What is an instalment loan?
Instalment loans are the loans that allow you to repay in instalments which can be weekly or monthly depending on your agreement with the lender.
Larger loans like mortgages and car loans are the examples of instalment loans. You can also borrow smaller amounts and repay them in instalments. The tenure of the loan could be a few weeks, a few months or a few years depending on the type of loan that you are opting for. The tenure of the loan can also vary greatly. In case of short term instalment loans it is possible to find 3 month loans, 6 month loans and 12 month loans.
BENEFITS OF INSTALMENT LOANS
The biggest advantage of availing an instalment loan is it reduces the burden of repayment. It gets easier to budget your expenses and successfully pay for the impending monthly or weekly instalment. With added ease, the chances of delay or default in repayment vanish to a great extent.
With the successful repayment of loan, you can build a good history and increase your credit worth at the same time. You can negotiate with the lender and select the instalment structure according to your repayment capability.
Generally long term loans such as home loans attract lower rate of interest while short term instalment loans attract higher rate. When you have bad credit score, it is advisable to opt for fixed short term instalment loans while for long term instalment loans you may opt for variable rate of interest.
Why choose us?
The market is flooded with lenders each vying to get a share of the pie. While most of them are legitimate lenders, there are a few loan sharks and unethical finance companies which are simply out there to fleece the unwary borrowers. At Loan Princess we ensure that you remain free from the clutches of such unscrupulous lenders. We offer loan advice so that you deal only with reliable lenders who follow the mandatory regulations of the FCA (Financial Conduct Authority).
At the same time, we have employed experienced financial experts who will help you take the decision of choosing the loan amount, tenure and instalment according to your loan profile.
Things to Consider
While taking instalment loans online one of the most important things to bear in mind is the total amount that you will end up repaying. You need to make a proper note of the original amount borrowed along with the interest charged. A layman may find this mathematics a bit confusing and challenging. This is where we come into the picture.
Our loan advisers would help you with these calculations and provide credit advice free of cost. With the help of our advisers you will be able to learn how much each instalment will consist of while taking into consideration the tenure, loan amount interest and whether the repayments are weekly or monthly. This will help you create a monthly budget keeping your income against expenditure graph in mind.
Our advisers would also help you to decide the loan amount and the tenure of the loan you should opt for depending on the above mentioned factors. This will ensure that you do not end up in a financial trouble due to additional loan.
What do you do if you have bad credit?
We at Loan Princess understand that a person need not be judged by his or her credit score. Anyone can end up with bad credit score due to no fault of his or her own. A sudden lay-off or a salary cut can make a carefully planned budget go haywire and compel you to miss a few loan instalments or utility bills and lead to a bad credit score. We provide loan advice for unemployed people on benefits.
We believe that it is likely that at the present moment you may or may not have a steady income but you are completely capable of repaying the loan.
We advise you to use services of lenders who do not consider only the credit score as the sole criterion for approval of a loan. The other factors such as your monthly income against expenditure graph and your actual ability to repay the loan in the present time are the key factors considered before calculating your present worth to get instalment loans for bad credit.
Owing to higher risk, these loans are offered at a higher interest rate, but we work closely to help you find loans at reasonable interest rates and tenure. We aim to protect you from the loan sharks and other unscrupulous lenders.
WHAT TO DO WHEN YOU HAVE NO HISTORY?
Whether you have mounting loan accounts or a newbie loan seeker such as a university student or the one who has just found a job, you can use our broking service to avail an instalment loan. Before extending our loan advice we assess your loan profile and draw a comparison of your income and current debts. We suggest loans only after analysing your loan repayment capabilities so that you could build a stronger loan profile file for better credit future.
For short term student loans on instalments, we would require your university documents and proof of education loan only. We would search lenders who are willing to offer you loans without a history at the best possible interest rates.
NEED INSTANT CASH ADVANCE? PAYDAY LOANS OR INSTALMENT LOANS
Payday loans are short term cash advance loans which are directed into your account within a few hours of loan application. However these loans are required to be repaid at the time of your first pay day (salary day) after the loan. The duration of the loan is maximum 30 days.
At Loan Princess we understand the financial limitations with bad credit score. In the absence of steady income source it might not be feasible to repay the loan within a few days of loan advancement. Until you are assured of the funding, you should not apply for payday loans. These should strictly be raised as emergency loans.
To meet sudden shortfall of funds you may however opt for instalment like payday loans. We can help you find instant cash loans which are processed like payday loans but are repaid as instalment loans. You need not repay the entire amount on your payday. The loan amount would be divided into easy instalments according to your repayment capability.
At loan princess we help you find tailor made loans to suit your requirements and current credit situation.
So anyone who needs professional loan advice to mend the bad credit situation can reach us by filling up a form on our website. Whether you have bad history or no history our loan experts would support you throughout the loan application and approval process.
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22