- Personal Finance»
- Managing Credit Cards & Payment Options
Incredible Short Term Credit Services
Benefits of Using Instalment Loans
Instalment loans are a new and innovative cash advance option available for consumers of the United Kingdom. Comparative to payday loans in their structure and service, they provide some additional advantages for short term lending options. They are available in higher amounts compared to a typical cash advance. Instalment loans are available from as little as £500 up to a maximum of £1000. These are easily available for application online via fast, easy and secure platform.
Any resident of the United Kingdom over 18 years old with a steady source of income can avail an instalment loan for as long six (6) months, or 180 days. This unsecured lending options do not require any paperwork and are hassle free to avail. Consumers do not have to wait for an extended processing time and can choose from several repayment options.
It is beneficial that Instead of repaying all at once, borrowers can repay in equal easy instalments over the term of the loan. Borrowers can choose to repay their instalment loans in 60 days, 90 days, 120 days, 150 days, or even 180 days. So they can repay in 2, 3, 4, 5, or up to 6 easy instalments. This substantially helps to easily make payments without added pressure on normal lifestyle.
It is often the case of consumers with unimpressive credit or extremely bad credit, they are unable to find a source of credit during emergencies. It is not possible for them to avail traditional loans such as credit cards, personal loans, etc. due to their lack of credibility to lenders. Short term loans often tend to be the only option for bad credit consumers but it can most definitely be the most reasonable option.
Short term loans have minimal commitments meaning borrowers have a higher chance of fulfilling the terms of the lending agreement. The high rate of interest reflected by APR of short term loans is impractical for shorter loan term periods. The equal monthly payments allow them to repay the loan in instalments which eases the added pressure of a loan on their finances.
Responsible Lending in the UK Consumer Credit Market
The United Kingdom consumer credit industry is heavily regulated by the government to ensure that both borrowers and lenders are mutually benefitted from a lending agreement. The Financial Conduct Authority (FCA) is responsible for ensuring the regulation of short term credit services in the United Kingdom. It is important to ensure that borrowers are not focused only on the qualities of the lender rather, they must also recognize the importance of their commitment. No matter how much money management issues you may face, a loan is an option which must only be used for emergencies.
It is necessary to make sure that you are able to make the repayment on time and in the full amount. Instalment loans and payday loans are cash advance options which provide temporary financial relief and is not a suitable solution for debt. For permanent debt struggles, you can seek assistance from the National Debt Line.