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After applying for your installment loans on this website, you can expect to receive multiple quotations from different lenders. This is because your application is instantly shared with 2 or more lenders offering cash advance in your region. Usually these lenders base their quotations on your loan affordability and previous loan track records. So, if you have positively managed your past loans and can afford monthly repayments of the new installment loan, you can receive a loan approval within minutes. The lenders would provide you with a no obligation quotations detailing their offers. Typically an installment loan of £1000 is proposed for 3 months, but if you need you can ask the lender to stretch the loan tenure to 6 months or even 12 months. The lender can customize the repayment terms for you depending on your monthly budget for loan repayments.
If the lenders find appropriate, they might offer you a one month payday loan proposal instead of installment loans. This usually happens when the lender find a risk in lending money to an individual for a longer period of time.
These short term installment loans are very helpful finance options, especially when you need urgent cash inflow and are not able to return it in a lump sum. You can ask the lenders to offer you a loan repayment period of 3 months to 12 months. So, by paying a little amount extra “as interest” you get the benefit of affordable monthly installments that does not eat up your budget for other living expenses.
Apart from having affordable monthly installments, you can avail a larger loan amount with these loans, unlike payday loan. The lenders are aware that a borrower can only afford to pay a small portion of his monthly income as loan repayment, so a payday loan they offer is usually a smaller cash amount “depending on your monthly income”. But, with installment loans the equation is different. If you have a 6 month loan for example, you would easily be able to pay off a bigger loan amount as compared to one month payday loan. So, the more you can afford to pay back, the higher loan amount can be offered to you.
Typically, a penalty is charged for every miss/late repayment. It may be around or above £15 every time you delay or miss a payment. In case of repeated events of late payments, the lender might share your information with the collection agencies to recover their complete loan amount as soon as possible. This would not only pressurize you to arrange the funds quickly, but you might also get negative remarks in your credit register.