Instalment Loans

The One Stop Money Shop is the best place to go if you need a loan that you can pay back piece by piece. We know that some people have difficulties with their credit scores, but we’re here to help. Founded in 2002, we offer loans that are easy to get and fit your needs, and can help you rebuild your credit score.

Understanding Instalment Loans

To ensure you make an informed decision when it comes to personal instalment loans, we’ll talk you through the process.

What Are Instalment Loans?

Instalment loans allow people to borrow and pay money back over time. You can borrow an amount between £400 and £2,500. Instead of paying it all back at once, you can repay it over 6 – 24 months. The One Stop Money Shop is a trusted lender that started in 2002. We care about being responsible and helping customers find the right financial solution. You can apply for these loans online, which is convenient and easy, without having to visit an office.

One good thing about instalment loans is that they give you time to pay off essential bills or unexpected expenses. Instead of needing all the money immediately, you can split it into smaller, equal monthly payments. This makes it easier to plan your budget and manage your money.

Instalment Loans Repaid Over 6 – 24 Months

You are in charge of your borrowing choices with us and are in total control. You get to decide how much money you want to borrow and how long you want to take to pay it back. The most money you can borrow on the same day is £2,500, but it depends on how much you earn each month if you can afford the payments, and your credit score.

When you borrow from us, you can repay the loan in equal amounts every month. This makes it easier to plan and know exactly how much you need to pay each time. You can even pay off the loan before the time is up. This can save you money because you won’t have to pay as much interest.

Here’s a representative example to give you an idea of the costs involved:

Loan Amount: £500
Repayment Period: 12 months
Monthly Repayment: £81.25
Total Amount Payable: £975.00
Representative APR: 295.60% (fixed)

The Benefits of Instalment Loans

Instalment loans have many benefits, making them a popular choice for people who need money. Here are the main advantages of instalment loans:

  • Easy Repayment

    With instalment loans, you can repay the money over time instead of all at once. This means you can divide the total amount into smaller monthly payments that are easier to manage. You’ll know exactly how much you need to pay each month, which helps you plan your budget.

  • Simple Application

    Applying for an instalment loan is usually quick and easy. Many lenders let you apply online so that you can do it from home. They give you an answer right away, so you know if you’re approved and can get the money quickly.

  • Different Loan Amounts

    Instalment loans come in different amounts to fit different needs. Whether you need a small loan for something specific or a bigger one for a major purchase, an instalment loan can help.

  • Build Credit

    Paying back instalment loans responsibly can improve your credit history. When you make your payments on time, it shows that you’re trustworthy with borrowing money. This can make it easier to get loans in the future.

  • Longer Time to Pay

    Instalment loans give you more time to pay back the money than short-term loans. You have several months or even years to repay the loan, which provides you with breathing space to manage your finances, especially if unexpected expenses arise.

  • Lower Interest Rates

    Instalment loans often have lower interest rates than short-term loans. This means you pay less in total and have more affordable monthly payments. It’s crucial to compare rates and terms from different lenders to find the best one.

  • Versatile Use

    You can use instalment loans for many things. Whether it’s medical treatment, home repairs, car repairs, or combining your existing debts, instalment loans can be used in different ways to meet your financial needs.

Remember, when you borrow money, you must be responsible and pay on time. This helps you manage your finances better and build a good credit history.

Why should I choose The One Stop Money Shop

We are a company that knows a lot about instalment loans. We know how to help you get the money you need and guide you through the process of applying for and managing an instalment loan. Our customers are happy with our service, like this review we received on Trustpilot on May 5th, 2023:

“Decent and upfront lenders
Easy application and same day loan paid into my bank, which got me out of trouble.
Was able to pay the loan off early with no hassle.
Highly recommended.”

This was a five-star review from DK, and our track record in assisting people like you means you can rely on The One Stop Money Shop when you need an instalment loan.

We also know people with bad credit need additional support, which is why we offer bad credit instalment loans, direct to UK applicants.

The Practicalities of Instalment Loans

Paying by instalment means breaking up the total cost of something into smaller payments. Instead of paying all the money at once, you make regular payments called instalments. You keep paying until the whole amount is paid off. How often you make these payments depends on what the lender or seller says. Usually, you make instalments regularly, such as every month, every two months, or every three months. Most of the time, you’ll make monthly instalment loan payments.

The lender or seller decides the exact schedule, so it’s essential to read the terms carefully to know when to pay. Sometimes, you choose the day you make your payments. This lets you pick the best day for you and your money situation. The instalment plan details will tell you when you have to pay and if you can choose the payment date.

How paying the instalment loan back over time affects your payments?

When you pay back a loan over time with instalments, it slowly lowers the amount you owe. Here’s how it works:

  • Paying Off the Loan

    Every time you make a payment, part of it goes towards paying off the loan. This means the money you owe gets smaller as you make more payments. These smaller payments are called instalments.

  • Interest

    Loans also have an extra cost called interest. It’s like a fee for borrowing money. When you make a payment, some of it goes towards paying the interest. But as you keep making payments, the interest part gets smaller because it’s based on what you still owe.

  • Repayment Schedule

    Most loans have a plan called an amortisation schedule. It tells you how much to pay for each instalment. The schedule is made so you finish paying off the loan by the end of the term. As you go through the schedule, more of each payment lowers what you owe while the interest part gets smaller.

  • Total Interest

    Paying back a loan over time also affects the total interest you pay. At the start, when you owe more, the interest charges are higher. But as you keep paying and owe less, the interest goes down. The total interest you pay depends on the interest rate, how long you have to pay, and the original loan amount.

Can taking out and paying off an instalment loan help my credit rating?

Yes, getting and paying off an instalment loan can help improve your credit rating. Here’s how it can affect your credit:

  • Building Credit

    If you have little credit history, getting an instalment loan and paying it back on time can create a good credit history. Lenders and credit bureaus look at your credit history to see your trustworthiness. By handling the loan responsibly, you show that you’re responsible with money, and that’s good for your credit report.

  • On-Time Payments

    Paying your instalment loan on time is vital for your credit rating. Making payments when they’re due shows that you’re reliable and can meet your financial commitments. Keeping up with your payments can make your credit score better over time.

  • Different Types of Credit

    Having different types of credit is good. Adding an instalment loan can help your credit mix if you mostly have credit cards. Lenders like to see that you can handle different kinds of credit. By responsibly managing both credit cards and an instalment loan, you show that you’re good at handling credit.

  • Credit Usage

    How much of your credit you use also matters for your credit score. When you get an instalment loan, it increases your total available credit. If you don’t use all of it and keep your credit usage low, it can increase your credit score.

  • Credit History Length

    How long you’ve had credit is essential too. When you get an instalment loan, it becomes part of your credit history. If you handle it well and keep making payments, it helps create a longer credit history, which is good for your credit rating.

Remember, it’s crucial to manage your instalment loan responsibly. Late or missed payments can hurt your credit score. Make sure to pay on time and as agreed in your loan agreement.

Why should I use an instalment loan?

Instalment loans have many good reasons why they can help people who need money. Here are some crucial advantages of using instalment loans

  • Flexibility

    Instalment loans let you be flexible with how you repay the money. Unlike loans with short time limits, instalment loans give you more time to pay it back. You don’t have to rush to pay for everything at once. Instead, you can make a plan that fits your money situation and helps you manage your budget comfortably.

  • Organising Your Money

    Having more time to repay the loan can help you get your money in order. You can use this extra time to pay off any other money you owe, bring your money together, and take control of your finances. It lets you plan and handle your monthly expenses better so you don’t get into more debt.

  • Transitional Times

    Instalment loans can be beneficial when going through big changes in your life. Whether starting a new job, selling a house, or adjusting to life with a new baby, these loans give you time to handle your money. You get the loan immediately and then repay it over a few months. This way, you can manage your money better during these changes without paying everything back immediately.

  • Alternative to Payday Loans

    Instalment loans are a good option instead of payday loans. Payday loans usually need to be paid back quickly, which can cause problems and more debt. With instalment loans, you can take your time and repay the loan over 6 – 24 months. This helps you borrow money more smartly, pay it back bit by bit, and avoid the stress of paying a big lump sum.

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What Is The Criteria For Applying?

To apply for an instalment loan, you need to meet the following criteria:

  • Age: You must be over 25 years old.

  • Residency: You should be a full-time resident of the UK.

  • Employment: Whether you work full-time or part-time, you need to be employed.

  • Affordability: It’s important that you can afford the monthly repayments.

  • Banking: You must have a valid UK debit account for funds disbursement and repayment collection.

  • Contact Information: A working mobile phone number and email address are required for loan verification and communication purposes.

When you want an instalment loan, we quickly check if you can afford it. We want to ensure that taking the loan will not lead to more money problems for you. We do a fast credit check and look at how much money you make each month and how much you spend.

At The One Stop Money Shop, we know that you might still need help with money even if you have bad credit. We consider people who have missed payments and debts. But you must show us you have a job and can afford to repay the loan.

You need to have an active bank account in the UK. That way, we know where to send the money and take the repayments from. Also, we need a valid phone number and email address to check the loan and keep in touch with you if we need to.

If you meet these requirements, you can apply for an instalment loan and get the financial support it gives you.

How To Apply For Instalment Loans With The One Stop Money Shop

Our application process is easy. Here are the steps to follow:

  • Online Application

    Visit our website and fill out a safe and secure form. It’s designed to be simple and quick to apply easily.

  • Important Information

    We will ask for some important details during the application, like your personal information, job status, income, and money you want to borrow. Don’t worry; your information is kept private and safe.

  • Assessment and Approval

    After submitting your application, our experienced team will carefully review your provided information. Unlike lenders who only look at credit scores, we look closer at your overall financial situation to decide if you can get a loan.

  • Loan Agreement and Getting the Money

    If your application is approved, we will send you a clear and fair loan offer with all the terms and conditions. Take your time to read it carefully before you sign it. Once you sign the agreement, the money will be sent directly to your bank account, usually within a few days.

Remember, taking care of your instalment loan is vital for your financial well-being. With these tips, you can handle your loan responsibly and control your money.

We know plans can change, and at times, you need more help managing your finances. The flexibility of instalment loans helps people like you make smart decisions, and better manage their money.

We have been operating for more than 20 years, supporting people and families with affordable and dependable financial backing, and if you need a personal instalment loan, we are here to help you. Contact us or apply today to take control of your finances again with our direct lender instalment loans.

Tips In Managing Your Instalment Loan

Managing a personal instalment loan is important for your money situation. Here are some tips to help you handle your loan responsibly:

  • Make a Good Budget

    Plan a monthly budget that includes your loan payment as a fixed expense. Think about how much money you make, what you spend regularly, and what you want to save. This will help you know how much money you can use for your loan payment.

  • Know the Loan Details

    Understand the terms and rules of your instalment loan. Find out the interest rate, when you need to pay, and if there are any extra fees. Knowing these things will help you plan your money and avoid surprises.

  • Keep Track of Payments

    Keep a record of your payments and how many months remain on your loan. This will help you know how much progress you’re making and how long it takes until you finish paying off the loan. You can use a special paper or an app to make it easier.

  • Plan for Bills and Loan Payments

    When you make your budget, remember to include your main bills, such as rent, utilities, groceries, and your loan payment. Ensure you have enough money for these essential things and your loan payment.

  • Countdown Calendar

    Use a calendar to see how many days are left until you finish paying off the loan. Mark the days when you need to make a payment and cross them off when you do.

  • Pay on Time

    Always pay your loan on time every month. If you’re late or miss a payment, you might have to pay extra fees, which can decrease your credit score. Set up reminders or automatic payments to help you remember.

  • Make Loan Payments a Priority

    Treat your loan payment as an essential thing to do with your money. By consistently paying on time, you’ll avoid extra fees and show that you’re responsible with your money, which is good for your credit score.

  • Talk to Your Lender

    If you’re having trouble with money and think you might not be able to pay your loan on time, talk to the people who gave you the loan. They can help you or give you other options to manage your loan.

  • Avoid More Debt

    Try not to borrow more money while paying off your loan. Getting more loans or using credit cards can make your money situation harder. Focus on paying off your loan before you think about borrowing again.

  • Save for Emergencies

    It’s wise to have some money saved for unexpected things that might cost you money. Having savings can help you avoid borrowing more money or using credit cards when something terrible happens.

  • Check Your Credit Score

    Look at your credit report regularly to make sure your loan is being reported correctly. Watching your credit score can help you find any mistakes or problems.

  • Get Help if You Need It

    If you’re having trouble managing your loan or money, it’s okay to ask for help. You can talk to someone who knows about money, like a financial counsellor or advisor. They can give you advice that fits your situation.

Frequently asked questions

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