Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Rebuild Credit History With Direct Lender For Bad Credit Installment Loan.

Basically, most borrowers experience having poor or even bad credit remarks and this does not only stain their credit history but also, affects their future lending endeavor. Banks and traditional lenders use credit scores as the basis whether the borrower is a risk or not; whether he is capable of repaying the loan or not. Therefore, those who have unfavorable credit scores are rejected not only once but many times. Fortunately, there are bad credit loans available to those who have been declined repeatedly.

What Is A Personal Loan?

A personal loan, from the name itself, is a type of loan used for personal purposes, meaning it’s not for business or commercial matters. It can be unsecured, such as installment loans, which can be used for several reasons such as funding a travel expense or consolidating debt.

Installment Loans Vs Payday Loans

There are many kinds of personal loans and some of which as installment and payday loans. Basically, payday loans, which are often referred as short-term loans, are offered in a small amount. However, it comes with a high-interest rate that needs to be repaid usually within two weeks, or until the next payday. On the other hand, an installment loan can be repaid on a monthly basis on fixed amount.
Most people find installment loans to be more convenient since they don’t have to pay in one lump sum, instead, they can settle their loan on smaller amounts over a period of time.

Choosing Direct Lender For Bad Credit Installment Loan

Applying to a direct lender with bad credit is helpful in rebuilding your credit. This is one of the best options instead of turning to payday loans and credit cards. Through this, borrowers can take advantage of having a more manageable stream of payments. In addition, this often comes with low-interest rates, unlike with payday loans.
Another major advantage of applying for an installment loan is that the lender can report the payment history of the borrower to several credit reporting agencies. This only means that the debtor can start building a better credit score again, providing that they are able to repay on time. Meanwhile, applying for a direct lender lessens the hassle of communicating with multiple companies. Therefore, your time and effort are wisely consumed on one company alone.

Managing Your Finances

The installment loans’ repayment schedule can help you, as the borrower, to avoid falling into bad or worse credit. An installment loans’ nature is to have equal monthly payments and a precise end date to your settlement schedule, therefore, you’re not pressured to compensate for a huge sum in one payment.
Since you’ve experienced having bad credit scores, you should take control of your finances well this time and take advantage of the benefits of installment loans. Prior to applying, be sure to assess your capability of repaying first to avoid committing the same mistake. See to it that you can repay on the agreed period so that you will receive good credit remarks. Finally, manage your expenses responsibly to avoid being trapped in the cycle of debt.

See How We Compare to Some of Our Competitors
Loan amount
£100 - £5,000
Loan term
3 - 36 Months
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Loan amount
£100 - £1,250
Loan term
3 - 12 Months
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5 most recent personal loan reviews

Review of Danske Bank

Responsible, Trustworthy and Thorough Boy are they everything I've mentioned in the title. These people have a very thorough process of money lending and repayment from the start to throughout the process on repayment. I'm a guarantor and I'm always told if there are any problems with the repayment. If not, I don't hear from them. They are very professional in the approach of lending money. They will advice a budget plan is completed so you know exactly how much needs repaid. Staff are very friendly and helpful. Things are pretty straight forward with Danske.

Review posted by Justin Browne, Burnley

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Albemarle Bond

Applying for a loan from Albemarle; the process was very easy, filling a form out online and then phoning Albemarle. A very nice young lady took the call and dealt with the application in a quick and efficient manner, after supplying the relevant information, and having it checked the loan was approved and the money was in the bank within a couple of hours. All in all an excellent company, the staff were very helpful polite and very efficient.

Review posted by Barbara Valkeith, London

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of 3 Month Payday Loans U

Amazingly quick, just 24 hours. They check to make sure you can really afford the repayments. My guarantor wasn't a home owner just had a good credit history. Very pleased with every aspect of the service they have provided. Would definitely recommend to anyone.

Review posted by Tracy Egerton, Rushden

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
For authentic reviews that are entirely unbiased we have sourced all of our above reviews from Trust Pilot.

Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

 

FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.