Are you looking for a straightforward and affordable instalment loan? Instalment loans allow you to spread the costs of a short term personal loan over a longer and more manageable time period.
We are authorised by the Financial Conduct Authority (FCA) and are a direct lender of instalment loans in the UK for loans up to £1,500 over 2 – 6 months. We consider all applications, including those with previously bad credit and do not require a guarantor for our loans. Our daily interest rate is also an industry low of just 0.7%.
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We understand that emergencies happen and sometimes you just need a little extra money to cover expenses and keep you going until you get back on your feet. This may be due to overwhelming expenses or those emergencies that crop up from time to time.
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.
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 is the Difference Between Payday and Instalment Loan?
Traditional payday loans in the UK required borrowers to borrow very rigid amounts of money over a very short period of time. This meant that for some borrowers, thy had to borrow more than they may have needed, increasing the amount of debt they were left with. Additionally, traditional payday loans required full repayment of the loan amount [capital] plus interest on a single date, usually around the payday of the borrower.
Our instalment loans however work differently and provide you with a greater degree of control and flexibility. By spreading the loan over a number of months, you will be more comfortably able to afford the repayments and will be able to plan your finances in advance.
Also, our loans can be applied for with no guarantor and as an online direct lender, we are happy to help you find the payment terms which work best for you and your circumstances. Being able to repay over numerous repayment periods, our online instalment loans are a true alternative to payday loans.
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:
Because instalment loans are spread over a longer period of time than other short term personal loans, they are more manageable for borrowers. This means that should you take out an instalment loan, the repayments should be more manageable than an equivalent payday loan.
No Guarantor Needed
In previous years, one of the most viable alternatives to payday loans online were guarantor loans. However, our loans do not require a guarantor, meaning you do not need to get anyone else involved in this capacity. This also means that we can provide instant decisions, not needing to vet any potential guarantors.
Bad Credit Considered
Because we are a direct lender, we are able to consider all applications, no matter your credit history. We are happy to consider applications from people with bad credit histories and so long as you meet our eligibility criteria, you may be able to get the loan you require.
Spread Your Total Interest
Because each month you pay off a portion of the loan and interest, this means that each month you’ll gradually pay off the total interest in a series of affordable instalments.
By agreeing both the amount you wish to borrow as well as the repayment dates, you can better plan ahead to ensure you clear your instalment loan in full by the agreed date, not getting caught out by a single, large repayment as may have been the case previously with payday loans.
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
Choosing Between Instalment Loans and Payday Loans
There are many reasons why you may need to take out a short term personal 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.
Apply Online with MoneyBoat
Apply for an instalment loan 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 and no matter whether you have a good or bad credit history.