The economic slowdown has led to a sudden spike in the number of people applying for online loans with monthly payments. So, if you have been on a lookout for such loans then you will eventually figure out that borrowing one isn’t as easy as it used to be. Until the Coronavirus outbreak disrupted the global economy, getting credit was much easier due to the high liquidity that most lenders enjoyed. However, the pandemic has adversely impacted all sectors including the financial sector and that’s evident with the cash crunch in this sector.
This lack of liquidity makes borrowing difficult because lenders are more skeptic and picky when it comes to approving loans. They too are forced to minimize their risks by not advancing loans to those who may not repay it due to a loss of income or employment. As a result, most banks and financial institutions have raised the bar, and getting a loan is no longer as easy as it used to be. So, if you wish to borrow online loans with monthly payments then we can help you despite the economic meltdown.
At Money Pig, we have a large network of direct lenders who are licensed and authorized to do business in the UK. These lenders have been lending for decades and have no problems sanctioning loans during a recession. Our lenders maintain high liquidity due to which we are confident that we can help you borrow a loan even during these testing times. Let us now address some of the most common queries raised by our customers.
FAQs | Online Loans with Monthly Payments Explained
- What are online loans with monthly payments?
- Why borrow online loans with monthly payments?
- Where can I get online loans with monthly payments?
- Does Money Pig advance online loans with monthly payments?
- What are the benefits of borrowing online loans with monthly payments?
- How to apply for online loans with monthly payments?
- How is the interest rate calculated on online loans with monthly payments?
- How to get the most out of online loans with monthly payments?
- Are there any online loans with monthly payments for bad credit?
- How soon can I get online loans with monthly payments?
- Can I get online loans with monthly payments as a full-time student?
- Can I get an online loan with monthly payments without a credit check?
- Are online loans for bad credit legit?
What are online loans with monthly payments?
Online loans with monthly payments refer to a simple and straightforward arrangement between the borrower and the lender. According to it, the lender processes the borrower’s online loan application and transfers the funds after entering into a loan agreement. The borrower on his part agrees to repay the funds along with the APRs, on a monthly basis.
As the principal amount and the borrowing costs are spread across longer periods, it becomes easier for the borrower to repay. So, if you borrowed a loan of £5000 for a period of two years at 10% APR, then you would have to repay £229.73 each month, for a period of 24 months. This works extremely well for those who have a limited income such as salaried professionals. Dedicating a smaller amount every month towards repayment makes it easier for them to repay the amount borrowed.
Money Pig’s lenders offer a wide range of long-term and short-term online loans with monthly payments. This includes personal loans, car loans, emergency loans, loans to consolidate debts, and several other types of loans. If you wish to borrow any of those online loans from us, then you can submit a free loan application to us.
Why Borrow Online Loans with Monthly Payments?
You are in better control of your finances when you borrow a loan that can be repaid over a period of time. This is particularly useful for those who have a fixed source of income such as salary or rent, which is likely to remain the same for quite some time. It makes budgeting your expenses easier and lets you repay the loan without hurrying up. This lowers the possibility of delayed or missed repayments which could have an adverse impact on your credit score.
Moreover, with the coronavirus outbreak, online loans with monthly payments are more of a necessity than an option. That is mainly due to two main factors — the need for social distancing and the lack of job security. Although short term loans can be repaid on a monthly or weekly basis, people seem to be refraining from weekly obligations due to economic instability. The current economic scenario has forced people to lean towards online loans with monthly payments. So, if you want to borrow such a loan from a licensed lender at competitive interest rates, apply to Money Pig and get your free no-obligation quotes now.
Where can I get online loans with monthly payments?
You can get online loans with monthly payments through banks, loan companies, direct lenders, and other financial institutions authorized by the Financial Conduct Authority (FCA) to advance loans. So, you must look for lenders offering the type of loan you wish to borrow and confirm if the lender lets you repay that loan on a monthly basis. If the answer is affirmative, then you need to confirm the authenticity of each lender and then submit individual applications through their website.
However, submitting several loan applications within a short period of time can lower your credit score so you need to limit your options and apply on to the very best. To increase your chances of loan approval, consider checking your eligibility, and then applying for at least thirty percent lesser. Now all of that puts you at the receiving end and we know how that feels. Especially, since you are doing business with the lender and would be paying borrowing costs for the loan. So, to accelerate the process and to give you better control over your finances, we let you take charge of your finances.
According to our process, you tell Money Pig about your requirements through an online loan application and we will connect you with a lender who agrees to that. Since we add lenders to our network only after vetting their documents, you need not worry about their credibility. However, you can still satisfy yourself by checking their status on the FCA’s online register before entering into a loan agreement.
Does Money Pig advance loans with monthly payments?
Money Pig is a financial intermediary and not a direct lender. So, we do not advance any type of loans directly, but rather connect you to a licensed lender from our network. As a financial intermediary, our job is to connect loan applicants to the right lenders for free. Once the lender approves and sanctions your loan, we receive a small commission from the lender. So, we help you by speeding up the loan approval process and by preventing your credit score from dropping. We never ask for any upfront fee or any other kind of fee from loan applicants, so you can be sure that we are here to help. You can apply to our online loans with monthly payments through the free online loan application available on our website.
What are the benefits of borrowing online loans with monthly payments?
Online loans with monthly payments offer a plethora of benefits to the borrower. First off, you get to borrow the loan without leaving your home, which helps you maintain social distance. Also, it saves you the time and effort that goes into visiting the bank or a lender. Also, online loans with monthly payments let you take charge of your finances and decide how much you can repay every month. So, depending on your monthly income, living expenses, and other financial commitments you can plan your loan tenure. This puts you in the driver’s seat, letting you make the decision based on your personal and individual convenience.
The most exciting thing about this sort of arrangement is that it could even help you improve a bad credit score. When you borrow such a loan and make prompt monthly repayments, the bank or the lender intimates it to the credit reference agency. These prompt repayments indicate positive financial behavior, which in turn improves your credit score. With an increase in your creditworthiness, you get to borrow money from mainstream banks and may also qualify for promotional benefits such as zero-interest credit cards. So, if you wish to borrow an online loan with monthly payments to improve your credit score, then consider applying for one of our bad credit loans.
How to apply for online loans with monthly payments?
Most banks and lenders will provide an online loan application on their website. You can navigate to such an application, fill out the form, and submit it online. That eliminates the need to personally visit the bank or the lender to apply for a loan. While that sounds easy, you need to be careful about your financial details. You do not want a cybercriminal intercepting it and stealing your personal and financial details. So, always make use of a private WiFi connection while applying for a loan or submitting sensitive information. Public Wifis can be controlled and intercepted, which makes them dangerous for such purposes.
Also, look at the URL bar before filling out the loan application to confirm that the communication between your computer and the server is encrypted. If you can see a green padlock in the URL box, it indicates that the website is encrypted and is running on HTTPS. You need to ensure this for the secure exchange of personal and financial information. Else you could be a victim of identity theft or some other form of financial crime. At Money Pig, we ensure that all our lenders follow the necessary cybersecurity measures to protect your best interests. So, if you need an online loan with monthly payments then consider applying through our website. We will then pull out no-obligation free quotes for you.
How is the interest rate calculated on online loans with monthly payments?
Your interest rate is usually included in the APR, along with other borrowing costs such as set-up fees, loan processing fees, etc… The aggregate borrowing costs are then converted into a percentage format and added to your online loan’s monthly payments. Doing this ensures that neither the lender loses out on potential earnings, nor is the borrower burdened by a one-time fee. So, it creates a win-win situation for both the lender and the borrower.
At this point, it is worth mentioning that interest rates vary based on which type of online loan you wish to borrow. For instance, online payday loans attract higher interest rates than personal loans that are borrowed online. However, when you borrow the loan for a longer period, Money Pig’s lenders allow you to negotiate lower interest rates. This option is seldom offered by mainstream banks that dictate terms and conditions to borrowers.
How to get the most out of online loans with monthly payments?
To get the most out of your borrowing, you first need to evaluate whether you need the money you intend to borrow and whether it is worth paying interest for. If the answer is affirmative, then you must do a quick self-assessment of your monthly income and expenditure. Figure out exactly how much you manage to comfortably save up every month.
If your monthly income is £2,000 per month, then figure out how much you are left with after paying for your accommodation, utility bills, insurance, and other financial commitments. If you are left with £1200, then it would be wise to borrow an online loan with monthly payments not exceeding £720 which is about sixty percent of the amount that you save up each month. So, if you are borrowing a larger sum, then consider spreading that over a longer repayment period. Planning your finances in this manner ensures that you are left with enough savings to repay the loan just in case of an income loss.
Conversely, consider repaying the loan quickly if you can afford to. So, if you do not have a family yet and are borrowing an online car loan, then it is recommended that you repay it faster. Doing this helps reduce the overall interest rate that you would be liable to pay. On the other hand, if you have a family and are supporting your children’s education and paying towards a mortgage, then you would want to keep your monthly payments low. Although this would mean higher interest rates, it does not mess up your finances, by leaving enough room for savings.
Are there any online loans with monthly payments for bad credit?
When you have a bad credit score, premier banks and credit agencies in the UK would not be willing to advance loans to you. Also, most individual direct lenders would not be willing to risk lending money to someone with a bad credit score. Moreover, you will find this out only when you apply to several individual direct lenders who would perform hard credit checks on you and reject your loan applications.
Multiple hard credit checks and loan rejections can deeply hurt your credit score and destroy your financial future. Therefore, we bring you bad credit loans that are exclusively offered to those struggling with a bad credit score. As these lenders aren’t expecting you to have the perfect credit score, you don’t have to worry about a loan rejection.
In fact, we make it a point to tie-up with lending partners willing to advance bad credit loans, so that we can help you. Moreover, borrowing such a loan and repaying it promptly can also improve your credit score. So, if you have a bad credit score then submit an online loan application to us and we will send over free no-obligation quotes to you.
How soon can I get online loans with monthly payments?
You can get online loans with monthly repayments in just a couple of hours. So, if you are in a hurry to borrow money, then consider applying through Money Pig. The online application process is easy to complete and takes about 2 minutes. After you have completed it, our Experts will then pull out the best quotes and send them over to you. We partner up with lenders who offer quick loans, fast loans, emergency loans, and even same day loans. So, whenever you need money quickly, you can reach out to us. In the past, we have provided financial assistance to several borrowers on weekends and public holidays. Some of our lenders work 24x7 and if you are stuck in an emergency situation on a weekend, then we may still be able to assist you.
Can I get online loans with monthly payments as a full-time student?
As a full-time student, your options are limited to bank overdrafts, credit card limits, and your family and friends. That’s mainly because you cannot pick a full-time job — a prerequisite for loan approval by most banks and lenders. At Money Pig, we are fully aware of the financial problems faced by full-time students when it comes to borrowing loans. Especially, when they can easily repay it with their part-time job or remote job. So, unlike banks, we offer a student loan that is exclusively meant for those enrolled in a full-time course. This is much like a personal loan and can be used for any purpose. So, if you are a full-time student having a steady part-time or remote income and wish to borrow a loan then we would be glad to help. Our student loans are online loans with monthly payments, which lets you distribute the loan amount across a longer repayment period.
Can I get an online loan with monthly payments without a credit check?
No, in the UK you cannot get any type of loan without undergoing a credit check. All lenders in the UK are under the obligation to perform a hard credit check before advancing a loan. This requirement has been laid down by the FCA to uphold the integrity of the financial services sector. If you come across someone making such an offer, then it is definitely not coming from a licensed lender. This could result in very high interest rates and harassment for delayed payments. On the other hand, borrowing a loan from an FCA licensed lender means that it is a legal entity or lender who is permitted to carry on the lending business in the UK. These lenders cannot charge abnormally high interest rates nor follow questionable debt collection practices. They are required to operate within the ambit of FCA’s guidelines which is consumer-centric. If you have been looking for a no credit check loan, then its probably because of a low credit score. In that case, do not fall prey to loan sharks and scammers. Instead, consider applying to our bad credit online loans with monthly payments.
Are online loans for bad credit legit?
Yes, online loans for bad credit are legit because our lenders are licensed by the FCA and have all the other necessary authorizations to operate in the UK. Also, they perform the mandatory hard credit check before releasing funds into your account. However, since these are bad credit loans, your application will not be rejected due to a low credit score. In other words, the credit check is only a formality to comply with the FCA’s guidelines.
At Money Pig, we make borrowing easy and if you are looking for online loans with monthly payments, then we would be glad to help. We offer short-term and long-term loans to anyone who needs them. So, if you wish to borrow loans at flexible terms and competitive interest rates, then Apply Now.