Where do I Find Instalment Loans?

There are quite a few newer loan types to appear on the market and so you may wonder where you will be able to get them. Instalment loans are one of these newer types of loan and you may wonder where you can find the lenders that offer these loans. They tend to appear online, but that can still make it tricky to find them as there are so many financial pages online to search through. There are ways that you might find it easier to find them though.

Online search

You might start by doing an online search. If you use very specific search terms it should help you to get more accurate results. Also use a mainstream search engine as they are more likely to have the best results. You may still find that you get pages and pages of results though. You could choose to click on each link and see what the lenders are like. This will be the most detailed way to search but it will be time consuming. You may be happy with doing this or you might rather find a quicker method to search.

Comparison site

Going on a site which compares loan could be quicker. You will already have a list and it might even have information about the lenders so that you can compare the loans more easily. The sites might compare the loans on interest rates though and so you will need to make sure that they are comparing accurately. This is because some might have annual percentage rates and some might have annual equivalent rates which includes any additional fees. This means that they may not be accurately comparing them. However, you can check this with the lenders yourself but they list of lenders on the site should give you an idea of where to start when you are looking for lenders. It is wise to be aware that these sites tend to make commission on leads and so they may only have details of the lenders that will give them the most money.

Finance websites

You might find that you can get some information from personal finance websites. Make sure that you go to sites that you trust and ones that focus on UK products. Then you will be able to see what they say about these types of loans. They may list different lenders and have information about how the loans work which could be useful to you. They might even have reviews of loans and lenders which could also be good. It is worth noting that some might be similar to the comparison sites in that they get commission on leads that they generate so be wary that they may also be more praiseworthy about loans they get paid more by. They may also only feature those that pay them commission so there may be better ones that are not mentioned at all.

Adverts

A way that many people find out about loans is by adverts that they see. Many lenders will advertise on television or online and that will be a way that you will be able to recognise different lenders. Although this will give you an idea about the existence of some lenders, it can be rather limiting You will find that there are many more lenders than those that are advertising. You might even find that those that advertise are more expensive as they have to pay for their adverts and so may charge more as a result.

It can seem like a lot of work to find all of the different loans that are available and it can be. You might wonder whether it is even worth it. However, looking for lots of alternative lenders will allow you to make sure that you are getting a good deal as you can compare them. You will not only be able to compare them on how much they cost but look at them to see which seems to offer the best value for money. It will be worth putting this effort in as it will mean that you will end up with a much better borrowing experience.

Once you have an idea of where to find lenders you are one step closer. You will then be able to take a look on their websites to see what they are offering in terms of loans. It is likely that they will have a lot of information that you will be able to read to find out about the loans that you are interested in, including the instalment loans. It can be rather complex though, often there is some clear information but if you want to know lots of details then you may need to look at the terms and conditions that will be complex. If this is the case, then you might be better to contact their customer service department who will be able to give you the information.

Do Instalment Loans Cost a Lot of Money?

Often when we are thinking about whether to take out a loan, we will worry about the cost. We all know that loans will cost money and there is no loan type that will not. However, we can get worried about the fact that some loans are more expensive than others and wonder which we should get because of the cost. It can be hard to compare them as well as they are priced differently. It is therefore wise to have a good understanding of loans and their costs so that you can choose one according to your needs.

How do lenders charge?

Many people will look at the percentage rate of a loan and compare that to see how much the loan will cost. This can be a mistake. Firstly, there are different percentage rates some use APR and some AER and comparing these can make things confusing. An APR is an annual percentage rate which is the yearly percentage rate that you will be charged on the loan. The AER is the Annual Equivalent Rate which includes any other costs of the loan as well as the interest. This means that an AER will generally be more expensive as APR but if you pick the cheaper percentage rate you could still end up paying more overall due to the other charges for the loan. Charges can include set up charges and administration charges. They tend to be applied once at the beginning of the loan but lenders can charge what they like so they might have yearly fees or other ad hoc fees.

How to find out the specific cost of a loan?

It is therefore much better to try to find out how much you will be charged for the loan in monetary terms. This will allow you to do a like for like comparison between different loans. Some lenders will have a repayment calculator on their website. This will allow you to enter the details of the loan that you are interested in and it will let you know how much you have to repay and how often. Then you will be able to add it up and work out the total cost. Not all lenders will have this service though so you may end up having to look through the terms and conditions. This can be complex and often is not something that we will even understand. However, you should be able to find out if you contact the lender. It is also worth looking at any additional charges they might make in certain circumstances. This includes things like late payment charges or early repayment charges. It is a good idea to note these even if you think they will not apply to you as they can vary quite a bit. If you are not sure which of two lenders to choose between because they seem similar, then it could be this sort of thing that could help you to make the right decision.

Are instalment loans too pricey?

If it is specifically instalment loans that you are interested in then you may worry that they are too expensive. Firstly, it is worth bearing in mind that because they will lend to those with a poor credit record then they take on a lot of risk and therefore charge extra for it. They will also be able to arrange a loan really quickly, which means that they may need more staff in order to do this. Some are open all of the time as well so that you can get a loan outside of working hours and this will cost them more money in staffing as well. You have to decide whether you think that these things are worth paying extra money for.

The loans might also be dearer than payday loans which you repay more quickly. This is because you have longer to repay it so will be borrowing the money for longer. As interest tends to be calculated daily then the longer you have the loan for; the more costly it will be. However, it could be worth it if you are more easily able to manage the repayments.

You will need to think about whether you feel the loan that you choose offers good value for money. It might feel like the cheapest loan will be the best just because it costs you less but this may not be the case. You need to make sure that you calculate the full cost properly and then that you take into account what you are getting for your money. We tend not to always buy the cheapest things that we see because we are not keen on the quality and the same can be said when you are choosing lenders. You might fee that it is worth paying a bit more money.