Easily spreading the cost of a loan over manageable repayments is what an instalment loan can offer, helping you pay for a short-term expense over a longer period. You can choose to repay weekly or monthly with our instalment loans, for up to a 12 month loan and borrow a maximum of £2,000. As a Financial Conduct Authority (FCA) approved lender of instalment loans, you can trust your application will be treated fairly as part of our commitment to responsible lending.
Click apply now to start your application today and we’ll give you an instant loan decision.
What Are Short Term Instalment Loans Online?
Instalment loans offer our customers an opportunity to borrow much-needed funds and payback over a longer period. Unlike many short term loan lenders who require payment within a short period of a few weeks or months, at Fast Loan UK we are happy to help our customers spread the cost for longer. This is just one of many ways we are proud to be different from other high-cost short term lenders available on the market. We have taken strides to offer a service that customers can trust to be transparent and up front about the costs involved when taking out weekly or monthly instalment loans in the UK. We also take a different approach to our approval process, enabling us to help many more people compared to other instalment loans you’ll find. Our flexible approach puts our customers first and provides affordable lending options to those who may have been declined elsewhere due to having a low credit score.
We consider your circumstances on an individual basis rather than declining you based on a computer-generated lending decision. This way, we are in a unique position to offer more people an instalment loan that they can’t get anywhere else. Have an emergency expense you need to cover but can’t afford to pay back in one go? As emergency loan and instalment loan direct lenders, we can help and provide a decision in principle instantly for you. Click apply now and we can get started today.
How We Can Help You with an Instalment Loan
Applying for instalment loans is a quick and easy process through Fast Loan UK. We have developed our approach to lending based on convenience for you and it all starts by telling us how much you want to borrow, how long for and how many repayments you want your instalment loan to be. Once we have this information, we provide you with an instant agreement in principle, putting you one step closer to a great value instalment loan. We’ll then personally assign you a Customer Care Manager who will oversee your application. This is where we work differently from many other instalment loan direct lenders, taking this personal approach to help you get the loan you need.
Depending on your circumstances, your Customer Care Manager may need to call you to confirm a few details. If so, this should take no longer than 5 minutes to complete and will help us make a more accurate decision. If we don’t contact you during this period, it’s because we have sufficient information to make a decision from our Credit Reference Agencies and Open Banking providers.
Once we are happy with the information you have provided and performed a full credit check, we will confirm your loan approval and send you the loan documents to sign digitally. All you then have to do is check the document, sign and once we’ve received it, we’ll transfer the funds directly to your bank account within just 15 minutes. Apply now to start your application and see how quickly we can provide weekly or monthly instalment loans in the UK for you.
Eligibility for Instalment Loans in the UK
Want to apply today for an instalment loan? You’ll need to ensure you meet the following minimum requirements first:
- Aged 18 years or over
- Be a Current UK Resident
- Be in Full or Part-Time Employment, including Self-Employed
- Receive a Regular Income
- Be able to Provide Bank Account and Debit Card details.
As long as you can meet the above eligibility, we’re happy to accept your application for instalment loans to review. As part of your application, you will need to provide us with additional information including your current income and expenditure, addresses from the past 3 years and a valid email address and phone number. If you have any queries about our instalment loans or the application process, please don’t hesitate to get in touch to discuss with our team.
Instalment Loans FAQs
What’s the Maximum I Can Borrow with an Instalment loan as a New Customer?
For those who are applying for the first time through Fast Loan UK, the maximum you can borrow is £800 for up to 8 months (241 days). The reason for this is so we can ensure you fully repay your first loan with us successfully to become one of our trusted customers. If you then choose to re-apply for instalment loans through us, you can borrow a maximum of £2,000 for 1 month, 3 months, 6 months or anytime up to 12 months (365 days). Whilst we welcome returning customers, we do not encourage them to apply for the maximum available to them. Instead, we recommend applying for the amount you need and for a repayment term that’s manageable rather than the longest available. Any returning customer will be subject to full affordability assessments to ensure each and every instalment loan we issue is affordable. Unlike payday loans, you get longer than your next salary date to repay with us.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
How Will Repayments Be Taken for Short Term Instalment Loans?
We use a continuous payment authority (CPA) to automatically take the agreed loan repayment value from your bank account as per your credit agreement. All you will need to do is ensure available funds are in your bank account before this date. We will also remind you at least 3 days before we do take repayment. Alternatively, you can cancel the CPA at any time and pay by secure bank transfer instead. As instalment loan lenders, we want to provide you with a flexible approach to how you repay.
What Happens if I Get into Financial Difficulty During the Instalment Loans Repayment Schedule?
During your application, we take the necessary steps to fully assess your loan application as instalment loan lenders. This way if we feel you may struggle to maintain repayments, we won’t be able to approve your instalment loan application. However, we appreciate the unexpected can happen to any of us and if during your loan repayment schedule your circumstances change and you expect to miss repayment(s) on instalment loans, please get in contact with us as soon as possible. By speaking to your Customer Care Manager, you will be able to make arrangements for repayment. If you do get into financial difficulty, both Citizens Advice and The Money Advice Service can provide independent, impartial support.