Reasons to Choose a Flexible Instalment Loan

If you are just about to apply for a payday loan or other type of short-term financial help, you’ll know that you are entering into an agreement to repay that loan under the terms that have been laid out clearly to you. Gone are the days where a loan lender could hide certain details, such as a particularly high interest rate, that would make it difficult for you to pay it back. Still, there are certain times in your life where you need help with a payday loan, but you might not be able to afford to pay it all back in one hit, within a few weeks. This is where applying for a flexible instalment loan can be an attractive proposition, giving you that flexibility to pay back the loan over a period and at a rate that suits you down to the ground.

What is an instalment loan?

An instalment loan is a type of payday loan that is useful for those people who might struggle to pay off the loan and any interest and charges in one go. It offers a level of flexibility whereby the applicant might choose to pay a little but more interest on the loan overall if it means lower monthly repayments and a longer period of repayment in total. So, instead of paying back a full loan and interest in 3 weeks, you might choose to spread the repayments over 3 months and pay less each month but a higher overall total.

Simple and fast application of a payday loan

The application process is a simple one these days. Applying for a payday loan or an instalment loan can be completed online within a few minutes in most cases. All you need is to make sure you meet the eligibility criteria and add a few personal details alongside the amount you want to borrow and the time you would like to pay back the loan. From there, you’ll be given some choices, have all charges, interest and total repayable amounts outlined clearly and you should have a decision within a few minutes, and the money direct in your bank account within a few hours.

There is always another option open to you. If you do not have savings to help you out at a time when you need a quick fix of cash to solve a problem, you don’t have a family member, friend, or employer to ask for financial help, and you’re not sure if you can afford to take out a payday loan where you pay it all back in one go within a few weeks, an instalment loan could be the answer. The payday loan brokers that are available on the market today are much more transparent than their predecessors and are there to help you out of a tricky situation. If you find a payday loan that has a good rate but you’re not sure about the time in which you will need to pay back the loan and interest in full, think about an instalment loan that offers you ultimate flexibility.