We explain how instalment loans have replaced payday loans to give you more repayment flexibility over periods of 12+ months.

If you are one of the millions in the UK who have used a payday loan then you’ll know how much worry their repayment can cause. Well instalment loans aim to solve this problem by spreading out repayments over a number of months without the risk of extra fees and charges.

Not only can you borrow over a longer period than you can with a payday loan but you can also borrow more, subject to affordability. Instalment loans of 12 months and under are protected by rules that limit the cost of credit and the size of fees. However, they are still a relatively expensive way to borrow. There may be cheaper and more appropriate forms of borrowing available to you. To find out if this is the case try our “Find a Loan” tool.

If you do choose to use an instalment loan then keep in mind that most lenders will allow you to repay the loan early to help reduce the total cost.

You can discover more about instalment loans and compare our trusted lenders at the Solution Loans website.

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▶️ ON OUR WEBSITE & "MONEY MATTERS" BLOG

- Instalment Loans: https://www.solution-loans.co.uk/instalment-loans/
- Compare lenders: https://www.solution-loans.co.uk/instalment-loans/compare-lenders/
- Why people will always need short term loans: https://www.solution-loans.co.uk/blog/people-will-always-need-short-term-loans/
- A clear and honest approach to short term lending: https://www.solution-loans.co.uk/blog/clear-honest-approach-short-term-lending/

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▶️ ABOUT SOLUTION-LOANS.CO.UK

Solution Loans is a leading UK online credit broker. We started in 2005 with the express mission of providing people with information and online tools to help them make smarter financial decisions.

We're fully authorised and regulated by the Financial Conduct Authority (FCA). Our credit broking service is FREE to use; there are NO UPFRONT FEES. In most situations the deals you will get will be AS GOOD AS GOING DIRECT, although you should also have more choice than if you went direct.