Payday Instalment Loans

Payday instalment loans are another option to a payday loan. A payday instalment loan is very similar to a payday loan. With a payday instalment loan you can still expect a high interest rate as you would with a payday loan. Although the interest on a payday instalment loan is higher than the average unsecured loan, the interest and a payday instalment loan can be less than that of a payday loan.

A payday instalment loan generally allows your to borrow the same amount as a payday loan up to roughly £1000. However with a payday instalment loan, you do not have to make the full payment on your next pay date.

With a payday instalment loan, you can normally borrow the money between one and twelve months. When you apply for a payday instilment loan, you can decide on the loan duration. The longer the loan duration of your payday instalment loan, the more that you will pay back in total. When deciding on the loan duration on your payday instalment loan, you will see that the payments generally decrease in size the longer the loan duration on your payday instalment loan. Therefore when applying it can be tempting to extend the loan duration of your payday instalment loan, when making this decision it is important to check what the total amount repayable on your instalment loan is.