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

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Hassle-Free Repaying With Direct Lender Instalment Loans

The majority of those who are thinking about direct loans also think about banks, the original direct lenders. While this is certainly true, banks have stopped their direct lending venture after 2008’s recession. However, it’s still possible for individuals to get an instalment loan from a bank, but he has to face a difficult application process, submit demanding requirements, and wait for weeks, even a month, just to wait for the approval of his personal loan.

Those who are desperate enough to have quick cash end up getting a loan with payday lenders. Well, this is somehow acceptable considering the nature of emergencies and urgent matters. However, the sad thing is, they usually regret borrowing from payday loan lenders in the end.

This is because the short-term relief disappears as soon as they realise that they need to repay the money they’ve borrowed in full. Since this is a payday loan, this means that they have to repay the amount they’ve borrowed plus the fee from the loan all-in-one. Because of this, most borrowers are stuck in the same cycle of borrowing which makes most of them ends up having it rolled over or renewed.

The so-called “roll over” comes with a new set of fees in addition to the original balance and staggering interest rates. Therefore, payday loans may benefit most people as fast as possible, but they come with unfavourable lending terms which make most of them suffer.

Applying For Instalment Loans

Borrowing money and repaying it in one lump sum is difficult, but fortunately, there are loans that allow monthly payments. This loan is called instalment loan — a loan that allows debtors to borrow a particular amount which should be repaid along with its interest in a series of payments, usually on a monthly basis.

This is best offered through direct lender instalment loans, as the rates can be lower and the time can be lessened. Through direct lenders, you don’t have to deal with a number of lending companies, which means that you can have your money the soonest as possible. Moreover, you don’t have to pay for any charges such as commission fees.

Why Choose Instalment Loans?

Applying for an instalment loan can be the best way to pay for a house, car, or even pay for an education. Since instalment loans can be repaid on a fixed monthly basis, the borrower will lessen the pressure in compensating the borrowed amount. For example, you borrowed £10,00 with a 6% interest rate, payable for five years. That means that you have to repay £193.33 for over 60 months. However, the borrower needs to comply with several requirements such as their credit score, yearly income, and their debt-to-income ratio. The ratio is used by the lenders as their basis to know if you can afford to repay the potential instalment loan.

Aside from this, the lenders may ask several questions, such as the name of your current employer and the number of years working for that specific employer, all in concluding how well you’re likely to manage the instalment loan.

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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New and upcoming lender that will go far.
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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.