Online Instalment Loans Guide
January 17, 2018
Spontaneousness and Loans don’t mix. Due to our vast experience in the loan industry, you could say we have got to know our customer base. Making rash, last minute decisions on online instalment loans is an all-too common occurrence. People push out that little angel on their shoulder which shouts to them “can you pay it back, though?”, “isn’t the interest too high?”, “Your car tax is due out next month”. The temptation to get what you want from the loan can drown out your sensible, more constructive conscience.
Now, we aren’t saying, don’t get the loan! What we want you to do, is find the best online instalment loan for you, in terms of what you can afford. Here are a few tips you could use throughout the whole loan process:
Set a budget
Calculate your income and expenditure and look at what you could do without. Figure out how much you can afford per month. Give yourself some financial leeway and do not calculate down to the last pound.
Broker or Lender?
Would you prefer applying directly with a lender, or does a broker suit your needs? A broker will scan the market with your details, and once a lender approves
Enter details correctly
Enter your details correctly. Any errors in this information could jeopardise your loan, or at the very least, delay it.
Not happy with the offer? Shop around
Our honest advice in this situation, is to shop around if you are not happy. Set yourself a maximum interest target and stick to it. Do not pay for something you were not willing to spend at the beginning of the process. If the interest continues to be high, check the next point.
Get a credit check
Some could say this should be the first thing you do, but it isn’t so necessary if you have a good idea of your score. If you continue to receive offers with large amounts of interest attached, look at your credit rating. If the score is low, you are deemed a “risk” and therefore your interest may increase.
Representative 546.1% APR. Representative example: £200 repaid over 3 monthly instalments of £134.76. Total charge for credit £404.27. Interest £204.27. Interest rate 546.1% (fixed) APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.
Be self-disciplined with your online instalment loan
Once you’ve spent the online instalment loan, it’s very easy to lose motivation to repay it back. We highly advise you not to take this option. Failure to repay the loan on time can result in charges, and your credit rating will possibly be effected, also.
Are you struggling to make ends meet? Are you turning towards a loan to pay off an existing loan? Please seek financial advice immediately, and do not go ahead with the loan. Visit the Money Advice Service, today.
