As the term suggests, an instalment loan is a type of loan designed to be repaid within a specified time frame in scheduled, agreed upon instalments. Unlike payday loans, the borrower isn’t expected to pay off the whole loan in one lump sum, thus giving borrowers more time to breathe and repay the debt in a convenient and affordable manner.
At TheLoanSpot, you can borrow between £150 and £450, and maybe more on repeated loans. Our instalment loans are designed to be repaid in a period of 90 days in three, equal instalments. After receiving the lump sum money, you are given a generous three months to repay the loan, unlike in our standard payday loans. This will give you ample time to prepare on the succeeding payments. Of course, if you wish to settle the loan in full, you can do it earlier without extra charges.
Applying for instalment loans at TheLoanSpot is completely done online, and only takes a few minutes to know the status of your application. You will be informed whether you got approved or not, and you will then be given a quote. If you are happy with the terms, all that is left is to accept our online agreement and see the funds in your account within minutes!