Installment loans are the modern day version of borrowing a small sum of money. These loans allow the ability to apply and potentially be approved for a loan ranging in value between £100.00 and £500.00. Some lenders of such loans will consider larger loan sums but ultimately this will depend on the lender and the circumstances of the individual applicant. Generally speaking consumers will borrowing between £250.00 and £300.00 from lenders who operate within this market place. Installment loans and other short term borrowing options are designed to give access to consumers who only require a small loan and a repayment term which is reflective of this. This is why most installment loans and short term loans in general, are repaid in little longer than 6 months. Again, the term of repayment available will be dependent on a number of key factors, including the circumstances of the applicant, the specifics of the product in question and the amount of money being borrowed. Usually it is simple to locate loans which can be repaid in a single repayment, then extending over any number of months, whether that be 3,5 or 6 months; as mentioned above.
These loans are offered via the means of online based applications which means they can be applied for in a convenient and discreet manner, should they be needed. The vast majority of lenders have websites which can be clearly accessed via any internet enabled device, meaning the application form is able to adapt to the chosen device. So whether a Smart phone, laptop or tablet is preferred, the website will still be easily accessible. Completing the application usually takes no more than about 10 minutes and as soon as the request for borrowing has been submitted, the installment loans lender will get to work in deciding if the loan can be approved or not. Making a decision concerning any given application will come as a result of both electronic and manual based checks. This means the lender will make their decision in a uniformed fashion in every instance. To reach a lending decision, via these electronic and manual checks, the lender will aim to understand the applicant’s ability to afford the loan and in doing so gain an understanding of their purpose ability to do so; if applicable.
Once the installment loans lender has decided whether the loan can be approved or not, it is likely then that the funds will be transferred to the agreed account the very same day. Sometimes the lending decision can happen as quickly as only an hours’ time but it will depend on the individual circumstances of the customer. In other instances it may be that the lender is unable to make a decision until a later period of time. This may be as a result of further checks being required or in some cases, a requirement may have been triggered for the applicant to provide additional supporting documentation before the application can be finalised.