Which Payday Loan is
best for people with
We at FinanceJar will find the plan to best suit your needs!
We Cater For All credit histories
The best unsecured loans on the market.
Short term loans at their finest and easiest.
Great when you want to change your vehicle.
A helping hand is always appreciated.
- You can repay many types of loan products over 6 months – even with bad credit.
- Loans can be for any purpose including emergency expenses and debt consolidation.
- You can even get same day loans with no guarantor needed whilst applying online.
Hassle-Free Repaying With 6 Month Loans Bad Credit
The majority of those who are thinking about direct loans also think about banks, the original direct lenders. While this is certainly true, banks have stopped their direct lending venture after 2008’s recession. However, it’s still possible for individuals to get an instalment loan from a bank, but he has to face a difficult application process, submit demanding requirements, and wait for weeks, even a month, just to wait for the approval of his personal loan.
Those who are desperate enough to have quick cash end up getting a loan with payday lenders. Well, this is somehow acceptable considering the nature of emergencies and urgent matters. However, the sad thing is, they usually regret borrowing from payday loan lenders in the end.
This is because the short-term relief disappears as soon as they realise that they need to repay the money they’ve borrowed in full. Since this is a payday loan, this means that they have to repay the amount they’ve borrowed plus the fee from the loan all-in-one. Because of this, most borrowers are stuck in the same cycle of borrowing which makes most of them ends up having it rolled over or renewed.
The so-called “roll over” comes with a new set of fees in addition to the original balance and staggering interest rates. Therefore, payday loans may benefit most people as fast as possible, but they come with unfavourable lending terms which make most of them suffer.
Applying For Instalment Loans
Borrowing money and repaying it in one lump sum is difficult, but fortunately, there are loans that allow monthly payments. This loan is called instalment loan — a loan that allows debtors to borrow a particular amount which should be repaid along with its interest in a series of payments, usually on a monthly basis.
This is best offered through direct lender instalment loans, as the rates can be lower and the time can be lessened. Through direct lenders, you don’t have to deal with a number of lending companies, which means that you can have your money the soonest as possible. Moreover, you don’t have to pay for any charges such as commission fees.
Why Choose Instalment Loans?
Applying for an instalment loan can be the best way to pay for a house, car, or even pay for an education. Since instalment loans can be repaid on a fixed monthly basis, the borrower will lessen the pressure in compensating the borrowed amount. For example, you borrowed £10,00 with a 6% interest rate, payable for five years. That means that you have to repay £193.33 for over 60 months. However, the borrower needs to comply with several requirements such as their credit score, yearly income, and their debt-to-income ratio. The ratio is used by the lenders as their basis to know if you can afford to repay the potential instalment loan.
Aside from this, the lenders may ask several questions, such as the name of your current employer and the number of years working for that specific employer, all in concluding how well you’re likely to manage the instalment loan.
Bad Credit 6 Month Loan FAQs
Can anyone with a bad credit history apply for loans?
Yes! Many UK direct lenders are willing to accept applications from people who are looking for 6-month loans even with poor credit score.
Will I need to have a guarantor?
No not always. However, there may be cases where it will be beneficial to you to have someone that will be willing to act as a guarantor on your behalf.
How long does it take to approve a loan?
As long as you have provided truthful information and have filled in all of the required fields on the application form, a decision will be made regarding your loan in as little as 15 minutes (in some cases, larger amounts may take a little longer to reflect in your account). The amount of time taken to approve your application and provide your funds will also depend on the lender that is processing your application.
Am I limited to having to repay my loan over a 6-month period?
No. If you are borrowing a smaller amount of money, you do have the option to repay it over a shorter period of time. The same principle applies to larger loans – some of them can be repaid over periods of up to 36 months, depending on the lender who is assisting you.
What is the maximum amount of money that I can borrow?
The maximum amount of money that our lenders will allow you to borrow depends on your current source of income and your recurring expenses. When asking for this information from you, our lenders will use it to determine how much you will be able to comfortably repay on a loan. This will enable them to inform you how much money they will be willing to lend to you.
Will my information be safe?
Most certainly! All information you provide will never be shared with or sold to any unauthorised parties.
See How We Compare to Some of Our Competitors
Representative Example: Amount of credit: £500 for 12 months at £58.74 per month. Total amount repayable of £704.00. Interest: £204.00. Interest rate: 53.58% pa (fixed). 68.7% APR Representative.
5 most recent personal loan reviews
Responsible, Trustworthy and Thorough Boy are they everything I've mentioned in the title. These people have a very thorough process of money lending and repayment from the start to throughout the process on repayment. I'm a guarantor and I'm always told if there are any problems with the repayment. If not, I don't hear from them. They are very professional in the approach of lending money. They will advice a budget plan is completed so you know exactly how much needs repaid. Staff are very friendly and helpful. Things are pretty straight forward with Danske.
Review posted by Justin Browne, Burnley
Ease Of Use
Value For Money
Applying for a loan from Albemarle; the process was very easy, filling a form out online and then phoning Albemarle. A very nice young lady took the call and dealt with the application in a quick and efficient manner, after supplying the relevant information, and having it checked the loan was approved and the money was in the bank within a couple of hours. All in all an excellent company, the staff were very helpful polite and very efficient.
Review posted by Barbara Valkeith, London
Ease Of Use
Value For Money
Amazingly quick, just 24 hours. They check to make sure you can really afford the repayments. My guarantor wasn't a home owner just had a good credit history. Very pleased with every aspect of the service they have provided. Would definitely recommend to anyone.
Review posted by Tracy Egerton, Rushden
Ease Of Use
Value For Money
Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.