Instalment Loans

Here at CashFlex we can help customers secure instalment loans of £100 up to a maximum of £5000. We know that life can throw up financial issues, from unexpected car repairs to replacing broken appliances, however instalment loans are available to help. As a broker, we have partnered with lenders which are known for their flexible repayment periods, with instalments designed to suit the borrower’s individual requirements.

What is an instalment loan?

An instalment loan is designed to provide you with smaller and more affordable repayments each month. Instead of repaying a loan over just a few months or in full on your next pay date, it is possible to spread repayments over longer periods with smaller payments made each month. If you need to cover an unexpected bill, an instalment loan will allow you to repay the loan in more manageable amounts over an agreed period of time. 

A loan that needs to be repaid quickly can put pressure on your finances, however, an instalment loan will allow you to effectively budget for the repayments. However, it is worth noting that borrowing over a longer term could result in a larger interest amount being paid, compared to a loan that is repaid over a shorter period of time. As with all loans, it is important to read through the terms and conditions before signing the loan agreement. 

How do instalment loans work?

To be eligible for an instalment loan you will need to have your salary paid into a UK bank account, which has a linked debit card. The lenders will take repayments for the loan will be taken automatically from this account on the agreed payment date each month. Some lenders will use Continuous Payment Authority to take the payment from your bank account automatically, where others will ask you to set up a direct debit.

The amount you repay each month will depend on the amount borrowed, the length of the loan term and the APR offered by the lender. If you are accepted for a loan, the lender will provide a figure which will need to be paid each month, so that you can effectively budget for the repayment.

How do the repayments work?

When you borrow through one of our lenders you can choose from a variety of instalment lengths, depending on the amount you choose to borrow. So, if you borrow more than £1,000, you can choose instalments spread across 3, 6, 12, 18, 24 or 36 months. For smaller amounts of less than £1000, repayment periods of 3, 6 and 12 months are available. This is a great option if the loan is required to cover an unexpected expense, as you can calculate exactly how much you can afford to repay each month.

How to apply for an instalment loan?

To apply for an instalment loan through our website simply complete our 2-minute online application form, with details of how much you are looking to borrow and how long for. You will be asked to provide your contact details, employment information and your regular monthly expenses.

Your application will then be sent across to up to 40 lenders who will complete a soft credit search, as part of their affordability checks. This will not leave a footprint on your file and as soon as the first lender indicates a strong chance of approval, you will be redirected to their website to complete their application form.

There are no fees when you apply for an instalment loan through our website, instead, we are paid by the lender themselves if you decide to proceed with the loan. You will be under no obligation to proceed, however, if you decide to go ahead you will need to complete the final application form on the lender’s website. The lender will then assess your application and carry out a hard credit check, which will leave a footprint on your file. However, at this stage, you will be matched to a lender who has already indicated a likelihood of approval. 

We know how important it is for you to have your funds quickly, so if you are accepted the funds could be sent to your bank account in just minutes*. However, the actual availability of the funds will depend on the processing speed of your bank account. 

Can I get an instalment loan with poor credit?

As we only partner with responsible lenders who are authorised and regulated by The Financial Conduct Authority, legally a hard credit check is required. If you are concerned about your chances of approval due to poor credit history, you may still be eligible for a loan. Although your credit history is important, our lenders will also consider factors such as loan affordability, recent payment history and the age of previously missed payments. 

Before you take out a loan you should carefully consider your ability to make repayments, as missed and late payments could further impact your credit rating. Our lenders aim to be as fair and helpful as possible, so they will only approve loans if you pass their affordability checks.

If you are worried about your ability to find an instalment loan, our FastCheck tool could help. Our simple and quick tool is designed to calculate your chances of being approved before you apply for a loan. There is no credit check and in just 60 seconds you will know whether you are likely to meet the eligibility criteria of our lenders. 

Apply for your flexible instalment loan today!

As an experienced credit broker, we aim to ensure our customers receive the best service possible. If you have any questions, just ask using the form on our contact page. We are proud to partner with lenders who offer clear loan terms, straightforward application processes and no hidden fees. If you are struggling with your finances there are various impartial organisations that offer free advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.