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Monthly Instalment Loans
Fast. Free. No impact on credit score.This won’t affect your credit score
An instalment loan is like other personal loans in that you can pay it back over an agreed period through regular monthly payments. This usually includes interest too, based on the length of the repayment period and your own financial circumstances.
Instalment loans give you flexibility to choose the amount you want to borrow and the length of your repayments, over a series of months. This way you can pick a time frame that allows you to keep up with the repayments. Just bear in mind that the longer the loan term, the more it will cost overall.
Our loan calculator is here to help you get an idea of what repayments will look like on a month-to-month basis. Adjust the sliders for amount and term to see what works for you.
Instalment loans allow you to spread the cost of your borrowing, which makes paying back your loan more manageable.
By regularly paying back the loan each month as agreed between you and your lender, you can also demonstrate that you are a reliable borrower, which may help your credit score improve over time. This can boost your chances of being accepted for other types of credit in the future, even if you’ve been rejected by other lenders previously.
However, late or missing payments can negatively impact your credit score. You should make sure you can comfortably meet the repayments, to avoid affecting your credit worthiness or losing your property, in the case of a secured loan.
Whether you choose to take out an unsecured or secured instalment loan, it’s important to consider the following before you apply:
Familiarise yourself with your regular incomings and outgoings in advance, to check you can meet the repayments each month. Lenders also tend to ask questions about this during your application, so it’s good to be prepared.
It’s also a good idea to run through your credit report, as lenders may want to see your credit history, including CCJs, to determine the interest rate of your instalment loan.
Lenders usually ask about the purpose of your loan, so make sure you have a clear reason for your application.
When applying for an instalment loan, there are several eligibility factors lenders tend to look at:
With access to over 600 loan products, Norton Finance can find the right service for you, no matter your financial situation.
Take a look at our article about loan eligibility for further advice on applying for a loan.
You can use personal secured loans for any purpose, but your lender might want to know what your intentions are. People tend to apply with a specific, large project in mind, such as:
Borrow to raise the funds for the materials you need to redecorate, or build an extension.
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You can apply for an instalment loan using our easy online application process, just select the amount you’d like to borrow. Afterwards, we’ll get in touch to discuss your details, so try to have the following to hand:
Once we have all the information we need, we can often give you an answer on your eligibility right away.
Take a look at our article about loan eligibility for further advice on applying for a loan.
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We’re a broker – not a bank. We receive a commission from the lender once a loan application is completed and charge a broker fee on secured loans. This can go up to 12.5% of the loan amount, to a maximum of £3,995. We do not charge fees on unsecured loans.