Instalment loans

Depending on your circumstances, an instalment loan can be a better option than a payday loan. Payday loans are typically due in full on your next payday which may not be convenient for all borrowers, whereas instalment loans can be repaid in fixed payments over a longer period of time. This allows borrowers to budget their repayments more effectively. At QuidMarket, we can provide instalment loans as UK direct lenders between 3 – 6 months, helping you choose affordable repayments when you need them.

Yes, our instalment loans require a credit check, however, we’ll focus on if you can afford the loan you need rather than just your credit history. As direct lenders, we use your credit history and score to determine your ability to repay and sustain the loan alongside affordability checks. This ensures we can approve a loan only for those who can afford repayments between 3 – 6 months.

You may find monthly instalment loans with no credit check from direct lenders in the UK, but these often come with higher interest rates and fees. It’s important to compare rates and terms from different lenders, and through us you can use our loan calculator to see how much a loan will cost before proceeding.

This will depend on if you can sustain the repayments on your instalment loan. If you have a poor credit score, some of the ways you can look to try and improve your rating include:

• 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

You should check your credit report regularly with one of the main Credit Reference Agencies (CRAs), as this will indicate what is currently causing your low score. Here at QuidMarket, we can look to provide instalment loans for bad credit where possible, so if you can afford the loan, having a low credit score may not guarantee you will be declined.

If you think that you may have difficulties in repaying your instalment loans in the UK, please contact us to discuss the situation. A member of our friendly team is always on hand to listen and help if you feel that you are experiencing difficulties. 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 impact 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.