Payday loans are often regarded as practices designed to gouge people who are least able to protect themselves from exploitation. Clever Loans provides access to a range of personal loan options, allowing you to apply for a loan between £100 and £5,000 with repayment periods between 3 and 36 months, depending how much is borrowed. This offers a more flexible range of choice than a payday loan, but a similar potential to have your loans sent to your bank within minutes if approved.Whilst many payday loans are designed to last for 14 to 28 days, this can put pressure on an individual's finances to pay the full sum and interest at the end of the month. At The One Stop Money Shop, we offer an instalment loan product repaid over 6,9 or 12 months and this gives the customer a lot more breathing space to repay their loan.
It is a short-term personal loan that a borrower has to repay within a year or less. Since these loans are unsecured and do not require any guarantor, many people opt for it during a sudden emergency. Traditionally, a payday loan had to be repaid by the borrower within 30 days. However, with evolution in the unsecured lending industry, the lenders are now offering this credit product for a period of a year. A borrower can easily avail a loan and can repay it back in easy monthly instalments.
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