Over the course of 2014 there have been negative reports about the payday loan industry with people struggling to manage the loan and the increasing debt people are facing but tougher measures are now in place since the Financial Conduct Authority have started regulating this market. Generally what we find is that if a loan is taken they are much more manageable when they are split into a number of repayments and paid back over a longer term.
Instalment Loans The Way Forward
Now there is a new consensus with the the payday loan industry moving into the instalment loan market following suit of the guarantor lenders. Instalment loans are rapidly becoming a popular source of borrowing with payday lenders you can now borrow for up to 12 months with some lenders but with a guarantor lender you are able to borrow up to 5 years paying back smaller agreed amount over a longer period making it much more manageable. The amount that you can borrow with a instalment guarantor lender can range from £500 to £10,000 which is significantly higher than a payday loan if you need to borrow big amounts and there is a possibly that funds can be available the very same day.
Finding The Right Guarantor Instalment Loan Lender
With so many various instalment loans product about you may question which lenders I choose? Well if a lender has given you the option to pay back over a longer period that suits your needs this will be a lender to consider making it easier to manage your instalment loan and always compare APR’s to get the best rates. Guarantor instalment lending can be flexible as long as you and your guarantor meet the responsible lending criteria. We at The Lenders List only list direct guarantor instalment lenders and with each lender having a dedicated page you will be able to see the requirements and the amounts you can borrow making it simple and easy but we always advise do further reading on the lenders site to get full clarity.