Online Cheap Installment Loans in the UK

The installment loan is a credit given with agreement to be repaid over the set period with numbers of scheduled installments. The repayment period may be few months or years. For example, mortgage loan, home equity loan, car loan, student loan etc are the installment loans. The late payment on installment loan reduces the credit score. Installment loan doesn’t affect the credit score negatively as long as payments are done on the time. The majority of borrowers prefer installment loans because low monthly installments don’t pull them in to financial stresses.

The installment loan loans are of regular nature as the borrower pays same amount every month. In contrast, the credit card payment varies according to the amount spent. Paying installment loan is comparatively easier because the borrower knows when and how much he has to pay. These loans are available with fixed and variable interest rate. Variable interest rate changes the monthly installment amount accordingly; therefore, borrowers prefer fixed rate installment loans.
The numbers of direct lenders offer the variety of fixed rate installment loans to meet out the ever expanding diversity in borrowers’ demand. Although the maximum APR is capped by FCA; still, a long term installment loan may be costly financial affair especially if the borrower fails to pay some monthly installments. If managed properly, short-term installment loan is a great help to improve the credit score.

Big Loan Lender is a prominent online direct lending agency providing installments loans in the UK at 79.9% APR.  If a borrower takes £5,000 for 36 months at the interest rate of 75.5% P.A (fixed), he/she will repay £333.04/month & £11,989.56 in total over the three years. The company claims for not charging anything hidden. Even the unsecured installment loans are made available at lightning fast speed to help the borrowers on the time.
The personal loan from a regular mainstream bank may be an alternative to installment loan from a direct lender but the complex formalities, strict credibility parameters, high importance of credit score, low approval rate, absence of dedicated support etc turn the borrowers towards private lending agencies.

Taking short-term or long-term instant loan from a genuine direct lender is a relaxing experience despite feeling the little heat of higher interest rate but on the time financial help is more important than paying few Pounds extra. In case the borrower fails to pay on the time, there exists the possibility of loan re-buying to refresh the existing debt at new terms and condition, which are comparatively tough. In any case, this condition should be avoided by taking the debt that is under repaying capacity. Long repayment period is also a good tactic that allows the borrower to pay back earlier also without any penalty.    


Since couple of years, Big Loan Lender emerged as the favorite of professionals, unemployed, start up business owners and others with bad credit history. The location, objective and credit score are not the big hurdles at this loan store; the installment loans’ applications are approved at over 90% rate.    

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