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 payday 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.
Why to Pay Student Loan on Installments?
While sending applications for Student loans in UK, the students have to give their consent to repay the loan, either federal or private, with a particular interest rate and the term. Moreover, they tend to apply for such loans after a few months of their graduation.
The question often comes that, why it becomes necessary for the students to opt for the monthly installments? Well, to answer this question, here we have lined up a few reasons:
Limited Earning Sources: The focus of the students is on their undergraduate or graduate study. Financial obstacles often disturb them and thus, they have to apply for loans. Simultaneously, they have to show their repayment capacity to the lender for which they can show their income from part time job. In such scenario, managing the repayments from their limited monthly income would become easier.
Limited Credit Scores: Credit scores are primary for sanctioning a loan or not. Several students may be good in their academics but they are not good to their credit score. Shopping for loans becomes tough for them especially with limited credit scores. However, the direct lender may help them if they make sure that the student loans repayment will be as per the schedule and it becomes easy via installment loans.
Limited Time Available: Students do not have much time to indulge in the loan process. They want to achieve big in their career and for that, they have to spend maximum time on their study. The loan process is online and they can complete entire steps by sitting at the hostel room. Therefore, the student loans on installments can never be a wrong decision to take.
Can I Get An Installment Loan with Poor 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 poor credit loans on installments in the United Kingdom. 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 loans for poor 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
The direct lenders for poor credit installment loans 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 installment loans for people with poor credit because we already there for you.
Why Use VirginBucks for an Installment Loan?
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, no 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?