What are Installment Loans?
Installment loans are those loans where the borrowers request to borrow a specific amount from the loan provider and give their consent to repay that amount on monthly installments and on specific interest rates. Whether the no guarantor loans, the auto loans or student loans, all such funding sources fall into this category.
Most of the personal loans are also among the precincts of the installment loans where the repayments usually done on monthly basis for a particular duration. Qualifying for the loans largely depends upon the borrowers’ credit scores and the prevailing financial circumstances. Other factors may be the income status and debt-to-come income ratio. All these factors do matter because they describe how responsible a borrower is in managing the finances.
For the last few years, there have been some additions or changes happened in the policies of the direct lenders here and they make possible the access of installment loans to those with poor credit scores too.
Who can apply for installment loans?
You are provided solutions to all your financial needs. There are no conditions on who can apply to us except the basic citizenship and age factors. In fact, for all the reasons other lenders reject your loan request, we approve it based on exactly those factors.
Following are some of the areas where our loans stand-out:
- Low Credit Score Holders
- Unemployed Class
- Those needing Debt Consolidation
- Small Businessmen
- Start-up Entrepreneurs
It is alright even if you fall under two classes of people in the above list. For instance, you could be an unemployed person with less than perfect credit score, or you would be in need of consolidating your debt due to your SME business expenses. In any and all combinations, you can still get approved for an installment loans from direct lenders.
Can I Get An Installment Loans for Bad Credit?
Yes, for sure. In the modern-age lending, the lending doors are open for every individual and the chances are always there of the bad credit loans on installments in the UK. It is indeed a huge change in the lending approach because previously, such prospects were very rare in the loan marketplace here.
The reliable direct lenders have the major role to play in this transition. They accept applications on installment loans for bad credit without imposing too much obligations. It is in demand too because many People are facing such financial problems where they cannot maintain their credit scores at the acceptable level. They needed a solution and they get the solution, thanks to the boost in the online lending procedure.
The loan providers of poor credit loans in UK are now providing the much-needed financial support along with certain benefits like:
- No credit check
- No paper-format application
- No irrelevant charges
- No delay in loan approval
Installment Loans for bad credit have also shown their flexible lending approach when they finalise the interest rates and repayment schedules. The financial decision on such loan terms comes only after analysing the financial capacity of the particular borrower.
Well, you do not need to search around for the dependable lender providing loans for people with Low credit because we already there for you.
How to apply for installment loans?
Do not worry about documentation or lengthy procedures. The loan process is nothing like your regular bank. We do not make you wait or carry bulky files. You can use any device having an internet connection to reach us.
- Your loan request reaches us through the form given on our website.
- We begin processing it right at that instant.
- The decision and money reaches you within one business day.
We advise all prospective customers to decide the terms of their loan such as the installment amount and the repayment period carefully. Whenever you have any doubt, our expert advisers are always here to help you.
How to repay installment loans?
You enjoy complete freedom in deciding the repayment method. Instalments can be paid on a
- biweekly, or
- monthly basis
You can select whichever you feel would be most comfortable for you.
In addition, you can also decide how you wish to make the payments.
- Payday deduction
(If you choose the payday practice, the amount would be automatically cut from your bank account on the day you receive the pay cheque.)
- Self-payment method
(You are responsible to transfer the installment amount on time yourself to us if you select this.)
Why Use VirginBucks for an Installment Loans?
Since its inception, VirginBucks has been adding more value to the direct lending. We treat our clients not just as the customers but also as our financial companions. We do not waste any opportunity to serve to their financial interests.
We give the liberty to our borrowers where they can personify their loan deal and then make the most out of the given opportunity. Our main advantages are:
- The application process is entirely online with no paperwork and no upfront charges.
- The instant loan approval is the policy here that paves the way for the instant fund transfer.
- Loan obligations like guarantor, credit check or collateral are not compulsory here.
- The experience of financial advisers here is enough to guide the borrowers on the right path.
- The framing of loan offers is done as such that can suit to any borrower with any financial background.
We hope these reasons are enough for you to apply for our installment loans. What are you waiting for?
6 must read questions for Installment Loans
Does an Installment loan require credit check?
It is true that most of the lenders out there in the market check the credit of the borrower strictly before approving the loan. But, this is the case when you knock the doors of the traditional lenders. Today, many reputed direct lenders have emerged in the market that focuses on helping the people in financial distress despite their circumstances. So, the answer is yes, it is possible to get installment loans without going through a credit check if you apply at the right lender who offers such benefits.
Unlike the traditional lenders, you won’t have to stand in a long crowd for hours in order to apply for a loan. Today, you can easily apply for the instalment loans or any other loans online where you will have to just submit the online form.
Can opting for instalment loan increase your credit score?
Yes, it does if you complete the repayment of the loan on time. You should know that payment history has the most weightage in the credit score. So, if you are going for installment loans, then make sure that you repay the loan on time.
When you apply for an instalment loan, you will have to repay the amount on monthly basis. This makes it easy for the borrower to make the payment without making much change in your monthly budget. Paying the monthly instalment will have a positive impact on your credit history and at the same time, it will also help you in building your credit score.
Does applying for instalment loans means a guarantor is needed?
No, it is not mandatory to provide a guarantor in order to get an instalment loan in the UK. If you knock the doors a direct lender for this loan, then there will be various aspects that will be checked by the lender such as your credit score, income status, debt to income ration and other financial aspects.
So, if any of these aspects are good, then chances of getting the loan will be positive. Even if your credit score is bad, but with a good income status, there will be still a possibility to get Installment Loans for Bad Credit from Direct Lenders only in the UK and without a guarantor as they have certain loan facilities. This loan is ideal for students, bad credit holder, unemployed people, entrepreneurs who are looking for funds for their start-ups.
Should I opt for 6 months repayment term or 36 months in installment loans?
When you choose the repayment term as 6 months in an instalment loan, then you will have to pay a higher interest rate. However, as the repayment is smaller, you will have to pay a lesser amount of interest in the long term. On the other hand, if you are going for a long repayment term like 36 months while applying for the loan, then you will be charged with a lower interest rate but you might have to pay a larger amount of interest in the end.
So, the choice totally depends on your financial needs. If you are in need of a smaller amount of fund, then going for 6-months loan might be beneficial for you. Whereas, if you are planning to borrow a big amount and need time to repay the loan, then you could set the repayment term as 36 months or even 24 months as per your convenience.
Why choosing a direct lender for instalment is more beneficial?
When you choose a direct lender for an instalment loan, you don’t have to stand in the long crowd in order to apply for the loan. Most of the reputed lenders offer online service, where you can easily apply for the loan at your home without any hassle. All you have to do is visit the website and submit the online form where you will have to fill in your basic details.
After that, the lending team go through the form of the applicant and if approved, the requested amount is disbursed into the borrower’s account within a few days of the approval. Well, this is something that is very difficult to get when you go with traditional lenders. Therefore, if you are in an urgent need of money, then you should apply for instalment loans from direct lenders only in the UK.
How can I apply for an instalment loan with bad credit?
A credit score is one of the first and foremost financial aspects that most lenders check when approving a loan. Thus, the chances of getting a loan reduce drastically if your credit score is poor. However, this doesn’t mean that you cannot get a loan if you don’t have the luxury of good credit.
There are many reputed lenders in the market such as Virgin Bucks and others who can provide you with installment loans even with bad credit. The direct lender might see other aspects such as your income status and debt to income ration in order to evaluate your repayment capacity. However, the amount of the loan that you are looking for the loan might vary due to your bad credit. Still, there is room to get more funding if you can convince the lender.