Instalment Loans

What is an instalment loan?

Even the best-planned budgets can sometimes take a hit. When unforeseen expenses add up, quick access to cash can be the best way to take back control of your finances. A cash instalment loan is similar to other personal loans in that it can be paid back over an agreed period of time. We can help you cover a range of costs, even if you have a poor credit score, with a flexible loan.

How do instalment loans work?

These loans work in a similar fashion to an unsecured loan, allowing you to spread the cost of the amount you borrow over a period that works for you. Flexible lending terms means there are no lump sums to worry about, whilst our manageable repayment plans are designed to suit most budgets. At Norton Finance, we work with a range of lenders, meaning we’ll be sure to find the right solution for your borrowing needs.

Applying for an instalment loan

We understand a poor credit history can be a concern. However, we work with lenders who can offer services no matter your financial background, even if you’ve been refused credit elsewhere. Using our easy online application process, just select the amount you’d like to borrow. Once we have all the details, we can give you an answer on your eligibility right away.

Am I eligible for an instalment loan?

With access to over 600 lenders, we can find the right service for you, no matter your financial situation. Whether you have bad credit concerns, CCJs, are self-employed or retired, our extensive panel offers a variety of available options. Whatever your circumstances, we can help you access cash quickly to cover those urgent expenses.

Is an instalment loan right for me?

Instalment loans are a popular option as they allow you to spread the cost of your borrowing, making paying back your loan more manageable. It can be used for a range of situations, whether you’re dealing with urgent repairs and require the funds to pay them quickly, or if you’re looking to make a bigger purchase and want to make repayments over an extended period of time.

These loans can also help you improve your credit rating over time, as you prove that you can make the payments consistently each month. 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.

Instalment Loan FAQs

Please click below for the answers to our most commonly asked questions. If you can't find the information you need, call us free on 0800 694 5566 and one of our advisers will be happy to help.

How much can I borrow?

Norton Finance can help you borrow anything from £3,000 to £500,000.

How long are the repayment terms?

Depending on your financial situation, and what you can comfortably afford to pay back every month, terms last from 1 to 30 years.

What are the interest rates?

The rate you’re offered depends on a variety of factors including your current credit score and credit history. Secured loan rates for homeowners start at 2.9%.

Are there any loan fees?

We’re a broker – not a bank. We receive a commission from the lender once a loan 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.

Can I pay off a loan early?

It’s always possible to pay off the balance in full at any time, when you take out a loan. However, choosing to repay the debt in full may incur an additional fee for Early Repayment. This is calculated on the basis of the interest that won’t be paid as a result of paying off the loan early.

Can I take a break from paying back my instalment loan?

Some lenders offer ‘payment holidays’ which allow you to take a break from repayments. However, this might have a negative effect on your credit report. Check the terms before you sign up.