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.
Solution Loans is a no-fee broker – come and see how we could help you.