A Payday Loan Alternative

It is easy to handle financial emergencies if you have some emergency cash as back-up, even before payday at the end of the month. But things can fall apart when you don’t have emergency funds. An online payday loan can help avert such financial mayhem. The advantage of getting a normal payday loan is that it gives you a short-cut to effectively meet your mid month monetary issues – particularly useful between paydays. Nowadays people often apply for a payday loan online. Through extensive research conducted with the help of conventional payday loan products we’ve found that customers often find the repayment terms of traditional payday loans difficult to meet.

We'd like you to consider our short-term instalment loan as a payday loan alternative for those who prefer a longer pay back duration. Typically, payday lenders give their customers a month or two to repay the entire borrowed amount, along with the interest charges. From our experience, we know that some people find this arrangement inconvenient, especially when the loan amount is high (£300 or more). A lump sum payment within 30 days can leave you with a strained monthly budget. Of course, you can opt for a roll-over, but this often results in additional roll-over fees and compounded interest charges with a traditional payday loan.

It is with this in mind that we designed our payday loan alternative product to provide customers with up to 6 months to pay back their loan that is included as a part of the loan contract. The interest will progressively decrease with your regular repayments due to reducing principle balance. Note that the total repayable amount is higher in this case since the duration is longer, but you always have the choice of prepaying or closing your loan anytime to save on the interest charges. For example, if you choose to pay back your loan within two months, the interest you'll be pay will only be charged only for that two months. Many of our customers appreciate this flexibility in repayment that offers extra time to repay without upsetting their monthly budgets.

We have a similar set of eligibility criteria as that of other payday loan products for our short-term instalment loans. Any applicant is strictly expected to be over 18 years of age to qualify for the loan and should be a UK resident. Having a valid bank account linked to a debit card is also necessary, since fund transfer is always done online. The applicant should be employed in a regular and stable monthly paying job that pays more than £750.

Key Features at a glance:

• Funds within 30 minutes of finalisation (£15 transfer fee)
• Borrow up to £600 and pay back in 4, 5 or 6 instalments (4 instalments for amounts up to £100, 5 instalments for £100-£180, 6 instalments for £180 and higher)
• No roll-over charges