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Instalment Loans - Paydays Lead Introduces Innovative Loan Solution
Paydays Lead has responded to the rising demand for payday lending services in UK by introducing an innovative instalment loan solution for consumers looking to benefit from short term lending options.
Interest Grabbing Features of Instalment Loans in UK
During the recent years, many consumers have benefitted from the fiscal support generated by the effective use of payday loans. Payday loan is a short term credit option designed for temporary usage and for those with poor credit history. This form of unsecured loan is the only available credit option for consumers with tricky economic circumstances. However, the demand only grows for these short term loans services and in order to fulfill them Paydays Lead has introduced Instalment Loans. Consumer can benefit from loan amounts available starting at £500, £600, £700, £800, £900 and £1000. The extended repayment options are flexibly designed for 30 days, 60 days, 90 days, 120 days, 150 days and 180 days.
Since the beginning Paydays Lead has followed the same credit structure for payday loans. It provided a maximum of £400 for up to 28 days for consumers. But market research and consumer reviews showed that in the past few years, consumers tend to look for loans in greater amount for a longer period of time. But such an arrangement would make it difficult for the borrower to repay the entire loan amount in one single repayment. Therefore, the introduction of the innovative instalment loans from Paydays Lead will allow a system where the borrowers can repay the loan over the period of up to a maximum 6 months when they obtain a loan amount greater than £400.
Eligibility for Innovative Loan Solution
Consumers may obtain a cash advance loan up to £1000 for maximum six (6) months and repay the direct lenders in flexible instalments. To benefit from the innovative instalment loan solution, consumers shall meet the eligibility requirements. The eligibility requirements for instalment loans are similar to that of payday loans. If the potential borrower is more than 18 years old UK resident with a steady monthly income, then he/she is eligible to apply for an instalment loan from Paydays Lead. The interest rate for an instalment loan is subject to the direct lender’s terms & conditions and repayment amount is dependent on the loan amount and time period. All the users of Paydays Lead are recommended to go though the direct lender’s loan policies before signing up for an instalment loan to make an informed decision.
Effective 1 April, 2014, UK residents were benefitted by the stricter regulations placed upon the payday loan industry which affected over 50,000 companies in the UK consumer credit industry. The strict regulations forced payday lenders to further enhance their services to offer non-abusive services and conduct fair lending practices. The Financial Conduct Authority (FCA) has gained powers from the Office of Fair Trading (OFT) and used it precisely to gain consumer confidence as well as reduce competition for lenders by ridding the market of rogue companies. Despite these effective regulations in place, consumers are constantly reminded to be wary of choosing payday lending services and understand that this is not a permanent debt solution.
Paydays Lead is a reputable financial service provider dedicated to serving UK residents exclusively. There are no associated charges for the loan matching service and consumers are guaranteed instantaneous service using our online platform.
To learn more about payday loans and instalment loans from Paydays Lead, visit http://www.paydayslead.co.uk/