must work harder to prove repayment capacity due to a low credit rating. You are a risky borrower for a lender with a poor score.
The good thing is that you can borrow easily through direct lenders for bad credit installment loans. Unlike traditional ways of borrowing, you have higher chances of loan approval. Thanks to liberal lending policies that let you borrow stress-free for a money crisis.
Things to know before you apply for bad credit installment loans -
Before you get in doubt, let us tell you there is nothing like monthly installment loans with no credit check from direct lendersin the UK. This is because a credit check is a compulsory process.
No lender is allowed to process a loan application without fully knowing the credit purchase power of a fund seeker. The more you work on it, the easier you can get funds.
Once you get the funds you desire, you can use them to accomplish your financial ends. For instance, you can manage financial emergencies or to make a big purchase. However, it is better to use these loans as debt consolidation loans. Merge all your pending debts into one loan and manage one interest rate from your monthly income.
Next time when you apply for installment loans for bad credit in the UK, make sure you have no fear of rejection. Direct lending is known for its liberal approach. As a part of this industry, we commit to practical and transparent loan solutions.
NOTE -IN BAD CREDIT, IT IS VITAL TO SHOW IMPROVED FINANCIAL BEHAVIOUR IF YOU WANT APPROVAL.
WHY ARE INSTALLMENT LOANS SO POPULAR IN THE UK?
Myths have always been a distraction, obstructing in making the right financial decisions. Read some widespread myths about instalment loans from direct lenders. Avoid them when you plan to apply for money chaos.
Looking for a flexible installment loan? Connect with us
At Anuuityloans, we make sure that you receive what you deserve. Through individualised deals, you always get an affordable loan offer. With instant decision and higher approval rate, you can end your search here for loans with installment in the UK from a lender. We want you to stay stress-free, whether borrowing 1000 or 4000 pounds, during a money mess.
Therefore, we have a 24x7 loan processing system with alert customer care service. Get to know through your own realistic experience.