What is an Instalment loan?
Are you looking for a straightforward and affordable loan? Instalment loans from Moneyboat allow you to spread the cost of a loan over a longer and more manageable period of time.
New customers can borrow from £200 to £800. Loans are repayable over a minimum term of 2 instalments and a maximum of six months. The minimum instalment duration for the first instalment is 5 days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. Customers may payback their loan early with no penalties or fees.
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An alternative to payday loans, an instalment loan could ease the sometimes substantial burden of numerous financial pressures you may be facing. We can provide you with an instant decision on your loan application too, meaning that you will never have to wait longer than absolutely necessary when applying for an instalment loan with MoneyBoat.
These loans are often an effective and manageable way in which to structure short term loan repayments, as each month you will be repaying a portion of your loan and its interest until you clear your debt entirely.
Apply online today for an instalment loan of up to £1,500 over 2 – 6 months.
Representative Example: based on the last working day of each month
Interest rate 255.5% pa (fixed) Representative 939.5% APR
|Payback period||4 months|
How do Instalment Loans work?
Instalment loans work by allowing borrowers to repay their loan over a longer and therefore more manageable period of time. By being able to stagger the overall costs of the loan over a longer time, there will be a smaller impact on your take home pay, after repaying your monthly debt on the instalment loan.
With instalment loans, you apply for the amount of money you need and agree the amount of time over which you would like to repay the loan. Then, upon acceptance for the loan required, you start repaying the loan plus interest on agreed repayment dates. The agreed repayment date will usually be around the time you receive your salary from your place of employment.
Each month, repaying on time, you therefore pay off a portion of the loan plus interest. Because the interest on an instalment loan is charged on a daily basis, this means that over time, your repayments get smaller and progressively even more manageable too. This also means that repaying your loan early is potentially achievable too.
How do Repayments Work?
Instalment loan repayments work in a structured and pre-arranged manner. This means that upon applying you will agree the amount you wish to borrow, how many repayments you wish to split the loan into and when your monthly repayment date will be. This provides the advantage that the loan is very much structured around your repayments from its outset, allowing you to plan your finances well in advance of clearing the loan.
Furthermore, how you repay can be somewhat flexible too. We can set up a Continuous Payment Authority (CPA) on a nominated UK bank account, to ensure you never miss a repayment. Our secure online platform and friendly UK-based customer service team help facilitate both the application process as well as your repayments.
What are the Advantages of an Instalment Loan?
Instalment loans, as a form of unsecured personal finance, are able to help people in a wide array of situations. They also provide a number of advantages which other loans may not be able to provide:
Spread Your Total Interest
Developing Positive Financial Habits
Spreading out your repayments over a more manageable timeframe not only means more manageable repayment amounts for payday loans. It also means that by virtue of repaying consistently, you are likely to develop positive financial and spending habits beyond a payday loan, helping you become accustomed to managing your money that bit better than you may otherwise have. Moreover, our repayment plans are designed to be as affordable as possible.
What do I Need to Apply for an Instalment Loan?
We consider all applications for our instalment loans and as a direct lender, consider all applications on their individual merit. However, there are some criteria that borrowers should satisfy before applying for a loan:
- Be 18 years or older
- Be a permanent UK resident
- Have a permanent UK address
- Be in some form of employment
- Hold a UK bank account and debit card
Why take out an instalment loan?
There are many reasons why you may need to take out a loan and our online instalment loans are no different. Reasons for having to take out instalment loans include:
- Financial Emergencies
- Increasing the Value of your Property
- Debt Consolidation
- Dental and Medical Treatment
- Emergency Travel Expenses
With instalment loans, as with other forms of unsecured personal credit, it is always preferable to clear the loan early and it is crucial you repay your loan on time to avoid further debt or monetary issues. Because we are an FCA authorised direct lender, we can work with you to determine the best terms for your loan.
You may also wish to borrow money from friends and family before applying for an instalment loan or similar loan product. However, for many, keeping their friends and family apart from their finances is important, so instalment loans may be the helping hand you need.