To get the best and cheapest deal, visit each instalment lender's website and get a quote to find out how much you would pay back over the term you want.

You do not get credit checked when you get quotes from each lender, this only happens when you apply for the loan.

This comparison only lists instalment loan lenders that follow the rules set out by the Financial Conduct Authority (FCA). Find out more on how this regulation can protect you here.

What are instalment loans?

They are short term loans that you pay back monthly, rather than in a single payment.

You can borrow anything between 50 and 2,000 depending on your:

  • Credit history

  • Income

Before you apply

To find the right loan, ask yourself:

  • How much do you need to borrow? You get charged interest on everything you borrow, so applying for more than you need will mean you pay more interest.

  • How long do you want to pay it back over? You could spread your payments over a longer term to make them more affordable, but you will pay more interest this way.

  • Do you want the flexibility to pay it off early? Although some lenders charge for this, the sooner you pay the loan back the cheaper it is as you get charged interest daily.

An instalment loan charges a high interest rate, and the longer you take to pay it back the more you get charged.

What else to think about

If you do not have a good credit record, but need to borrow a sum of money that can be paid back over a set term, such as six months, then an instalment loan could be an option for you.

Do not keep applying for loans if your first application gets declined. Making several applications can damage your credit record as it leaves a mark each time you apply.

Instalment loan FAQs

Q

When will I know if my instalment loan application is approved?

A

Most lenders tell you within minutes, but it can take longer if you have given incorrect information on your application.

Q

What happens if my instalment loan application is declined?

A

Ask the lender why. You should also find out if there are any issues with your credit record.

Q

Is it harder to get a loan with bad credit?

A

Yes, your credit record tells lenders if you are a responsible borrower, but the lenders in this comparison may accept you with bad credit.

Q

Can I get a payday loan without going through a credit check?

A

No, all payday loan applications require a credit check.

Q

When will the money arrive in my bank account?

A

Most payday lenders send the money on the same day your application is approved, but it could take up to a couple of days to reach your account.

Q

Are instalment lenders regulated?

A

Legally, they must be regulated by the Financial Conduct Authority (FCA) but not all are. Check the FCA website to find out which lenders are regulated.

Q

What does responsible lending mean?

A

Lenders can only let you borrow money if you can afford to pay it back. Here is more information on the rules a lender must follow.

About our payday loans comparison

Q

Who do we include in this comparison?

A

We include our panel of direct lenders and credit facilities that offer short term loans. They are all regulated by the FCA, satisfy our screening standards and do not pass your details to other lenders or brokers without your permission. Here is more information about how our website works.

We also check and verify that each lender in this comparison is authorised by the FCA, however you may find lenders elsewhere that are not. Find out more about unauthorised lenders on the FCA website.

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.