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What Define Installment Loans? Know in Direct Lending Terms

The installment loans are the part of personal loans offered to the borrowers as a lump sum at the start of the loan tenure and repaid in the form of fixed weekly or monthly installments. These funding sources usually are available to borrow from £1000 to £10000. If it is for business purposes or backed up by collateral, then the amount may increase to £25,000 or more.

We have made it more precise according to the terms of installment loans in the UK. Here they are:

Short-term Medium-Term Long-Term
£1000 - £5000 £5000 - £10000 £10000 - £25000
1 Month – 12 Months Up to 24 – 36 Months Up to 36 or 60 Months

The prospective borrowers do not need to pledge the collateral for the smaller term and medium-term installment loans for bad credit from direct lender only. For long-term, they have to secure the amount with the equivalent asset, but no guarantor is needed.

What are the Common Uses of Installment Loans for Poor Credit?

You want a better deal to come out from the financial crisis. It means you must have the possible reasons to apply for online installment loans. We do not ask for the purpose to apply but we look for potential to accept the loan terms.

Before discussing the purposes, you need to qualify for these conditions:

  • ok icon white1You need to verify your age that should be above 18 years
  • ok icon white1Permanent residents are pre-qualified borrowers
  • ok icon white1Having a valid and active bank account is must as it is required to deposit the loan amount
  • ok icon white1Provide us with the income proof whether you are on full-time, part-time or self-employment

After fulfilling these pre-requisites, you can apply for instant installment loans to accomplish the following needs:

Home Improvement

Do you want home renovation? You can do it right now by applying for easily approved installment loans.

Medical Emergency

Never feel alone when you lack the funds to have medical treatment. Avail easy funding from us and get healthy as early as possible.

Consolidating Debts

Are your finances dealing with multiple debts? There is no need to worry because you rectify them in one go with our installment loans.

Personal Happiness

Are you going to marry soon? Ready to welcome a baby at your home? Arrange necessary funding by applying here and fund your happiness.

Business Investments

Do not miss out the business opportunity. Invest your money where you want. Apply for our installment loans now and expand your capital and commercial progress.

Advantages of Installment Loans for Bad Credit

Installment loans are quite versatile, and they offer many benefits to the borrowers. The flexibility to fit with any purpose and act effectively in multiple financial circumstances makes them desirable for many reasons.

Borrow with bad credit – Evidently, it is the biggest advantage of the bad credit installment loans by a direct lender in the UK. Whether it is a small loan or a big loan, a poor credit score always gives you uncertainty. However, borrowing on installments is possible without any stress if your repaying capacity is satisfactory.

Higher limit and cheaper than payday loans – If you have experienced the burden of expensive payday loans, you surely can agree to this point. In this cheaper alternative, you can borrow a larger amount and at a much lower cost. No constraint to pay on every payday as the repayment plans as well as interest rates are customised.

Boost credit score in a short time – It is the most significant benefit of personal installment loans for bad credit people. What else can a poor credit person ask for in the name of benefits? With affordable installments, you can make timely repayments, and with that, the credit score improves. You can solve two purposes: say goodbye to a financial crisis, and improve your credit score.

Eligibility

The eligibility stage is smooth, with fewer conditions for every borrower. A few personal and financial details are sufficient to prove you eligible for further application.

  • ok icon white1The applicant should be a resident of the UK
  • ok icon white1The applicant needs to have a verified bank account
  • ok icon white1The name of the fund seeker should be on the electoral roll

Multiple Payment methods:

We believe that more liberty on the part of repayments develops confidence in the applicants. It is the reason that we provide repayment options. If you are looking for flexible installment loans for bad credit by direct lenders only in the UK, we are the correct address.

Monthly – You can make monthly repayments according to financial circumstances. We usually offer monthly repayments in case of a bigger loan amount to ensure ease for the borrowers.

Weekly – If the loan amount is small, some borrowers even show interest in making weekly payments. That is something we favour. However, the fund bearer can opt for the monthly option.

Partly monthly/weekly – Yes, it is possible to pay monthly instalments for some time and switch to the weekly one. According to the repayment capacity, we can change the repayment plan.

Are Monthly Installment Loans With No Credit Check Obtainable?

Yes, the monthly installment loans easily pair with the no credit check process, which is basically a soft credit check. All our deals on installment loans in the UK are available with soft credit score perusal. Without any deep study of your personal finances, we can give an approval decision. The recent financial behaviour and repayment capacity are our two factors to judge your possibility.

  • ok icon white1The recent 6 months of bank statements are necessary
  • ok icon white1Current income status is also essential to get approval
  • ok icon white1The soft check process occurs online in a short period

We offer no credit check installment loans but we usually suggest hard check. With a deeper understanding of the applicant's personal finances, we can offer a better rate of interest.

Apply loans with any credit score

What Advantages Should I Look Ahead to at Extramile Finance?

Extramile Finance is the UK based direct lender, and we can help you with the best deals on bad credit installment loans. Whether you are residing in London, Manchester, Birmingham or Northern Ireland, we have an extensive online reach to provide you with all the LOAN BENEFITS, such as:

We have framed the exact deal on installment loans in the UK that you have been looking for. Hit on the “Apply Now” and start submitting the enquiry form. We will reach at you via email after a few minutes, and soon you will have the desired amount to your bank account.

FAQs

Q What happens if you don't pay an installment loan?

If you miss paying the installment loan, the credit score drops thoroughly. It makes your financial future difficult because you cannot explore and exploit other financial products. You should talk to the lender to figure out a relatable solution.

Q Can installment loans be paid off early?

Yes, any borrower can pay off the installment loans early because no early payment fee is applicable. However, some finance companies that offer small installment loans take some charge. But ExtramileFinance is an exceptional case.

Q How long does an installment loan stay on your credit?

Instalment loans typically show up to 8 to 10 years on your credit. Besides, it is also essential to see how you maintained the repayment history with the lender. Try not to miss any instalment.

Q Do installment loans hurt your credit score?

No, the installment loans are quite affordable and small term. The credit score gets affected only if you delay the instalments of the funds borrowed. The report of late payment is sent to the credit reference agency by the lender.

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