The Ease of Installment Loans
Loans have become a preponderant part of our lives; going through life without ever getting one is next to impossible.
From acquiring education to buying your first home, every major milestone in people’s lives is somehow built on the foundation of loans.
Majority for the loans the borrowers take comprise an amount that they cannot manage to pay for entirely from their pocket at once.
Imagine, if the repayment were to be made in a lump sum, how the loan was procured, but with the addition of interest, would you be able to repay the amount?
Most of the borrowers would not answer in an affirmative, because it isn’t possible.
24CashLender understands this well enough, and through its understanding, the team has devised a loan that focuses explicitly on installments as the repayment mechanism.
Our small installment loans for bad credit people are the most popular as well as most availed loan for this particular reason.
Understanding the Working of Installment Loans
You might think that majority of the loans that are available in the markets fall into the category of installment loans. You are somewhat right to think that.
However, installment loans are a separate category altogether, wherein you get the lump sum of the loan amount to use for any purpose you may deem fit.
The main principle behind these loans is the convenience of the borrower. This convenience and ease rely on the repayments decided by the borrower himself.
Borrower A needs a loan of £5,000, so he applies to 24CashLender and procures the same. The repayment of the borrowed amount is decided by the A and not by us.
- If he wants to make monthly installments instead of weekly, he can through our monthly installment loans with no credit check, which other direct lenders do not provide.
- If he is not comfortable with paying a higher installment of £1,000, he doesn’t have to.
- If he thinks an installment plan for 12 months is appropriate for him instead of 15 months, he can opt for the former.
Do you see the level of convenience the borrower gets through a loan like this?
Installment loans are the only category of loans, wherein the borrower holds the reigns to decide the terms and conditions for the entire tenure of the loan.
In this category of loan, especially bad credit installment loans from the direct lenders in the whole of the UK, you would find;
- Flexibility in Repayments;
- Lender Comprehension of Your Financial Situation;
- And the Accommodation of Your needs with these.
“24CashLender can proudly boast of doing all of these 24 hours a day and seven days a week. You can apply for a loan in the wee hours of the night, and by the dawn of next day, you will have your loan amount in your bank.
We take the 24 very seriously in our name, as should you”.
Knowing how much and for how long can you get an Installment Loan
Since Installment loans is a specific category of loans, certain terms need to be adhered to.
These terms concern the loan amounts and tenure.
The borrower can avail a loan from £1,000 to £10,000, depending upon the current financial needs and capacity.
The borrower can take this amount for a couple of months to as many as 24 months. It would be apt to say that Installment Loans fall into the category of Short-term Loans.
As a responsible lender, we feel it is our duty to tell you that higher loan tenure would mean additional interest. For us, it would mean more profits surely, but for you, it would denote a kind of loss, so you must choose the tenure keeping in mind this small detail.
Why let Poor Credit be a hindrance?
Poor credit has, unfortunately, become quite prevalent in modern times. The consequence of the same is the unavailability of credit for these people.
However, slowly and steadily, direct lenders, like 24CashLender, have started catering for the borrowers with Poor Credit by providing Installment Loans.
We have become a pioneer for poor credit needs because of limited obligations.
- No Credit Checks
We do not perform any credit check, either soft or hard, to evaluate the creditworthiness of the borrowers.
Installment loans from direct lenders with no credit check are proof of this idea. We do provide the same at the interest rate that are the most affordable in the market.
- No Guarantors
The obligations of a presenting a guarantor is too much for someone with poor credit in his corner.
For the convenience of the borrower, we have removed this requirement as well.
Installment loans for bad credit from direct lenders only and with exemptions like no guarantor are difficult to find and procure. However, 24CashLender has provided up to 10,000 loans falling under this category and will continue to increase this number.
As long as you have a stable income source that can comfortably accommodate the repayment of the procured loan, we would never reject your application.
Instalment loans FAQs
What are the prime examples of installment loans?
- Auto Loan This loan is considered as an installment loan and a person uses this one to purchase a new vehicle. You can repay the amount in monthly installments which range from 12 to 90 months and direct lender gives you that loan on flexible features and multiple benefits.
- Mortgages This loan is used for buying a house and repayment term may vary from one lender to another. And most of them come with a fixed interest rate.
- Personal Loan You can use this loan for various purposes such as paying unexpected expenses or consolidate debts. And many lenders in the UK provide this loan without any collateral.
How Can Installment Loans Benefit to My Credit Score?
Can I Make Early Payment of Installment Loans?
How long it exactly takes to get the approval for instalment loans?
How to check the status of my instalment loan application?
Can I change the amount of my payment in Instalment loans?