Which instalment loan
is best for you?

How much do you want to borrow?

£

For how long?

months

You would like to borrow £500 over 3 months

The table below has been updated, with the cheapest lending option at the top.  Please use the Visit Site buttons to apply, or re-enter loan information for another comparison.

It’s not easy for a typical borrower to pay back a loan all at once. When an individual borrows money, the amount of money that is borrowed is usually significant and generally exceeds the individual’s weekly or monthly income. Loan repayments are broken up into instalments to make the loan easier to pay off.

How do instalment loans work?

Usually, instalment loans are broken up by month. This means that the entire amount of money that is borrowed can be divided up by a certain number of months, and the resulting figure is how much the borrower will have to pay per month to pay back the loan. For example, a six month loan of £1,200 will require a monthly payment of £200 plus interest before the full amount is paid back. Increasing the number of instalments lessens the monthly payment but increases the loan term. Because interest on a loan is usually calculated by the year or by the month, longer loans with more instalment periods tend to entail more interest.

How much will this type of loan cost me?

The total cost of an instalment loan will depend on the APR or interest rate that is charged onto the loan. The APR or interest rate is a percentage of the total loan amount or total balance on the loan account that is calculated periodically and added on to the total amount that the borrower owes to the lender. A borrower should be looking out to find the lowest interest rate possible to save money. Another way to save money is to pay back the loan faster so that interest is calculated and added on to the charges fewer times before the loan is paid back.

What are the advantages of an instalment loan?

Instalment loans are more affordable to pay back and easier to incorporate into one’s budget than a loan that must be repaid all at once. Often, instalment loan providers will offer borrowers tools and advice that will help them manage their budgets and calculate how well their income can cover all of their financial commitments.

Usually, an instalment loan provider will run an affordability check on clients before offering a loan. This affordability check will make sure that the borrower is not offered more loan money than he or she will be able to pay back.

A responsible lender designs financial products to help their clients achieve success and avoid default. When a loan is paid off in instalments, there are many options available in terms of loan amount and number of instalments. This means that this type of loan can be custom designed to meet the needs of each individual client.

What are some characteristics of a good instalment loan provider?

When borrowers are shopping for loans, they want to look out for lower interest rates. However, this is not the only factor to consider. They also need to look out for loan providers that won’t add on hidden charges that could increase the total price of the loan. Some loan providers make more money from borrowers by adding on hidden charges because of late payments, payment types, early payment, and other factors. Borrowers need to carefully research any loans they’re interested in to make sure that they won’t be expected to cover hidden fees in addition to interest charges.

Customer service and satisfaction is another important factor to look into when researching loan providers. Borrowers should be sure that they will be able to talk with a customer service representative when necessary to find answers to any important questions regarding their loan.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

ProviderLoanRepayment: £500
over 3 months
Representative APRMaximum TermUser Reviews
MinMax
Satsuma Loans
£100
£1,000
£700.05
845%
12
Months

Rated 4.4 / 5 by
by 111 users

Read Reviews

Representative Example:
£400 loan repayable over 26 weeks. 26 weekly payments of £26.15. Rate of interest 140% p.a. fixed. Representative 845% APR. Total amount payable is £679.90.

Wizzcash
£200
£1,000
£728.00
993%
12
Months

Rated 4.6 / 5 by
by 115 users

Read Reviews

Representative Example:
Total Amount of Credit: £200, Duration of the Agreement: 90 days, Total Amount Repayable: £291.18 to be re-paid in 3 equal instalments of £97.06 on your next 3 pay days, Interest is Fixed at a rate of 264% per year - 0.72% interest per day, Representative APR 993%

MyJar
£100
£2,500
£740.10
1081%
12
Months

Rated 4.6 / 5 by
by 109 users

Read Reviews

Representative Example:
BORROW: £300 FOR 90 DAYS INTEREST: £144.06 TOTAL TO REPAY: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1081% APR

Pounds to Pocket
£200
£2,000
£747.17
277.5%
12
Months

Rated 4.6 / 5 by
by 108 users

Read Reviews

Representative Example:
Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.

PiggyBank
£150
£750
£753.48
1270%
5
Months

Rated 4.5 / 5 by
by 114 users

Read Reviews

Representative Example:
Amount of credit £250.00 for 30 days, Total amount payable £310.00, Interest rate 292% (fixed), Interest £60.00, Representative 1270%APR

Sunny
£100
£950
£757.07
1295%
6
Months

Rated 4.5 / 5 by
by 101 users

Read Reviews

Representative Example:
Loan amount £400 repayable over 6 months. Total amount repayable £752.24 in 6 payments of £125.38. Interest 292% p.a. fixed. Representative 1295% APR

Pixie Loans
£150
£1,000
£757.07
1284%
3
Months

Rated 4.5 / 5 by
by 88 users

Read Reviews

Representative Example:
Borrowing £200 over 58 days would mean the total charge for credit would consist of a £72.01 interest charge. This would make the Total Repayable £272.01. Interest Rate 292% pa (fixed) Representative APR 1284%.

Uncle Buck
£100
£1,000
£757.08
1263.1%
3
Months

Rated 4.7 / 5 by
by 107 users

Read Reviews

Representative Example:
If you borrowed £300.00 for 91 days you would repay £457.17 in total in 3 equal monthly instalments of £152.39. Interest is 292% per annum (fixed). Representative 1263.1% APR

Lending Stream
£50
£800
£760.86
1272%
6
Months

Rated 4.4 / 5 by
by 100 users

Read Reviews

Representative Example:
Total amount of credit: £200, Annual Interest Rate: 292.0% (Fixed), Representative APR: 1272.0%, Duration of agreement: 6 months, Total amount payable: £391.68, Total charge of credit: £191.68

Different Money
£150
£2,500
£760.86
255.5%
12
Months

Rated 4.6 / 5 by
by 99 users

Read Reviews

Representative Example:
Amount and term of loan: £500 over 6 months. Amount repayable per monthly instalment: £159.39. Interest rate: 255.5% (variable). Total amount repayable is: £956.36. Representative 1072% APR.

Peachy
£50
£700
£763.78
1255.66%
12
Months

Rated 4.6 / 5 by
by 112 users

Read Reviews

Representative Example:
Borrow £250.00 for 3 months (91 days). Repay in 3 payments. Each payment: £126.48. Total repayment: £379.44. Interest: £129.44. Interest p.a: 292.25% (fixed). Representative 1255.66%APR

Quick Quid
£50
£1,000
£860.00
1294.1%
3
Months

Rated 4.6 / 5 by
by 116 users

Read Reviews

Representative Example:
Amount of credit: £200 for 28 days. One total repayment of £244.80. Interest: £44.80. Interest rate: 292% pa (fixed). 1294.1% APR Representative.

Whilst we make every effort to ensure that the information is up to date, you should always confirm the terms of the offer with the product provider.



5 most recent instalment loan reviews

Review of Pounds to Pocket

I couldn't find a better and more convenient short term loan than this one from Pounds to Pocket. I like this instalment type of loan rather using a regular bank loan that is not always as competitive with their rates. My current loan is for a 6 month period but I would definitely consider using their 12 month loan period next year for the loan I'll be needing to help pay for the cruise I am planning to surprise the wife with for our 40th wedding anniversary. Some times it's best not to involve your own bank when you want to borrow smaller sums of money and I think these Pounds to Pocket loans are a great alternative.

Review posted by Kenneth P., Warminster

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pounds to Pocket

My reasons for taking out this instalment loan with Pounds to Pocket aren't worth mentioning but what is worth mentioning is how quick and easy it was to get this loan. What's also worth mentioning is that Pounds to Pocket vary their interest rates and base them on the individual so because I have got a very good credit score and very little debt I managed to get the lowest rate they are advertising at the moment which was great for me and it definitely makes me think I will use Pounds to Pocket again if I should ever need a small loan again in a hurry.

Review posted by D. Woodward, Slough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Pounds to Pocket

Provided I don't get them too often I can usually deal with an unexpected large bill by taking out a convenient and quick instalment loan with Pounds to Pocket. I used them the first time I got a massive bill for roof repairs that my household insurance wouldn't pay out for and ever since then I have been relying on them to get me out of a sticky situation when extra money is required. I'd say more people would use a loan like these Pounds to Pocket instalment loans if they knew just how easy they were to get and it's got to be better than burying your head in the sand and avoiding the bills when they land on your doormat. I'd much rather take out an instalment loan than have a leaky roof and we've just got the wife's car fixed and back on the road thanks to this current Pounds to Pocket loan. I would definitely give them my seal of approval.

Review posted by Matt Drake, Folkstone

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Different Money

A Different Money instalment loan was the perfect solution to the cash crisis I was having and now that I have experienced my first ever instalment loan with them I have a feeling I will be using this loan facility again and provided Different Money are still offering such good rates I will in all probability go back to them for another loan. I had no idea this type of loan facility was so readily available and so easy to apply for. It puts my bank to shame who have never really been very eager to give me a loan. I won't need to worry on that score any more now that I have discovered Different Money.

Review posted by Pam Skillern, Reigate

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Different Money

My son was in a bit of financial trouble and came to me for help. I couldn't raise the money he needed in time but what I could do is take out an instalment loan with Different Money. I had used them once before and had a very good response from them so I knew the loan wouldn't be a problem. As with the previous loan Different money gave me an almost instant approval and by close of play that day they had finalised the loan and transferred the money to my bank account which has shown up in my account this morning. I'll be making an instant withdrawal and handing it over to my son. I just wanted to say thanks to Different Money but maybe it should be my son doing the thanking. I won't be holding my breath!

Review posted by Dennis Chatterton, Solihull

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money