Borrow up to £2,500 with instalment loans repaid over 3 to 24 months

Instalment loans allow you to borrow £100 to £2,500 and spread repayment over 3,6 or 24 months. The added flexibility gives you breathing space to repay your loan over a longer period of time and avoid any financial stress. 

An added benefit is that if you find that you are in a position to repay your loan early, you can do so, and you will typically save money on the overall interest charged.

allthelenders is a free price comparison site and compares over 50 lenders in the UK. Our smart search calculator allows you to choose the best instalment loans and the amount that you wish to borrow. We will show you a list of results with the lenders best suited to your requirements and you can simply click on the lender of your choice and apply directly on their website.

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How Do Instalment Loans Work?

With traditional payday loan lenders online, customers would typically borrow money and then have to make a full repayment of the loan and interest at the end of the month. This would put a lot of borrowers under financial pressure and not always leave them better off.

instalment-loans

With instalments loans online, customers are able to extend their loan over a longer period of time and plan their finances more effectively. Having the opportunity to repay your loan over 3 or 6 months can help you pay off any outstanding bills or emergencies such as broken boilers and car repairs – and repay your emergency cash loan when you are back on your feet.

Instalment loan lenders will provide your loan upfront in one lump sum and you will be required to make repayments each month in equal monthly instalments. This means that you can budget accordingly and you will know exactly how much money to have available in your account each month to be collected.

There is no need to make manual repayments through BACS, phone up or go to the bank. All payments are collected automatically using something called continuous payment authority, which is similar to a direct debit, and allows lenders to carry out recurring payments.

Repayment example:

Representative Example: APR 1270% if borrowing £400 for 4 months. Interest: £265.48. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.

Apply for Instalment Loans with allthelenders

allthelenders offer a simple way to apply for instalment loans from direct lenders. Simply click on ‘compare now’ and you will be taken to our calculator where you can start your search and find the best loan rates and results for you.

We do not take down any details or charge any fees, so you can be rest assured that you are applying directly with the instalment lender of your choice and there is no guarantor required. You will not receive any unsolicited emails, phone calls and your details will be safe and secure with company that is FCA authorised.

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Am I Eligible for Instalment Loans?

The typical criteria for instalment loans is:

  • Over 18 years of age
  • UK resident
  • Valid email and mobile phone
  • Employed (full-time or part-time) and earning at least £500 per month
  • No recent CCJs, bankruptcy or IVA
  • Able to afford monthly repayments

The average application takes around 5 minutes to be complete and you will be required to fill in details including name, age, place of residence, income, employment status, expenses and bank details so the lender knows where to send the money.

Upon completing your loan application, you will usually receive an instant decision on the screen letting you know if you have been successful or not. If approved, you will need to sign a loan agreement online which just takes a few moments and the lender will run a series of credit and affordability checks. This ensures that you can afford to repay your loan and in some cases, the lender may request proof of a recent payslip or bank statement.

If successful, your loan can be funded into your bank account in one lump within 1 hour or less.

What Happens if I Cannot Repay?

In the event that you are unable to repay your loan on time, you may be charged added interest and a default fee of up to £15 – making your loan more expensive overall. If you have missed payment by one or two days due to having new bank details or a failed payment, the lender will not usually charge you anything extra for this.

However, if you are struggling to keep up with your payments, it is important to notify your lender as soon as possible. The lenders featured on allthelenders will be following strict rules by the FCA and required to follow responsible lending practices. Therefore, if you give the lender notice, they should be able to offer you more flexible repayment plans, payment holidays or freeze interest to reduce your overall charges.

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