Instalment Payday Advances

Installment loan is a kind of loan paid back in periodic installments, typically on a monthly basis, that includes the principal amount and interest.

A good example of how installment loans work is the following:

John borrowed £1,000 as emergency funds for his home repairs. The installment loan requires him to pay in 24 months with 25% interest. With installment loans, John's receives the£ 1,000 check, then pays it back monthly for the next 24 months with the fixed monthly payment in the amount of £53.37.

How does it compare to Payday Loans?

Payday loans typically have shorter paying periods, higher interest rates and paid back in its full amount usually on the next payday of the borrower. In comparison, installment loans are paid over a longer period of time, usually over several months. They payment are in equal amounts spread over the duration of the loan.



Is an installment loan helpful?

Getting an installment loan can be very helpful for people who have a bad or poor credit rating or have no credit history at all. Installment loans will require you to pay several payments in a period of time so it creates a history of repayments. Your payment history is scrutinized by credit reporting agencies and it is very helpful in improving credit scores when the borrower pays on time. How installment loan works?

The installment loan is also called installment debt. It is an amount of money lent to a borrower on the agreement that it is paid back over a fixed number of months in equal amounts. The payments are amortized and include a portion of the principal and the interest fees calculated in a specific number of months.

As an example, let's pretend you borrowed 1,000 with 10% interest rate (or an APR of .10) which should be paid in 12 monthly installments.

Why Installment loans matter

This type of loan is ideal for individuals and enterprises that do not have the ready cash in purchasing an expensive item or service. It is an easy way for them to pay for houses, cars, buildings or educational expenses in periodic installments that is manageable. The loan is structured to ensure that the loan will be paid back to the lender.

When a borrower takes out an installment loan, their interest fees accrue periodically in a specific rate. If the loan is not paid, their interest will simply accrue which requires the borrower to pay for the loan in a higher amount.

When availing for an installment loan, you should only borrow a set amount of money and then set your fixed payments on your account. You must know the amount of money you have to pay and how many monthly payments is needed to pay off the loan. Whenever you make payments, the balance of your loan gets lower. Examples of an installment loan would include car loans, home equity loans, student loans and mortgages.

Our Company

Looking for a new payday lender in the UK? We are a new lender of payday loans, with a very high acceptance rate!

If you are concerned whether or not you would qualify to borrow, understand that most people feel like they have bad credit. We place a high emphasis on whether you are employed.

Testimonial


I needed money right away.

I couldn't get to work without fixing my car. The deductible for repairing the was too high. Luckily, I was able to use OldCatholic to get a payday loan. Without them I would have been in a real predicament.