Two-month loans Looking for a 2-month loan? With Instant Lolly, you can apply for 2-month loans from £100 to £3,000. Find your perfect loan Apply Now It won't affect your credit score‡ Representative 669.35% APR (variable)View example verified_user FCA: 742221 visibility ICO: Z3495700 lock 256-bit SSL What are 2-month loans? Two-month loans are a type of short-term loan (although they're often referred to as payday loans). They're very similar to payday loans, except that you repay them over two monthly paydays instead of one, borrowing for up to 60 days. Key featuresTwo-month loans Loans available £100 to £3,000 Instalments 2 x monthly (max term 62 days) Loan type 1 Short-term loan Bad credit considered? 2 Bad credit, limited/no credit Alternative incomes accepted? 2 Benefits, pensions, self-employed, other regular incomes Requires a guarantor? No guarantor required (unsecured) (1) Some lenders may offer an alternative form of credit, such as a revolving line of credit. (2) Acceptance criteria is decided on a lender-by-lender basis; your application may not be considered by all qualifying lenders. What are the benefits of a 2-month loan? Two-month loans are an alternative to payday loans. The main benefit is that you can spread repayment over two smaller instalments, which you may find more convenient than paying back a single lump sum. Be aware, however, that you will pay more interest overall. As with other short-term loans, they're available for any purpose, paid out quickly and suitable for most credit situations, including bad credit. And the drawbacks? Two-month loans typically come with higher interest rates (in the same ballpark as payday loans). Borrowing large amounts, even for a short period, can be expensive. Many lenders cap the amount you can borrow on short loans (under six months) to £1,000 or less. While higher amounts are obtainable, fewer options are likely to be available. How much will a loan over two months cost? The cost of 2-month loans varies by lender; your personalised rate may also depend on your circumstances and credit rating. Two-month loans are classed as short-term credit, which means costs are capped under Financial Conduct Authority (FCA) rules. The price cap represents the maximum price you could pay; however, cheaper rates are available, and you could find a better deal through Instant Lolly. What will a 2-month loan cost at maximum price cap rates? The daily price cap is currently set at 0.8% per day (292% per annum) — 80p per £100 borrowed per day. Calculating costs isn't simple when applied to multi-month loans, but we've done the working out for you to show the maximum costs any lender can charge for 60-day loans repaid in two monthly instalments. 60-day loans, 2 instalments Amount borrowed 2 payments of Total repayable £100 £68.91 £137.82 £200 £137.82 £275.64 £300 £206.73 £413.46 £400 £275.64 £551.28 £500 £344.55 £689.10 £600 £413.46 £826.92 £700 £482.37 £964.74 £800 £551.28 £1102.56 £900 £620.19 £1240.38 £1000 £689.10 £1378.20 Costs are for illustrative purposes only. Based on an annual interest rate of 292%. Amount borrowed over 60 days, repaid in 2 equal installments at 30 and 60 days. Note: your personal price quote could work out cheaper than the maximum price cap; it can't be any more. Ways to save yourself pounds in interest Even though the interest rate is fixed over the full term, there are things you can do to reduce the overall amount of interest you pay: Borrow only what you need Two-month loans start at £100 and increment in £100 chunks (£200, £300, £400 etc.), which allows you to choose just the amount you need. Each extra £100 you borrow could cost as much as £37.82 in additional interest over 60 days, so think carefully. Settle your loan as soon as you can Many lenders offer the opportunity to repay loans early without penalty, and it's even possible to eke out savings on very short loans. Say you get paid in a week's time, then four weeks after that, you don't actually need the money for the full two months — just five weeks. Interest is charged on a daily basis, so you could potentially save three weeks' worth of interest charges with a quick call to your lender or by logging into your online account. Even if there's a small settlement charge to pay, it could still work out cheaper. Get a no-obligation personalised quote in under 10 minutes Apply Now Remember, it won't affect your credit score‡ Why choose Instant Lolly? We've found thousands of loans for happy customers since 2013. Here's why you will love us too: Access the widest selection of 2-month loans in one place — £100 to £3,000. Get instant access to the UK's top 2-month direct lenders with one application. Find out if your application is accepted without impacting your credit score. Get a no-obligation personalised quote in just a few minutes. It's FREE to Apply. FCA authorised firm: FRN 742221. Privacy assured: we will never use, sell or share your information for marketing purposes. ICO registration: Z3495700 Two-month loan FAQs Can I apply for a 2-month loan with bad credit? Yes, you can. We accept all credit types, including bad credit (late/missed payments, defaults and CCJ's). If you have a current Individual Voluntary Agreement (IVA) or Debt Relief Order (DRO) or are bankrupt, taking out new credit will be subject to certain restrictions. In such cases, you should seek clarification with your practitioner before applying. Can I apply for a 2-month loan if I'm not employed? Yes, you can, provided you have another regular source of income (self-employment, disability benefits, pension etc.). Unfortunately, certain out-of-work benefits, such as Jobseeker's Allowance, don't qualify as regular income due to their temporary nature. All applications are subject to a minimum income requirement of £500 per month. Will requesting a quote affect my credit score? No, it won't. Lenders enquiring about your application will only carry our soft searches, which can't be seen by other parties looking at your credit file. No amount of quotes will affect your credit score. How quickly can I get the money? Funds are usually sent straightaway after final approval and should be available almost immediately if your bank supports faster payments. Most do! If you apply outside working hours (9-5, Mon-Fri), it may take longer, depending on the lender, in which case you'll receive the funds the next working day. What if I don't want to accept a quote? No problem. There's nothing to cancel or anything more to do. Just close down the page and continue with your day. Am I eligible to apply for a 2-month loan? To apply you must: Be at least 18 and a permanent UK resident. Have a regular monthly income of at least £500. You will also need a: Mobile phone and email address. UK bank account with a debit card.