{"id":7074,"date":"2024-10-05T09:52:00","date_gmt":"2024-10-05T07:52:00","guid":{"rendered":"https:\/\/moneyhub.ee\/?p=7074"},"modified":"2025-05-19T09:15:23","modified_gmt":"2025-05-19T07:15:23","slug":"instalment-loans","status":"publish","type":"post","link":"https:\/\/moneyhub.ee\/en\/useful\/articles\/instalment-loans\/","title":{"rendered":"How to find instalment loans"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7074\" class=\"elementor elementor-7074\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-709140c7 e-flex e-con-boxed e-con e-parent\" data-id=\"709140c7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6ec09a9c elementor-widget elementor-widget-shortcode\" data-id=\"6ec09a9c\" data-element_type=\"widget\" data-e-type=\"widget\" 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data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What are instalment loans?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7d1ba7e6 e-flex e-con-boxed e-con e-parent\" data-id=\"7d1ba7e6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3be5dfdc elementor-widget elementor-widget-image\" data-id=\"3be5dfdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2240\" height=\"1260\" src=\"https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png\" class=\"attachment-full size-full wp-image-7076\" alt=\"instalment loans\" srcset=\"https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png 2240w, https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-300x169.png 300w, https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-1024x576.png 1024w, https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-768x432.png 768w, https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-1536x864.png 1536w, https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-2048x1152.png 2048w\" sizes=\"(max-width: 2240px) 100vw, 2240px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2f189fc e-flex e-con-boxed e-con e-parent\" data-id=\"2f189fc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1ba09ab7 elementor-widget elementor-widget-heading\" data-id=\"1ba09ab7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Title<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8484e2f elementor-widget elementor-widget-text-editor\" data-id=\"8484e2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Installment loans allow consumers to borrow money and repay it in equal monthly payments over several months.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Several companies offer the best instalment loans online, allowing borrowers to spread repayments and gain much-needed breathing space to pay off an emergency expense.<\/span><\/p><p><span style=\"font-weight: 400;\">Most instalment loan direct lenders offer loans ranging from \u20ac100 to \u20ac700. <a href=\"https:\/\/moneyhub.ee\/money\/short-term-loans\/\">Short-term loan<\/a> lenders offer customers the freedom to pay back their instalment cash loan from either 30 days to 6 months, giving them more flexibility to repay their loan at their own pace.<\/span><\/p><h2><span style=\"font-weight: 400;\">What is an instalment loan?<\/span><\/h2><p><span style=\"font-weight: 400;\">Instalment loans are repaid in fixed amounts rather than in a single payment at the end of the loan term schedule. Like a <\/span><a href=\"https:\/\/moneyhub.ee\/money\/short-term-loans\/\"><span style=\"font-weight: 400;\">short-term loan<\/span><\/a><span style=\"font-weight: 400;\">, an instalment loan allows consumers to borrow funds over a period that suits them.<\/span><\/p><p><span style=\"font-weight: 400;\">A well-known example of an instalment loan is a <a href=\"https:\/\/moneyhub.ee\/money\/mortgages\/\">mortgage on a house<\/a>; however, in reality, all loans are repaid in instalments. Payday loans have traditionally been repaid in one sum, around payday, as the name implies. These loans became very popular because their acceptance criteria were less than high street banks. Payday loans then began to offer loans that loanees could pay back over some months.<\/span><\/p><p><span style=\"font-weight: 400;\">However, with many payday loan providers going out of the business, borrowers needed a new option to obtain fast cash, but not with the high amount of borrowing required that high street lenders like banks insisted they take.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Instalment loan lenders like to offer alternative loans to payday loans, which have typically higher interest rates.<\/span><\/p><p><span style=\"font-weight: 400;\">Each instalment loan is made partially of the capital borrowers owe and partly of the interest accrued. Should a borrower miss a payment, additional charges and interest would be applied to the instalment loan.<\/span><\/p><h2><span style=\"font-weight: 400;\">What are the advantages of instalment loans?<\/span><\/h2><p><span style=\"font-weight: 400;\">One of the key advantages of instalment loans is that they offer flexible repayment periods.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Rather than repaying the sum owed in one amount, borrowers can choose to repay over instalments, making the <a href=\"https:\/\/moneyhub.ee\/money\/loans\/\">borrowed amount<\/a> more manageable to repay.<\/span><\/p><p><span style=\"font-weight: 400;\">Usually, these instalments are paid on the same day each month, generally around or just after a borrower&#8217;s payday. Some lenders offer weekly repayments, so should you get paid weekly, this option is better suited for those paid weekly.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">However, not all lenders offer these multiple repayment options. In theory, the more regularly borrowers repay their loan, the cheaper it works out in the long-term, but only if a lender offers this.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Instalment loans can be appealing because spreading repayments over the longer term creates smaller, more manageable repayments, making it easier to budget. However, it also means that the loan will cost significantly more overall.<\/span><\/p><h2><span style=\"font-weight: 400;\">Do I qualify for an instalment loan?<\/span><\/h2><p><span style=\"font-weight: 400;\">A borrower&#8217;s eligibility for an instalment loan will vary with each lender and will be determined on a range of factors, including:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the amount of money the borrower wishes to borrow\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the duration of the loan\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the borrower&#8217;s income and outgoings\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">their credit score<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">To qualify as a short-term loan approved customer, you would need your:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">income details<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">bank details<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">personal details<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">The details you provide will help us assess whether an installment loan is suitable for you and will aid in collecting loan repayments. Lenders must also confirm your identity to ensure you are eligible for the loan.<\/span><\/p><h3><span style=\"font-weight: 400;\">Should I take out an instalment loan?<\/span><\/h3><p><span style=\"font-weight: 400;\">No matter when people borrow money, it is always a safe idea to opt for the lowest rate available. If they can afford to pay a loan back as a lump sum, this will usually be a cheaper option and less likely for the borrower to get further into debt.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Instalment loans vary from expensive to cheaper and may not solve long-term financial problems. However, they can help budget for an increased expenditure over a period. Some examples that our customers use for instalment loans are:\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">broken boilers<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">paying tax bills in February<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">school trips<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">going on a memorable holiday\u00a0\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">other one-off purchases<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">medical costs<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">car breakdowns<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">or worse \u2013 a loss of a job and regular income.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">When borrowers take out a loan through a direct lender for instalment loans, they can expect the total cost of their loan to be higher than other traditional sources of finance available on the high street.<\/span><\/p><h2><span style=\"font-weight: 400;\">What if I have bad credit? Will lenders offer me an instalment loan?<\/span><\/h2><p><span style=\"font-weight: 400;\">Estonia doesn\u2019t really have a transparent credit scoring system, however, lenders do consider the creditworthiness of all all applications, excluding certain applicants.<\/span><\/p><p><span style=\"font-weight: 400;\">As a responsible lender, all applicants undergo credit checks. We reserve the right to reject applications from anyone who has been bankrupt, visited by debt collectors over the last 18 months or has a bad credit rating, as <\/span><a href=\"https:\/\/moneyhub.ee\/money\/short-term-loans\/\"><span style=\"font-weight: 400;\">short-term loans<\/span><\/a><span style=\"font-weight: 400;\"> would not be advisable under these financial conditions. We will review each application on an individual basis and will consider personal circumstances as appropriate.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">If you meet one of the above, responsible lenders will not accept applications, so consider the checklist below before applying.<\/span><\/p><h2><span style=\"font-weight: 400;\">Applying for the best instalment loans online &#8211; a checklist<\/span><\/h2><p><span style=\"font-weight: 400;\">When you are considering applying for an instalment loan, make sure you do the following:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check the eligibility criteria before applying<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/moneyhub.ee\/money\/short-term-loans\/\"><span style=\"font-weight: 400;\">Compare different lenders<\/span><\/a><span style=\"font-weight: 400;\"> to find the cheapest loan\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Aim plan to repay your loan on time or earlier<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Choose a shorter loan term as possible<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep repayments the same day each month<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Make sure you never do any of the following when applying:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Apply for multiple loans simultaneously<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Knowingly apply for a loan where you&#8217;ll struggle to meet the repayments<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Opt for an instalment loan if you can repay your balance in a one lump sum<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Think you can miss any repayments<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plan to lie on your application about your personal circumstances<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">As with all credit applications, only apply if you plan to repay the repayments on time and can afford to repay the loan in full. Failure to do so will be recorded on your credit history and cause you to sink into further debt.<\/span><\/p><p>**Late repayment can cause you serious money problems.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Need to find the best instalment loans online? Then look no further as MoneyHub explains what they are how to compare them.<\/p>\n","protected":false},"author":3,"featured_media":7076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"blog_post_layout_featured_media_urls":{"thumbnail":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-150x150.png",150,150,true],"full":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png",2240,1260,false]},"categories_names":{"21":{"name":"Articles","link":"https:\/\/moneyhub.ee\/en\/category\/useful\/articles\/"}},"tags_names":[],"comments_number":"0","rttpg_featured_image_url":{"full":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png",2240,1260,false],"landscape":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png",2240,1260,false],"portraits":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6.png",2240,1260,false],"thumbnail":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-150x150.png",150,150,true],"medium":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-300x169.png",300,169,true],"large":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-1024x576.png",800,450,true],"1536x1536":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-1536x864.png",1536,864,true],"2048x2048":["https:\/\/moneyhub.ee\/wp-content\/uploads\/2024\/02\/MoneyHub-Special-Reports-Images-6-2048x1152.png",2048,1152,true]},"rttpg_author":{"display_name":"David Bailey","author_link":"https:\/\/moneyhub.ee\/en\/author\/davidbailey\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/moneyhub.ee\/en\/category\/useful\/articles\/\" rel=\"category tag\">Articles<\/a>","rttpg_excerpt":"Need to find the best instalment loans online? Then look no further as MoneyHub explains what they are how to compare them.","_links":{"self":[{"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/7074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/comments?post=7074"}],"version-history":[{"count":0,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/7074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/media\/7076"}],"wp:attachment":[{"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/media?parent=7074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/categories?post=7074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneyhub.ee\/en\/wp-json\/wp\/v2\/tags?post=7074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}