Instalment loans the UK are just like any other kind of loan in that you need to make the repayment in several instalments which can range from a period of 3 months to 24 months or even more. These loans are a great option if you are in need of large amounts of cash and need some time to repay it. Due to the fact that the loan is repaid in instalments, these loans get their name.
Why people opt for an instalment loan?
Often people may need money fast and don’t have access to a credit card, or they may be daunted by the lengthy procedure followed by banks and other high street lenders because this can take many days. Speed is one of the main benefits of instalment loans especially if you are applying on one of the websites of reputable loan brokers.
You should bear in mind that no reliable loan broker will promise instant approval, but sometimes when you have submitted all the necessary information and documents and they are easily verifiable then you may get the approval within a few minutes.
It is very simple to avail loans if you go through loan brokers because all you have to do is fill out an online loan application form. They will then match this application with the several lenders that they may have in their network. When such a match is made, you need to submit some extra details to complete the application and if you have an online account and account statements, then you may not need to fax anything at all
The chances of approval vary from one case to another, but your application is not automatically rejected if you have bad credit. Of course, providing loans without credit check is not legal in the UK, but most specialist lenders will look at criteria other than the credit score while approving a loan application. These factors include your employment status and income when lenders are looking at instalment loans for bad credit people.
Most borrowers who provide easily verifiable information and whose loan applications are approved will find that their loan applications are approved and the money is deposited in their account within one working day.
Who can apply for these loans?
- The applicant must be at least 18 years of age otherwise you cannot apply for a loan in the UK
- You must be a legal resident of the UK to be able to apply for the loan
- You should also have a basic checking account in which the loan money will be deposited. You need to provide details of this account before the money is paid to you
- You need to provide some contact details so that the lender can get in touch with you before the loan is approved and during the tenure of the loan. This contact information includes a valid email address and a phone number
- You should also have a suitable source of income to prove that you can pay back the instalment loans for bad credit in time and with regularity.
If you satisfy all the above-mentioned criteria you can easily get instalment loan even if you have bad credit.