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Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67
When shopping for a loan, it’s generally recommended to first assess your ability to pay back the borrowed amount comfortably. Not everyone can manage to repay the principal amount plus interest in one lump sum, particularly when money is tight. If you fall into this category, you might opt for an instalment loan.
With an instalment loan, you get manageable repayments that are spread over a convenient schedule of your choice. You make instalments of fixed equal amounts during the term of the loan. The interest rate is usually fixed at the time you borrow the money.
Online lenders usually offer short term instalment loans, which you need to repay typically within one year. Please note the repayment frequency may vary, depending on your ability to pay the loan. You have the common options of paying monthly, weekly, or fortnightly.
If you’re looking for trustworthy instalment loan lenders in the UK, then you’ve come to the right site. We are a loan broker using special software to help borrowers find reliable and cheap lenders who want to lend to them.
All you need to do is to request an instant free quote. We will match your details against the criteria of a wide range of direct lenders to find the best possible quote for you. It’s important to note that getting a quote on NowLoan.co.uk is free and will not affect your credit score. Also, you’ll be connected with the lender only if you choose to accept the quote. Otherwise, you have no obligation to do so.
• Quick bankrolling
It’s important to get funds when you need them, especially if faced with emergency issues like car repairs, overdue utility bills, and medical bills. If the loan application is approved, you could receive the money in your bank account within hours. However, this might vary with lenders.
• Lending evaluations are less stringent
It’s possible to get approved online, regardless of your credit rating profile. Most lenders will consider your application if you provide proof of employment, valid ID, an operational bank account, and physical address. Some lenders may require a guarantor.
You borrow exactly what you need and choose a repayment schedule that suits you perfectly. With our direct lenders, you can pay your loan over a period of up to 36 months.
• Convenient application
Applying for instalment loans does not require completing paperwork and returning it for review. What you need is to connect your computer or handset to the internet. It is way simple and fast, as you can get instant feedback in as little as a few minutes.