What are instalment loan benefits?

Instalment loans, as a form of unsecured personal finance, can help people in a range of situations. They also provide some clear advantages when you compare them to what other loans can offer:

You Can Spread Your Total Interest: Because each month you pay off a portion of the loan and interest, each month you’ll gradually pay off the total interest on your credit in a series of staggered instalments.

They Allow You to Plan Ahead: By agreeing on both the amount of credit you wish to borrow as well as the repayment dates, you can plan ahead to ensure you clear your instalments in full by the agreed date.

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Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. 

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Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.