Are there different types of instalment loans?
There are various instalment loans now on offer in the UK. Fully regulated by The Financial Conduct Authority, these loans are constantly monitored to make sure they remain fair and competitive. This means that small loans are constantly evolving to meet the ever-changing needs of consumers such as you. As such, you can now get instalment loans for bad credit if you have experienced credit problems in the past. These loans still come under FCA rate cap of 0.8% interest per day. This helps to reduce any obvious concerns you may have regarding taking out such a loan, including whether you are being charged way more than others.
In an attempt to maximise the options you have, many of our direct lenders for bad credit offer instalment loans in various formats. This includes short term loans that can be repaid in just a few months or others that can be taken out for a couple of years. Still, popular, payday loans are perfect if you only want to borrow a small amount of money and repay it as quickly as possible. Whilst different in some aspects, most of these loans will all aim to give you the money as quickly and easily as possible.
What can I do if I am turned down for an instalment loan?
When you are looking for a loan, one of the biggest and most obvious worries is that you will be turned down. If this happens, it can become easy to think you have nowhere else to turn. Whereas in the past this may have been true, things have thankfully changed for the better. Firstly, even if you have been turned down for a loan before, we are confident that we can help you. This is because many of our lenders specialise in providing instalment loans for bad credit. As such, these lenders understand that your credit score is often not a true reflection of your current financial status.
Completely free of charge and with no obligation to commit to any of the loans we show you, we work independently to help you find the best loan for your circumstances. Furthermore, we also offer the opportunity of conducting a Soft Credit Match. What this means is that by answering just a few simple questions, we can assess your likelihood of getting accepted for a short term loan for bad credit.
By enabling you to do this before you even apply to the lender, you can reduce the risk of being declined for a loan, as well as quickly and easily find the right lender for you. All of the direct lenders that we work with use soft search technology. This means that we can search the market to find you the best bad credit short term loan for your circumstances, without damaging your credit file. By answering all the questions we and the lenders will ask, as well as being clear in what you want to borrow and for how long, we can help you get the cash you need.