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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Late and missed payments, along with other external factors, can have a negative effect on your credit score.
If you’re currently looking at your borrowing options, you might be feeling a little overwhelmed by the endless pages of information out there. Searching for an instalment loan online can be quite a task, so let us explain things simply!
When it comes to instalment loans, these are essentially any type of loan that requires you to repay the money you borrow in monthly repayments over a fixed period of time. You may already have an instalment loan in the form of a mortgage, or a personal or student loan, for example. Other types of instalment loans include secured instalment loans, fixed duration loans (e.g. hire purchase car loans) where you pay back some capital with interest every month and bad credit instalment loans.
Instalment loans can provide a structured way to borrow money with predictable, fixed repayments, so you always know how much you need to pay back each month. You'll receive the loan as a fixed sum of money up front and then you repay it in regular instalments over a set period with interest. This approach can make it easier to budget and plan your finances, so this might be an appealing option to you.
At Creditspring, we provide easy-to-manage personal instalment loans for all manner of requirements, whether it’s to cover an unexpected, large bill, or to pay for a significant purchase, like a much-needed holiday or even a wedding dress! What’s more, we don’t charge interest. All we charge is a monthly membership fee with your loan repayments.
Our range of loans - and our approach to finance overall - are designed to help you build healthier budgeting habits and stronger financial stability. We’ll go into this a bit later on.
Your loan will likely come with an instalment payment plan, so it’s important to understand exactly what you’re paying for. The terms of your loan will vary depending on your lender and what type of loan you have, but in most cases, you’ll repay the debt in regular monthly instalments.
Each instalment loan payment will be made up of the money you borrowed with interest on top. You'll need to keep making each repayment according to the terms of your loan until you’ve paid it off in full and remember, the total cost of the loan will be more than the amount you borrowed. This is because of the interest charged by the lender, which is the fee for borrowing the money.
We certainly do, although we also go one step further than most other lenders. We’re a finance subscription service, so all our loans come with no interest (APR Rep 83.1%). All you pay with your repayments is a monthly membership fee.
Furthermore, while you can repay our loans in regular monthly instalments as with other lenders, we don’t issue the full loan amount up front. Instead, our loans are split into two equal and manageable parts – the first issued when you request it and the second available after you’ve paid off the first part in full.
We believe this type of responsible lending gives our members more clarity and flexibility, so you won’t risk feeling overwhelmed by a larger lump sum that may be more than you need. This is especially useful if you are worried about having bad credit.
Making small, steady and regular repayments is a sensible way of helping to build up your credit score and ultimately, over time, become more financially robust.
We consider more than just your credit history when assessing your eligibility. We also keep in mind your overall financial situation and your ability to repay the loan.
Our standard eligibility criteria include being a UK resident aged 18 or over, having a stable income and satisfying our affordability and credit checks*.
If you are approved and choose to become a Creditspring member, we’ll let you know within a few minutes. After your 14-day change-of-heart period, you can request the money to be paid into your bank account. Payments are made seven days a week, except for bank holidays. You can check your eligibility right now.
Not eligible right now? We can still help you! When you sign up as a free member, you’ll gain access to our members-only space packed with smart credit-boosting tips, exclusive partner offers and personalised scores.
*this list is not extensive
If you’ve been searching the internet for this type of credit, online loans with monthly payments can provide you with structure and predictability, so you always know when your payments are due. Loans you pay-monthly can also help you build up your credit score, but only if you don’t miss your payments and you keep up with your other bills and outgoings. Miss a payment or breach any terms of your agreement and you could face additional charges, too.
If you responsibly manage your instalment loan, making your repayments on time and in full can help you improve your credit score. Regular payments can positively impact your credit history, showing future lenders that you are a responsible borrower.
With many instalment loans, you borrow a lump sum up front and then repay it, over an agreed term, in regular, fixed instalments along with interest.
Short-term instalment payday loans are another variation, but come with very high interest charges. Products like credit cards allow you to borrow money to pay for items and services, which you then pay off in full each month, or you can make smaller repayments, but often with added interest. If you have a good credit score, you may even be eligible for credit cards with 0% interest for fixed periods of time. With all this in mind, however, it is important to make sure you can comfortably afford any kind of credit, whether it’s a card, a loan or other type of borrowing.
If you are approved for one of our loans and choose to become a Creditspring member, we’ll let you know within a few minutes. After your 14-day change-of-heart period, you can request the money to be paid into your bank account. Payments are made seven days a week, except for bank holidays.
Nothing, really. Whether you borrow from a traditional lender or an online loan provider, you’ll be expected to repay the total sum of money you borrow, usually with interest on top, in instalments for the duration of your loan term. Monthly payment loans simply mean you pay the money back in instalments each month – just like instalment loans.