Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
Oyster Loan is a credit broker and not a lender
The rate you are offered will depend on your individual circumstances.
All loans are subject to status. The interest rate offered will vary depending on our assessment of your financial circumstances and your chosen loan amount.
Representative APR example: for comparison purposes 12.9% APR Representative Fixed based on a loan of £10,000 repayable over 60 Months. Monthly payment of £223.43 total amount repayable £13,405.80.
If the answer to any of these questions is in affirmative, you are probably 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 loan requests.
Nevertheless, there are times in life when you need guaranteed loan approvals for emergencies. High-cost alternatives such as payday loans are not ideal for every borrower. Late repayments can drastically hurt your credit score. With bad credit, you need ease of repayment and instalment loans and we are just offering 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 instalment loans and lump sum repayment loans.
Most of the loans including student loans, auto loans, homeowner loans or personal loans are instalment loans. Herein, the cost of the loan, i.e., principal amount and interest rate are divided into fixed or variable instalments. The scope of loan repayment is inevitably defined in the loan agreement you sign.
With instalment loans, you can better plan your finances as you get the ease of repayment. When your debt burden is divided into instalments, you can repay loans with low mental and financial stress. Rather than looking at the entire debt mountain at once, you can focus on each instalment and repay loans with ease by making timely repayments.
Many borrowers use short-term instalment loans to improve their credit score. As the maturity of loan helps them improve their credit history. Thus, by opting for instalment loans for bad credit, you can improve your credit rating.
At Oyster Loan, from full-time employed to self-employed; to part-time employed; to those living on benefits, all can apply for an instalment loan.
Whether you need immediate cash help or short-term loans for bad credit we can help, you locate offers according to your credit requirements.
Being a responsible loan broker, authorised by FCA, we help you avail flexible instalment loans online. We can help you find weekly, fortnightly, monthly, or bi-monthly instalment loans for poor credit. Those who need delayed instalment loans can also seek customised brokering from our team.
Four Steps to Instalment Loans
The entire process is completed online. Keeping aside your borrowing worries, you can raise a soft query by filling Oyster Loan form and gain access to the deals available.
Oyster Loan 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 Loan does not charge any fees. If you are contacted by anyone claiming to be from Oyster Loan 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.