What are Instalment loans?
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 two instalments (could be weekly or monthly, depending on the customer’s pay dates) and a maximum of six months, which means you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment in 60 days, however, customers may pay back their loans early with no penalties or fees.
Authorised and regulated by the FCA
Apply for free
We understand that emergencies happen and sometimes you just need a little extra money to cover expenses that might pop up over the year, and to keep you going until you get back on your feet. This may be due to unexpected bills or those emergencies that crop up from time to time.
An alternative to payday loans, instalment loans, could ease the sometimes substantial burden of numerous financial pressures you may be facing. We always try to respond to customers as soon as possible so that you will never have to wait very long for your money when applying for an instalment loan with Moneyboat.
Instalment loans, like those we offer, can be an effective and manageable way to structure short term loan repayments, as each month that you hold the credit you will be repaying a portion of your loan and its interest until you clear your debt entirely. Some businesses lending instalment loans may offer weekly repayments, while our instalments are due monthly. Why not use our calculator above to get a quote and compare our loans with other payday loans on offer.
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|
Understanding Instalment Loans
Instalment loans work by allowing borrowers to repay their loans over a longer period of time, which can make things more manageable. Staggering the overall cost of the loan over a longer time, means there could be a smaller impact on your monthly or weekly take-home pay, after repaying your monthly debt on the instalment loan.
With instalment loans, you apply for the money you need and agree the amount of time over which you would like to repay the loan. Then, once the loan is approved and the money is transferred by us, you start repaying the loan plus interest on agreed credit repayment dates. The agreed repayment date will usually be around the time you receive your salary from your place of employment, keeping things simple.
By making monthly repayments, you pay off a portion of the loan plus interest. Because the interest on an instalment loan is charged daily, your repayments get smaller and progressively more manageable. 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 way. Upon applying you will agree the amount of credit you wish to borrow, how many repayments you wish to split the loan over and when your monthly repayment date will be. This means that the loan is structured around your repayments from its outset, allowing you to plan your finances well in advance of clearing the loan.
Our loans are not like many other payday loans as we can offer borrowers the chance to access money quickly, but without having to repay the entire credit amount in one go. Lending more flexibly like this, means our loans could help you to avoid more expensive and risky payday lenders, which may help to protect your credit score.
Furthermore, we can also offer some flexibility over how you repay your loan. We can set up a Continuous Payment Authority (CPA) on a nominated UK bank account, to ensure you never miss a loan repayment. Our secure online platform and friendly UK-based customer service team help facilitate both the credit application process as well as your loan repayments. It’s important to remember that lenders tend to charge late payment penalties if you don’t make your payments on the required days and this may also affect your credit score.
Instalment Loan Benefits
Instalment loans, as a form of unsecured personal finance, can help people in a range of situations. They also provide some clear advantages when you compare them to what other loans can offer:
You Can Spread Your Total Interest
Because each month you pay off a portion of the loan and interest, each month you’ll gradually pay off the total interest on your credit in a series of staggered instalments.
They Allow You to Plan Ahead
By agreeing both the amount of credit you wish to borrow as well as the repayment dates, you can plan ahead to ensure you clear your instalments in full by the agreed date.
Developing Positive Financial Habits
Spreading your repayments over a more manageable timeframe, by choosing instalment lenders like us, means more manageable repayment amounts for payday loans. It also means that you are likely to develop positive financial and spending habits beyond a payday loan, which can help you become accustomed to managing your money more responsibly. 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, so don’t be afraid to provide your details and get a quote. We are direct lenders, which means we can examine your details on their individual merit before making a lending decision. However, there are some criteria that all borrowers should satisfy before applying for a loan. You must:
- 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 want to consider taking out a loan and our online instalment loans are no different. Reasons for considering one of our instalment loans include:
- Financial emergencies when you need money fast
- Increasing the value of your property
- Debt consolidation
- Dental and Medical Treatment
- Emergency Travel Expenses
- Unexpected bills
- To protect your credit rating
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 incurring penalties and damaging your credit report. 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 looking to compare instalment loan lenders or similar loan product. However, for many, keeping their friends and family apart from their finances is important, so instalment loans are likely to offer the helping hand you need.
Why Choose Moneyboat For Instalment Loans?
Moneyboat is a direct lender providing instalment loans to borrowers based in the UK, which helps to keep our credit costs down. Borrowers benefit as they don’t pay a loan broker or middleman to help them sort their credit. It’s important to us that our loan services are direct, safe and secure.
Our customer service team is polite and friendly, and our borrowers always know that they can count on them in their time of need for all necessary support. If you find yourself struggling to repay one of our loans, we will work with you to develop a solution that helps you to repay your loan in a way that suits both parties.
Apply Online with MoneyBoat
Apply for a instalment loans today with us to take the first step towards improving your financial future. As a direct lender, we can provide you with an instant loan decision without the need for a guarantor.