At QuidMarket, our aim is to help hard-working people cover their short-term financial needs. We’ve found that the best way to do this is to offer instalment loans – an alternative to payday loans. This allows our customers to borrow what they need and break the repayment down into sustainably affordable weekly or monthly instalments. We offer flexible repayment terms up to 6 months, so you can apply for a loan that perfectly suits your upcoming budget.
As an instalment lender, we want you to be confident in your choice. If you’re considering taking out one of our instalment loans in the UK, we strive to provide you with all the information you need to make the decision yourself. We hope to answer any questions about our instalment loans for bad credit here, but if you need anything else, contact QuidMarket and we’ll be happy to help.
QuidMarket Direct Lender of Instalment Loans Online
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- Instalment loans for bad credit available
- QuidMarket is an FCA Authorised responsible lender
- We’re a direct instalment loan lenders with no hidden fees
- No guarantor or collateral needed
- Same day cash transfer wherever possible
- Apply for monthly instalment loans in the UK online
- Decisions made by humans, not computers
*Loan amounts and repayment terms are dependent on affordability checks
What Are Instalment Loans for Bad Credit?
Instalment loans are any type of loan that you repay in instalments over a set period. There are several different loan types available within this category, and the repayment term varies depending on this. At QuidMarket, we offer short term loans with flexible repayments over up to 6 months.
Our monthly instalment loans are designed to be a more sustainably affordable alternative to payday loans, allowing our hard-working customers to borrow what they need to cover emergency expenses without having to repay the full amount from their next pay cheque. QuidMarket offers instalment loans for bad credit up to £600 for new customers, and potentially up to £1,500 for repeat applicants.
The main benefit of instalment loans for bad credit from direct lenders only in the UK is that with a longer repayment term, each instalment becomes smaller and this may be more easily manageable with your weekly or monthly budget. You should be aware, however, that choosing a longer loan term will increase the overall cost of your loan, as interest builds up over time.
It’s a good idea to work out how much you can sustainably afford each month before you apply for the loan. You can use the handy calculator tool on our homepage to get an idea of how much each instalment would be based on the amount you need to borrow.
Are You Eligible for Our Instalment Loans in the UK?
Being a direct lender of instalment loans online means that here at QuidMarket, we’re able to set our own decision-making criteria based on what we think is important. We consider all credit scores and are happy to offer bad credit instalment loans.
Assessing solely on credit score does not guarantee that those approved would not struggle to make the repayments. It could also lead to applicants being turned down when they could have afforded the loan that they applied for.
We think that a fairer way to offer instalment loans for bad credit is to look at your regular income and outgoing payments. If we determine that you could sustainably afford the instalments, we will usually be happy to approve your application. You must also meet our eligibility criteria:
- Live in the UK
- Over 23 years old, and under 65 years old
- Have a mobile phone (we send an SMS code during your application)
- Hold a UK bank account with a valid debit card (we run a verification check that takes 1p)
- Be in employment and take home at least £1,300 a month
Want Instalment Loans in the UK from Direct Lenders Only?
When it comes to comparing instalment loans in the UK from direct lenders versus going through a broker, the main difference is that you will not have to pay any broker fees. With a broker, even if there are no broker fees listed in your loan cost breakdown, they can sometimes be hidden in the cost of your loan, even sometimes in the way of a higher interest rate.
If you are looking for bad credit instalment loans from direct lenders only in the UK, we can help. As an online instalment lender, we don’t charge any fees – hidden or otherwise – for taking out our loans. We’re fully transparent about all costs involved.
Repaying Bad Credit Instalment Loans
When it comes to repaying an instalment loan from QuidMarket, we like to make it as easy as possible for you. The repayment dates will be set to coincide with your regular pay date from work, as this will help ensure there are sufficient funds in your account each time. As a direct lender of instalment loans for bad credit, QuidMarket offers fixed APR interest. This means that the amount you repay will be the exact same every month. We’ll also provide you a list of each instalment date and amount which you can refer to at any time.
When you apply, we’ll set up a Continuous Payment Authority (CPA), which means that the agreed amount will be taken automatically from your bank account on each agreed repayment date. We use a CPA, rather than a direct debit, because this method doesn’t involve the risk of your bank or building society charging you for a missed payment, as they might do if it were a direct debit.
We understand that circumstances change and if for any reason you are worried that you might not be able to make a repayment on time, all you need to do is contact us. We will work with you to come up with an alternative, such as splitting it over subsequent instalments. If we feel you are experiencing long-term financial difficulties, there are several services that can help, including National Debtline, Stepchange, or Money Advice Service.
If your circumstances change for the better, you’re welcome to repay your instalment loans for bad credit early. – simply pay the outstanding balance remaining, minus any interest you would have paid after your early settlement date. To arrange this, all you’ll need to do is contact your customer care manager.
QuidMarket Are Instalment Loan Lenders
Our instalment loans in the UK are perfect for when you need to spread the cost of your loan out over time – but you’ll still receive them quickly. We offer same day loans wherever possible, and we use Faster Payments so that most customers receive the funds in their bank account within 10 minutes of approval.
We want you to be fully confident in any choices you make regarding your finances. If you have any questions about our instalment loans for bad credit from direct lenders only in the UK, you might find the answer immediately in our dedicated FAQ page. Otherwise, you’re welcome to contact QuidMarket and our friendly advisors will be happy to help you.
Once you’re ready, it’s quick and easy to apply for our instalment loans in the UK online.
As the name may suggest, our instalment loans are paid back in equal instalments over a number of months. QuidMarket are direct lenders for instalment loans, so you can easily apply through our website. As a new applicant, you can apply for a loan between £300 to £600 over a term of 3 to 6 months, making us a potentially ideal lender if you need a short term solution. Once we have your application, we will personally check your affordability and ensure that you will be able to comfortably repay each month. We will clearly lay out the full cost of the loan with interest before you agree, and if you are happy, you will repay the instalment loan in monthly increments.
If you have poor credit, you may have tried searching for various ways to improve your rating. There are plenty of methods you can use, including:
- Registering on the electoral roll
- Checking and correcting any mistakes on your file
- Paying your bills on time
- Keeping your credit utilisation low
- Avoiding submitting too many credit applications at once
However, you may also see some improvements to your credit score by paying off each monthly instalment. This will only apply if you are able to repay the minimum each month to avoid defaulting until the full amount is repaid. A repaid account will show up in your credit history, allowing future lenders to see how responsible you are with managing repayments, and potentially giving your rating a boost.
If you think that you will have difficulties in repaying your instalment loans in the UK, don’t be afraid to contact us. A member of our friendly team is always on hand to listen and help if you feel that you are experiencing long term financial problems. This is a much better option than missing repayments, as this could result in a late payment mark or a default on your credit file, which could damage your credit score. Where an arrangement to pay has not been agreed, we may use a third party debt collection agency or take legal action to recover the money owed, so it is always a good idea to get in touch with us if you might have trouble repaying.