If you are one of the millions in the UK who have used a payday loan then you’ll know how much worry their repayment can cause. Well instalment loans aim to solve this problem by spreading out repayments over a number of months without the risk of extra fees and charges.
Not only can you borrow over a longer period than you can with a payday loan but you can also borrow more, subject to affordability. Instalment loans of 12 months and under are protected by rules that limit the cost of credit and the size of fees. However, they are still a relatively expensive way to borrow. There may be cheaper and more appropriate forms of borrowing available to you. To find out if this is the case try our “Find Loan” tool.
If you do choose to use an instalment loan then keep in mind that most lenders will allow you to repay the loan early to help reduce the total cost. You can discover more about instalment loans and compare our trusted lenders at the Solution Loans website.
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