We recently launched a series of personal finance guides each one focusing on a different type of product. The first one we wanted to focus on was that for Instalment Loans. You can read the full guide here but it is worth summarising the key points:
They are an evolution of payday loans and for loans up to 12 months long they are regulated the same was as a payday loan
You can typically borrow £100 to £2000 and repay over a number of months (typically up to 12 months)
Compared to standard unsecured loans they are still an expensive way to borrow
Using them can impact on your ability to get other credit in the future – using one could indicate your finances are out of balance. So, use these loans with care.
There are cheaper sources of short term lending – try our QuickStart tool to discover which.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read more about Amanda Gillam