Instalment Loans

Are you looking for financial flexibility for planned expenses or unexpected costs? Proper Finance is here to assist you in securing instalment loans that suit your needs. As a trusted price comparison website, we specialise in helping you compare rates across the UK market for a variety of financial products. 

For instalment loans, we’ve partnered with Lending Expert, collaborating with FCA regulated lenders to provide you with a reliable and diverse range of options.

So, whether you’re consolidating debt, planning a major purchase, or handling emergency expenses, Proper Finance is your go-to resource for finding affordable and flexible instalment loan options. Apply online today and compare instalment loans now!

What Is An Instalment Loan?

An instalment loan is a type of borrowing that allows you to repay the loan amount over a set period through scheduled payments. Unlike lump-sum payday loans, instalment loans offer greater flexibility by breaking down repayments into manageable chunks, typically monthly. 

Each payment covers a portion of the principal amount and interest, ensuring a gradual reduction of debt. This structure makes instalment loans a practical choice for various financial needs, from planned expenditures to unforeseen emergencies. 

Proper Finance can help find you an instalment loan with clear terms and a predictable repayment schedule, helping you to get your finances back on track with confidence and control.

How Do I Apply For An Instalment Loan?

Applying for an instalment loan with Proper Finance is a straightforward process. Start by filling out our quick online form. Provide essential details, including how much you are looking to borrow and your repayment preferences. Once your information is submitted, a network of FCA regulated lenders will carefully evaluate your application. If approved, you’ll receive clear details about your loan amount, interest rates, and personalised repayment terms.

What Are The Advantages Of An Instalment Loan?

• Flexible Usage: Instalment loans offer versatile funding, allowing you to address a variety of needs such as home improvements, debt consolidation or unexpected expenses. The flexibility of use caters to your specific financial goals.
• Controlled Access to Funds: With instalment loans, you gain access to a predetermined sum, providing a controlled approach to managing larger expenses. This structured approach helps avoid financial strain and allows for strategic planning.
• Convenient Repayment Terms: Instalment loans provide the convenience of repaying borrowed funds over a set period. This structured repayment schedule ensures a manageable and predictable financial commitment, making it easier to incorporate into your budget.
• Quick Application Process: Applying for an instalment loan is a swift and straightforward process. The streamlined application and approval process means you can secure the funds you need promptly, addressing time-sensitive financial requirements.

What Can I Use an Instalment Loan For?

• Debt consolidation
• Home improvements
• Funding a wedding or special event
• Car Repairs
• Financing a holiday or travel expenses
• Covering tuition fees
• Starting or expanding a small business
• Medical or dental procedures

Does Getting An Instalment Loan Affect My Credit Score?

Getting an instalment loan and consistently making on-time repayments can positively influence your credit score. Responsible management of instalment loans demonstrates your financial reliability to lenders. 

However, it’s crucial to note that missing instalment payments or defaulting on the loan can have negative effects on your credit score. Make sure you have confidence in your ability to repay your instalment loan, either through your income or your savings. 

Am I Eligible For An Instalment Loan?

Meeting these eligibility criteria can increase your chances of approval for instalment loans:

• Age: Typically, applicants must be at least 18 years old to be eligible for an instalment loan.
• Residency: Applicants are required to be UK residents. Some lenders may ask for proof of address or residency documentation during the application process.
• Income and Employment: Proof of income is a common requirement, often in the form of recent pay stubs or bank statements. Self-employed individuals may need to submit additional documents, such as tax returns or business financial statements.
• Credit History: A positive credit score and a history of responsible repayment enhance the likelihood of approval for instalment loans. However, options may still be available for borrowers with bad credit.

Can I Get An Instalment Loan With Bad Credit?

Yes, you can get an instalment loan with bad credit. While obtaining an instalment loan with bad credit may present challenges, it is entirely possible. Our extensive network of lenders specialises in offering instalment loans for all credit histories, including those with bad credit histories. 

Our goal at Proper Finance is to assist you in finding a suitable instalment loan that meets your unique financial needs, so you can borrow money even if you have bad credit. 

Instalment Loan Example

Loan Amount: £1000

Repayment Period: 9 months

Monthly Repayment: £170.56

Total Amount Payable: £1,535.04

Representative APR: 315%

How Fast Can I Get An Instalment Loan?

Proper Finance is dedicated to creating a swift and efficient application process, working with you to secure your instalment loan as quickly as possible. Although the timeline for receiving an instalment loan can vary based on factors such as the chosen lender and loan type, there are a few ways you can speed up the process: 

• Accurate Contact Details: Provide accurate contact information, including a valid email address and phone number. This ensures that the lender can quickly reach out for any necessary follow-up questions or additional details required to process your instalment loan application.
• Have Key Documents Ready: Keep recent payslips and bank statements readily accessible. If requested by the lender, having these documents at hand during the application process can contribute to a faster loan approval.

How Do Repayments Work For An Instalment Loan?

Repayments for your instalment loan are structured into regular, manageable amounts over a specified period agreed with your lender. Each repayment covers a portion of the principal amount and interest and will be made until the borrowed amount, along with interest, is fully cleared. Detailed repayment terms will be provided by your chosen lender.

The repayment period can span years or months, providing flexibility. It’s crucial to choose your repayment duration thoughtfully, considering your financial capacity. The fixed schedule allows for better budgeting, making it easier to manage your financial commitments. 

Can I Repay My Instalment Loan Early?

Yes, many lenders permit early repayment of instalment loans, but it’s crucial to review the specific terms and conditions outlined in your loan agreement. While some lenders may not charge any fees for early repayment, others might have certain conditions or early repayment charges in place. 

Apply Today For An Instalment Loan With Proper Finance

The instalment loan application is quick and simple with Proper Finance. Click the button at the top of the page to start the 5-minute online application process—it’s free to use!Our partners will promptly review your submission, aiming to provide a speedy response. The application form will request essential personal information, including:

• Your name
• Date of birth
• Residential address
• Contact details
• Desired loan duration
• Loan amount

Apply Now

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Instalment Loans FAQs

1) Can I Get An Instalment Loan With Bad Credit?

Yes, you can still obtain an instalment loan with bad credit. Proper Finance works with a network of lenders who specialise in offering instalment loans tailored to various credit profiles, providing options for individuals with less-than-perfect credit histories.

2) What Happens If I Miss Repayments For My Instalment Loan?

Missing instalment loan repayments may result in possible late fees and could negatively impact your credit score. It’s essential to communicate with the lender if you anticipate difficulties, as some may offer flexibility or alternative arrangements to help you manage your repayments.

3) What Types Of Instalment Loans Are There?

Instalment loans come in various types, including personal loans, mortgages, car loans and home improvement loans. The specific type depends on your financial needs and the purpose of the loan. Each has unique terms, interest rates, and repayment structures.

4) What Do I Need To Consider Before Getting An Instalment Loan?

Before obtaining an instalment loan, consider your ability to repay, ensuring it aligns with your financial situation. Explore alternatives like borrowing from friends or family and carefully evaluate the terms and interest rates associated with the loan to make an informed financial decision.