Monthly payday loans
Monthly payday loans are designed to offer you fast access to cash that you then repay, together with interest, over a pre-agreed term from 1–12 months.
Compared to the more traditional personal loans that are repaid over a number of years, the borrowing period for payday loans can be a lot shorter – hence the name! The idea is that the money will tide you over until your next payday — or maybe a few paydays depending on how much you want to borrow.
This may be attractive to you if you need a fast cash injection (such as for a financial emergency) but don’t want to be saddled with monthly repayments for several years.
How do monthly payday loans work?
These are short-term loans that you typically apply for online. You can generally borrow amounts ranging from small loans of £100 up to larger amounts of £3000. (The amount will vary depending on the provider).
You can also select how long you want to repay the loan. Again, while this will depend on the provider, you have the traditional payday loan that you repay on your next payday as well as other repayment options up to 12 or 24 months. 3 and 6 month loans are not uncommon either.
This flexibility means you aren’t stretched financially when repaying the money as you are spreading the payments across several months if need be.
Once you have decided how much you would like to borrow and the repayment term, initial approval could be instantaneous. (If it isn’t, don’t worry — sometimes lenders need a bit more information from you before they can make a decision).
If your loan application is approved, the money could be in your nominated bank account within an hour (with some lenders this could take a little longer).
Even if you have bad credit, loans may be available
There are lenders who are sympathetic and understand that sometimes people experience financial glitches that affect their credit history. So, if you have a less than perfect or poor credit history, you can still apply for monthly payday loans (providing you meet the eligibility criteria of course).
If your payday loans application is approved, you may find that in some cases the lender may offer you less that you want, to ensure that you’ll be able to comfortably meet your monthly payments.
Of course, all responsible payday loans providers reserve the right to decline any finance application if they feel it is not in your best interests.
How can Instant Lolly help me?
As we have explained above, different loan providers may offer different products, and repayment terms.
At Instant Lolly, we use our experience and expertise to match you to what we believe is the most suitable payday loan for your own unique needs.
We offer small loans from £100–£500, plus other personal loans right up to £3000.
Our loans can be repaid from 1–24 months — meaning you can spread the cost in a way that most suits you.
Finally, we work with specialist lenders who provide bad credit loans. So if you need money fast but have a less than perfect credit history, we may still be able to help.
Why not apply now for a monthly payday loan to see how we can help you?