There are some situations in life when you need to get a loan as soon as possible. However, you may need some extra time to make the full repayment. If that is the case, instalment loans are an ideal choice. It allows you to solve your urgent financial needs fast. Also, you can repay the amount borrowed over a convenient time schedule.
What are Instalment Loans?
An instalment loan means you repay the money you borrow over a set number of repayments. These repayments are agreed upon before the loan is taken out and can be paid both weekly and monthly depending on the type of instalment loans you are looking for.
These loans have traditionally been for larger amounts of money, such as £1,500 or less. However, they are now becoming increasingly popular with people who need short term loans quickly yet require lower and longer monthly repayments.
Can Instalment Loans improve your credit rating?
Yes, applying for and ultimately taking out a short term loan which is then repaid on time can have a positive impact on your overall credit rating. By making regular and on-time payments against your short term loan with us you will be making positive steps towards improving an impaired credit profile.
Remember that at BingoLoans, upon receipt of your fully completed application, we will provide you with an indicative decision. Please note, should you choose to proceed with a loan offer from us, a record of this loan and your subsequent repayments will be recorded on your credit file.
How can I get an Instalment Loan?
You need to complete our online application form with your personal information required. Then we can make a decision on whether or not we can approve your application. You can be confident that any information you provide to us is handled securely – we are a direct lender as well as a broker. So we make all our lending decisions ourselves and we take data protection very seriously to ensure your information is always safe with us.
We have a few requirements that our customers must meet before they can apply for a loan, you need to:
- be aged 18 or over;
- must be living in the UK;
- be in employment or have a stable source of income;
- have a UK bank account with a linked debit card.