London, United Kingdom (PressExposure) January 09, 2010 -- Availing a loan for your needs is considered as a viable solution but finding yourself engaged with longer installments can be a heart-break thing. To overcome longer installments, the financial experts have come with installment loans. Under this category, loans are tailor-made as per the choice of borrowers. Depending upon the borrower's need for cash and repaying capability, monthly installments are designed.
The installment loans are sanctioned on the basis of simple criteria. An individual should be at least 18 years of age with a citizenship of UK. An individual should be employed and possess a regular income of at least Â£1000 from some reputed firm or organization. Apart from this, it is mandatory to have an active checking account in the bank with at least 3 months back transaction. If a person complies with the above said terms, then he can access the desired amount in a short time period.
The borrowers who are tagged with bad credit score such as CCJs, IVAs, arrears, defaults, bankrupts are also eligible for applying installment loans. The borrowers enjoy same terms and conditions when compared with good credit borrowers. In addition, the borrowers who do not possess any valuable collateral can also opt for this financing option to cater their instant needs. Therefore, it can be said that these loan are availed without any formalities of credit check and collateral placement.
The amount availed by borrowers is based on their employment status i.e. higher the salary higher will be the loan amount and vice-versa. The repayment period is set according to the repaying capability of the borrower. Usually, under this category, repayment tenure varies according to the upcoming salary. The interest rate charged is slightly higher than other regular loans. With proper search and research, borrowers can find-out the best and suitable deal.
Lastly, these loans are especially crafted for individuals who find it difficult to repay a loan in one go. With the help of these loans, the borrowers can have a flexible repayment options according to their need and income slab.