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What are instalment loans?

Instalment loans are the type of loans that provide borrowers with the chance to pay back the loan amount in monthly instalments over an agreed-upon period. If you are looking for quick money, these loans are a suitable option for people who need some extra cash to cover some unexpected expenses and to pay back that money in several instalments over a period of time. Imagine you want to renovate your kitchen, make vehicle repairs, or consolidate debt. These online instalment loans can be utilised. To calculate the overall cost of the loan, consider various factors, such as interest rates, fees, and repayment terms. You borrow a fixed amount of money and pay it back over a set period, which could typically be from 3 months to 36 months, depending on your agreement. Interest rates depend on the loan terms set by lenders and whether they're long-term or short term loan. Long-term loans may have lower monthly payments, but they can increase the total loan cost.

Many lenders in the UK offer straightforward and accessible unsecured loans. You don't need to provide collateral, such as a car, home, or property, for their borrowing. Lenders, instead, will peek at your credit score and income to determine if you're an appropriate borrower. A bit of planning and budgeting can go a long way towards keeping your finances healthy and your stress levels down! Remember If you look for these instalment loans with bad credit lenders may ask for collateral or impose higher rates based on the credit assessment.

As a credit broker, we can simplify your search and enhance your chances of finding the perfect match. We have the expertise and connections to quickly pinpoint lenders who meet your specific borrowing needs. You can avoid applying to multiple lenders separately with a single application, ensuring your match with lenders offering suitable solutions with us. Our loan matching system instantly searches for a suitable lender. This helps you make an informed decision when you need online instalment loans.

Eligibility Criteria for Instalment Loans

Our partnered lenders conduct thorough credit and affordability checks as part of responsible lending practices.

Be a UK Resident
Be over 18 years old
Have a UK bank account
Be in a Full-time / Part-time employment
Meet the lenders’ criteria and credit affordability assessment

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Complete our simple application form by providing your basic details and your loan needs.

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Once approved, get your loan amount directly deposited into the bank account.

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Our streamlined application process is designed to be as easy as possible, so you can apply from the comfort of your home.

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Don't let a number define your future. We welcome all credit scores and work to find a solution that fits.

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Explore your options freely with no obligation. We're here to support you, no matter what you decide.

Can I apply for an instalment loan with bad credit?

Absolutely, you can apply for an instalment loan with bad credit. While a higher credit score typically opens up more options with lower interest rates, having bad credit doesn’t mean you do not have access to borrowing. Many lenders specialise in providing loans to those whose credit histories might be less than ideal. They understand that everyone's financial journey is unique, and a few bumps along the way shouldn't completely block access to necessary funds.

When applying for an instalment loan with bad credit, the key is to look for lenders who assess your entire financial situation, not just your credit score. Lenders consider factors like your employment status, income, other financial commitments, and how you’ve managed your finances recently. This will help them assess your repayment ability based on your past credit history.

When seeking bad-credit loans, accuracy in providing your details and financial situation is crucial. Overstating your income or understating your expenses can lead to offers that aren’t realistically manageable. Remember, getting the loan is just the start; make sure you're comfortable with the repayment schedule too.

To boost your chances, consider asking for a smaller loan amount or offering to provide proof of recent financial stability, such as several months of bank statements or recent payslips. Furthermore, some lenders will let you apply for cash loans for bad credit with a guarantor. Having a cosigner increases your chances of loan approval because they agree to cover repayments if you can't.

Finally, always make sure you apply through sources regulated by the Financial Conduct Authority, which offers fair terms. This ensures you're not falling into high-cost debt traps. Each application can affect your credit score, so aim for lenders who offer a soft search to estimate your likelihood of approval before proceeding with a hard credit check.

Instalment Loan with Bad Credit

Is it possible to obtain an instalment loan without a guarantor?

Yes, obtaining an instalment loan without a guarantor is possible, even if your credit history isn't perfect. Many lenders offer loans without a guarantor, which means you can secure the funding you need without involving a second party to back your application.

Lenders offering these no-guarantor loans typically focus on your income and current financial health rather than just your credit history, but at higher rates and stricter terms. When handling your monthly payments, they assess your income stability, expenses, and ability to repay. Lenders can reduce their risk by assessing your regular income and expenses, which will provide a clearer picture of your ability to repay the loan on time in the absence of a guarantor. If you have strong credit, you may get favourable terms even if you don’t provide a guarantor to obtain the loan.

When looking for instalment loans without a guarantor, it's important to shop around to find the best terms and rates. Online comparison platforms can be especially helpful, as they often provide tools to compare different lenders' offers quickly. This can ensure you find a loan that fits your budget and financial circumstances without the need for another person's guarantee.

Therefore, it's beneficial to work on other aspects of your financial profile before applying to increase the likelihood. Consider consolidating debts or reducing outstanding credit balances. This can improve your credit utilisation ratio, which is a key factor lenders consider.

Remember, while no-guarantor loans offer convenience and autonomy, they might have higher interest rates compared to loans with a guarantor because the lender faces increased risk. Therefore, it's crucial to understand the terms fully and ensure that the repayments are manageable within your budget. Always make sure you work with reputable lenders regulated by the Financial Conduct Authority to avoid unfavourable lending practices.

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Are instalment loans available without a credit check?

The idea of securing an instalment loan without a credit check is a common misconception. There are no such loans that completely bypass a credit check. Lenders always conduct some form of credit assessment to determine the risk involved in lending to you. This ensures borrowers avoid unnecessary risks and prevents them from over borrowing more than they can afford to repay.

However, you cannot get an instalment loan without a credit check. While traditional lenders might require a thorough credit history examination, online lenders perform a soft credit check to assess your eligibility, which won’t impact your credit score. Once approved, lenders will conduct hard checks upon confirmation. Having numerous checks of this type within a short period of time can impact your credit score, as credit bureaus record them on your credit report. Soft checks are a preliminary review to see if you might qualify for a loan before proceeding to a more detailed review.

For those concerned about their credit scores, it's important to look for lenders offering these loans even with less-than-perfect credit. There are online lenders available who can offer these instalment loans with bad credit or poor credit, considering other factors beyond the credit score. Shop around for the best rates and terms. Once you decide to proceed with a specific lender, go through and understand the loan terms.

We Cash Compare, as credit brokers, connect with lenders who specialise in loans for individuals with poor credit. These lenders view your current financial situation and income stability rather than your past credit history. They recognise that everyone faces financial ups and downs and evaluate your capability to handle the loan payments going forward.

In summary, while no-credit-check loans don't exist, there are other flexible options available, but not without a credit check. Always ensure you choose a lender regulated by the Financial Conduct Authority when entering into any loan agreement to ensure fair practices and your financial safety.

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How can I obtain an instalment loan from direct lenders?

Applying for an instalment loan from direct lenders is certainly a straightforward approach. You simply choose a lender, fill out their application form online or in person, and submit it for review. Every lender has different requirements for approval, and in order to assess your eligibility, they will perform a credit check. Once approved, the lender directly sets the terms of the loan, including the interest rate and repayment schedule.

However, going forward, obtaining instalment loans from direct lenders might seem like the simplest route. But there are benefits when you apply through us, as we connect you with a suitable lender. We, Cash Compare, are a credit broker, working with a wide panel of direct lenders and other brokers, from which you can get these instalment loans with ease. It's just a single application; you can apply to multiple lenders. This means you will be applying to many with one, which safeguards your credit score by hitting multiple lenders with each and saving you a significant amount of time and effort.

We ensure you get the best loan quote without additional expenses, especially without commission charges or fees for using our website services. Our matching services often have access to a broader range of loan products than you might find on your own. We work with a network of lenders, including those that may offer more competitive rates or more favourable terms, especially for individuals with unique borrowing needs, but it all depends on your financial situation. Instead of navigating multiple applications and potentially impacting your credit score with several hard inquiries, you fill out one form, and they handle the rest. If approved, you can receive the loan on the same day.

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How much can I borrow with an instalment loan?

The amount you can borrow with an instalment loan can vary widely, depending on several key factors, including your financial profile, income, and the lender’s policies. Usually, these online loans can range from £3000 to £5000, but the exact amount may vary depending on the lender and your financial situation. Lenders will determine the exact amount you can borrow based on your ability to repay the loan, assessing your income, expenditures, and credit history.

For those with a strong credit score and stable income, lenders might be more willing to offer higher amounts with favourable terms because these factors suggest a low risk of default. Conversely, if your credit score isn’t as high or your income is less stable, you might find that lenders will offer you smaller loans at higher rates and stricter terms to mitigate risk. It’s all about finding a balance that works both for the borrower and the lender.

When considering how much to borrow with an instalment loan, it's crucial to think beyond just your eligibility or what lenders are willing to offer, which reflects on what you need and why you need it. Your finances can lead to unnecessary debt and higher interest costs in the long term by borrowing more money than you truly require. Consider your monthly budget and think carefully about how the loan repayments will fit into it. Make sure you get the loan amount and a repayment schedule that comfortably aligns with your regular financial obligations, ensuring that you can manage repayments without overstressing your finances.

If you're unsure about borrowing instalment loans, read the terms and conditions carefully and seek the financial advisor's help, which can provide a broader view of what’s available. It helps you make smart choices by giving you all the information you need about the market and making sure you get terms that fit your finances well.

Borrow from £300 to £5000

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We at CashCompare specialise in connecting to Direct Lenders offering short term loans from £100 to £3000 from 3 to 36 Months

Here are some of the Loan amount guides you may be interested in.

Frequently Asked Questions

Applying for a loan through CashCompare is straightforward and user-friendly. Just visit our website and fill out the online application form. You’ll need to provide some basic information about yourself, your employment status, and your financial needs. Once submitted, we’ll review your application and connect you with one of our lending partners. The entire process is designed to be quick, ensuring you get the financial assistance you need without delay.
No, applying through us won't affect your credit score. However, lenders initiate a soft search to assess loan eligibility, which doesn't impact your credit score. If you accept any loan offer, they will conduct a hard search as part of the final approval process.
No, CashCompare does not impose any fees for using our services. We are committed to providing you access to our panel of loan providers free of cost. Any revenue received by us is from the lenders or brokers if you choose one of their products, or if we refer you to them.