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Instalment loans allow you to pay monthly and better budget your money. Home > Personal Loans > Instalment Loans

Instalment Loans

How do instalment loans work?

Instalment loans let you spread the cost of your loan and pay it back in scheduled repayments over an agreed amount of time. The main benefit of this type of loan is that the repayments are staggered and in smaller, more manageable amounts so you know exactly where you stand for budgeting each month.

You’ll find that repayment terms may differ between lenders and the loan period can vary from a few months to many years. The lender will deduct payments from your bank account on the day they are due to be paid, usually on a monthly basis on or just after your payday.

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What are instalment loans used for?

An instalment loan could be a possibility if you need to make a big purchase like a car or fund emergency home improvements, for example. You may not be able to afford to pay the cost in full, and so these types of monthly loans give you the leeway to pay the money back over time until the balance is paid in full. Many people also consider instalment loans when they want to consolidate other outstanding debts.

This type of loan can actually help boost your credit score and many direct lenders offer instalment loans for poor credit. Whether you take the loan out over the short or long term, by meeting the fixed payments every month, you can show you’re both responsible and reliable – even better if you can afford to pay a little extra off at each payment.

The benefits of an instalment loan

Whether you need money quickly for an unexpected bill or you’re trying to plan for your family’s future, there are many advantages to taking out an instalment loan:

Speed
Once you’ve been approved for an instalment loan, there’s likely to be a very quick turnaround and the money could be in your account within a couple of days, if not the same working day. This means there’s no waiting around if you have an urgent bill that needs covering, or a financial emergency that’s thrown your budget out of balance.

Flexibility
If you opt for this type of loan, you’ll never be expected to pay a lump sum at once. Instalment loans come with flexible repayment periods so you can decide with your lender on the term most affordable to you. The transparency and consistency means you’ll always know how much you owe each month, and can budget and plan accordingly. Plus, you won’t be penalised for making an additional payment if you happen to have some spare money one month.

Reliability:
Our instalment loans comes with a fixed interest rate for the duration of the loan so you know exactly where you stand with your monthly payments.

Available finance:
The amount of money you borrow is entirely up to you so whatever you need your instalment loan for, it’s almost entirely tailored to your needs and financial means. At Progressive Money, we offer instalment loans from £1,000 up to the value of £15,000, with flexible loan repayment periods up to 10 years.

Am I eligible for an instalment loan with Progressive Money?

We pride ourselves on looking at the wider picture when we receive a loan application – so you can be confident that you’re not just another number on a screen. We look at your individual circumstances and a range of factors, including your current financial situation, before making a decision.

If you’re considering our instalment loans, all we ask is that you are:

  • Aged 18-70
  • Employed or self-employed
  • A homeowner
  • Live in the UK
  • Able to afford monthly repayments comfortably from your regular income

Apply now for an instalment loan if you meet these requirements, or call our dedicated team with any questions you might have and we’ll help you get started today.

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Progressive Money is a responsible lending partner, therefore loans applied for through Progressive Money are subject to affordability checks and further criteria being met by the applicant. T&C's apply.
We treat every customer as an individual and look at their unique circumstances, not just their credit score.
When you borrow from us, you can rest assured that we’re here to support you every step of the way.
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£2,000 Loans

Whether you’ve found yourself in a difficult spot because of an unexpected financial outlay or are looking to plan for the future, a 2,000 pound loan may make all the difference. Here at Progressive Money, we want to help you get on in life. Because we appreciate that sometimes your bank balance may not stretch as far as you need it to, we aim to be as flexible as possible when it comes to loan applications. Worried about a poor credit score? Don’t be.

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£5,000 Loans

If you’re making plans for the future or need to fix up something in the home, you may find some financial assistance is the best way to get the job done. With a 5,000 pound loan from Progressive Money, you can take control. We’ll work with you to discuss a loan duration and monthly repayment plan that’s tailored to your current needs. Choose a long-term deal like a £5,000 loan over 5 years if you feel comfortable with such a loan period, or opt for a different timescale to pay back the money if you so wish.

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