It is evident the online market place is saturated with a variety of lenders of all shapes and sizes. A simple search of payday loans reveals a number of different options of companies touting their wares. Installment loans are different to payday loans in that they have an extended period of time in which you have to repay the money you have entered into the loan agreement to pay off. Put simply, a payday loan may typically be expected to be paid back over 30-31 day period. This can be useful if you can guarantee you will have the money to repay the debt at the end of the month. A key thing to consider however is how much you would be left with once the loan has been repaid; this is crucial as putting yourself further into debt at months end may culminate in you reapplying for another loan and consequently beginning what can be classed as a ‘cycle of debt’.
Instalment loans differ to payday loans in that the repayment period far exceeds that of short term lending. A loan with United Kingdom Loans could, for example, be repaid over 18 months. This reduces the overall APR, lowers the monthly repayment amount and allows for more breathing space at the month end. There is also the opportunity (with some instalment loan lenders) of overpaying on the loan borrowed, and this reduces the length of time the loan is repaid considerably.
United Kingdom Loans enables people to apply for installment loans online and includes installment loans for bad credit. If you need £50 – £2500 apply online, submit your details and (in some cases) you may have money paid within 15 minutes!