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3-12 Month Repayment

Rates from 278% to 1576%

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3-36 month repayment

Rates from 4.7% to 278%

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Personal Loan FAQs

Am I Eligible to Apply for a Personal Loan ?

 

There are a few basic things that are checked as well as the deeper ones. To know if you are eligible can you answer yes to the following question

Can you afford the repayments?

 

How Long Does it Take for a Personal Loan to be Paid Out?

 

The application time scale may vary per applicant. This is due to financial views being done on everyone applying for a personal loan. The average pay out timescale is 5 to 7 days. This will be received directly into the specified bank account.

 

Relieve Financial Dilemma With Installment Loans

Nowadays, borrowing a loan doesn’t necessarily suggest that the borrower has no fund available; sometimes, it implies the need for an additional cash to purchase a property, expand a business or settle an unexpected expense. Therefore, you don’t need to feel hesitant or ashamed just because you need to a financial assistance. But if you still want to keep your privacy, you can still borrow in private if you want to by going online.

Online loans give the extra fund you need, no matter how small or big it is. As long as you can keep up with the lender’s requirements, you can surely acquire financial assistance in no time.

You can choose a smaller amount and settle with short-term loans. These loans are paid in one lump sum, can be used to address sudden bills and are payable within two weeks or one month. However, if you want a bigger amount with a more flexible repayment, you can opt for installment loans instead.

why choose installment loans

Getting To Know Installment Loans

As a long-term loan, installment loans are settled in portions, on a monthly basis, usually within a year or up to 25 years. It has a significant difference with instant loans and a credit card since it doesn’t’ need to be settled immediately and it doesn’t offer a revolving line of credit. It works by giving a specific amount – composed of the principal rate, interest, and fees – settled in a series of monthly repayments. A mortgage and a car loan are two of the most popular installment loans.

Qualifying for installment loans is one good option to fund an education, purchase a new gadget or a car, start home improvement, or travel to a dream destination. It offers a large amount while reducing the pressure of taking out a large sum over a short period of time. Rather, it is settled in small fixed portions every month, unless the interest rate applied is variable.

Installment loans come with two forms of interests – variable and fixed.

A variable interest rate means the interest rate may vary or change depending on the market. A fixed interest rate, on the other hand, has a definite interest applied and will stay the same until the loan is fully settled.

What Affects The Interest Rate Applied

Every installment loans provider has their own terms and conditions, although most of it looks and works the same. Basically, it depends on the borrower’s qualification such as the credit score. A good or excellent credit score means lower interest rate; a bad credit remark means higher interest charged. Other factors include the annual income and debt-to-income ratio of the borrower.

The debt-to-income ratio is crucial and it also influences the decision of the lender because it shows the capability of the borrower to repay the loan. The lower the expenses and the debts and higher income suggest that the borrower can afford the loan.

Installment loans, unlike payday loans and other short-term advances, may require more than one requirements to verify your capacity and identity. It’s more than just filling out the application form with your personal and financial details, such as your full name, contact details, the name of the current employer, number of years in the company, bank statement, etc, but providing proofs such as certification, pay slips, etc.

Nevertheless, it’s not as complicated as before although it may take time and patience. To make it easier, it’s important to prepare the prerequisites beforehand. Banks and traditional lending facilities normally look for the credit remark. For a higher chance of getting approved, it’s necessary to have an impressive credit rating. Therefore, prior to submitting an application, it’s important to put your credit score in good shape, which means repaying all your current debts. You may also get a free copy of your credit report and ensure that no inaccurate data are entered in your account. In case of any discrepancy, report to the credit bureau immediately. It’s a lot of work but it secures a better deal, which gives you a chance to acquire a lower interest rate, higher loan amount, and a more flexible repayment term.

Where To Get Installment Loans?

Whether you’re a first-time borrower or not, it’s best to consider your local bank first. This is an ideal place especially if you’ve already established a relationship with your banker. These lenders may help you score a discounted interest rate and a more flexible repayment term.

You can also consider checking installment loans online. You can find a hundred online lenders in just a few clicks offering installment loans to most borrowers – first-time loan seekers, bad credit borrowers, unemployed, a person with benefits, etc. Do a research first to know which companies stand out in terms of good rates and customer service. Shop and compare different lenders to know the interest rate they apply, their terms and conditions, repayment options, etc. If you’re not certain about what to do, you may ask assistance from a loan broker. These professionals are equipped with the right knowledge and experience when it comes to loan providers. Another option is to use a loan comparison website to find more on various lenders and their products. These websites have gathered all the necessary about the lenders including their rates, policies, and repayment terms.

In addition, don’t forget to read the fine print of your potential loan provider. Understand the loan agreements and take note of the all costs included in their policy, including the penalty fees (if any) applied in case you repay the loan earlier than the agreed repayment period, for late payments, etc. If you don’t find the terms and conditions clear, do not hesitate to ask the lender. Licensed lenders who offer excellent customer service is more than willing to address your concerns. If the loan provider is unwilling, look for another installment loans company instead. Looking for the perfect provider is not easy but it pays to spend time and effort. This will save you money and your confidential details as well.

why get installment loans

Check Out the Lenders List

Loan amount
£1,000 - £5,000
Loan term
12 - 60 Months
CUSTOMERSCORES
Good
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Loan amount
£50 - £600
Loan term
1 - 6 Months
CUSTOMERSCORES
Excellent
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5 most recent personal loan reviews

Review of Vivus

I have never used a loan company due to my poor credit following a marriage breakdown but using this company with a good friend who trusts me to make the payments has been a very pleasant and extremely quick and simple process. So if you need to borrow, have someone who knows and trusts that you wont let them down with making the payments and has a good credit history then don't hesitate .. Contact Vivus Loans

Review posted by John Sutcliffe

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Somerset Savings and Loans

I found the online application easy and straight forward, and had a very quick response from the customer service team. Once accepted, the money was transferred very quickly. I will defiantly recommended and will use if ever needed in the future.

Review posted by Alexandrine Parry, Guildford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lendable

From the initial contact everything was so simple. Friendly consultants who phone and text at your own convenience. One quick phone call and the cash was in the bank the next day! Perfect service! ?

Review posted by Deborah Tomlinson

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All of our reviews have been sourced from TrustPilot to ensure authenticity.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Please note:
Loanovao is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.
Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances
Warning:
Late repayments can cause serious financial issues. For help, go to moneyadviceservice.org.uk
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