We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you'll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%. This is a representative example of what it may cost : a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22
If answer to any of these questions is in affirmative, you probably are suffering from poor credit worth and low credit rating. Bad credit score makes you a risky prospect and main street lenders begin to indubitably dismiss your lending requests.
Nevertheless, there are times in lif e when you need guaranteed loan approvals for emergency situations. High cost alternatives such as payday loans are not ideal for each borrower. For, late repayments can drastically hurt your score. With bad credit you need ease of repayment and installment loans just offer you that!
Categorically there are two types of loans- secured loans and unsecured loans; however, when you classify loans on their repayment structure, they can be grouped as installment loans and lumpsum repayment loans.
Most of the loans including student loans, auto loans, homeowner loans or personal loans are installment loans. Herein the cost of loan, i.e, principal amount and interest rate are divided into fixed or variable installments. The scope of loan repayment is inevitably defined in the loan agreement you sign.
With installment loans, you can better plan your finances as you get ease of repayment. When your debt burden is divided into installments you can repay loans with low mental and financial stress. Rather than looking at entire debt mountain at once, you can focus on each installment and repay loans with ease by making timely repayments.
A lot of borrowers indeed use short term installment loans to improve their credit score. As, maturity of loan helps them improve their credit history. Thus by opting for installment loans for bad credit, you can conveniently improve your credit rating.
At Oyster Loan, we extend seamless online support to borrowers seeking bad credit loans on installments. From full time employed to self employed; to part time employed; to those living on benefits, all can apply for free loan advice.
Our team of loan brokers is well trained to help each borrower irrespective of their personal, social or financial condition. Whether you need instant cash advance or short term loans for bad credit we can help you locate best offers according to your credit requirements.
Being a responsible loan broker, authorised by FCA, we help you avail flexible installment loans online. We can help you find weekly, fortnightly, monthly or bi monthly installment loans for poor credit. Those who need delayed installment loans, can also seek customised broking advice from our team of brokers.
4 steps to installment loans
The entire process is completed online and there is no obligation involved. Keeping aside your borrowing worries, you can raise a soft query by filling Oyster Loan form and gain access to the best matched deals available near you.
Oyster Loans is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.
Oyster Loans does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loans and requesting you to make a payment, report it to www.actionfraud.police.uk.
All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
Contact your lender directly if you have any worries about making your re-payment. If you do not endeavour to do so you will be unable to arrange any payment options and where the situation remains unresolved (where you have not re-paid your loan), the lender can exercise their right to pass your details onto a third party collections agency. This agency will then work to recover your unpaid arrears (plus any interest accrued as a result of your non-payment).
Implications of Non-Payment
By not making your short-term loan re-payment on time, you could be subject to fees and penalties, which will be implemented at the discretion of your individual lender. The details of any charges that can be added to your loan re-payment amount will be detailed within your loan agreement and this will include the reasons why further charges may be added. If you are late in making your payment this could also have a negative impact on your credit score. Therefore, in order to avoid having to re-pay more than your original agreed amount, we suggest that you re-pay your loan on time. If you fear that you will experience difficulty in paying back what you owe, please contact your lender as soon as possible.
Where you feel that you will not be able to meet your re-payment date and will need to make your payment at a later time – you must contact your lender to arrange this. If you do not, it could be assumed that you are unwilling to re-pay your loan and therefore you could incur a higher fee or charge than you would otherwise have done by simply extending your loan term. A late payment fee usually amounts to anywhere between £1 and £100 and this will vary dependent upon your lender. However, we do not advocate the unnecessary extension of short-term loans and as a result we ask that you ensure that you will be able to re-pay any loan that you apply for. For more information, please read and understand the terms and conditions associated with your loan agreement.
We do not advocate the renewal of short-term loans however, in the instance that you wish to do so you must contact your lender immediately. You will often be charged the same rate of interest or fees for an extra month however; this will be charged on the full amount that you owe to the creditor (amount borrowed plus first month's interest). If you are late in making your loan re- payment or you fail to make the re-payment at all, your loan may be automatically rolled over thus automatically incurring further interest and charges. Any amount that you have borrowed you will be liable to re-pay so, please make sure that you only take out a loan if you can afford to pay it back in full.