With many different options online, choosing a suitable direct lender of instalment loans is an important step. You don’t want to be in a position where you are being overcharged or not treated fairly, so this is where checking and comparing can help you make an informed decision.
Loan Costs and Fees
The total cost of the loan will show you everything included, so you’ll be able to see the loan amount you’ve chosen to borrow plus the interest charge. This will usually be shown as the Annual Percentage Rate (APR), which represents how much in total you will pay back in interest and fees. Check the total cost and that you are happy with the monthly repayments, including the interest charge, before continuing with the loan.
At Fast Loan, we work to FCA guidelines, so you will never be charged more than 100% of the amount borrowed in interest, fees and charges. The FCA price cap also means we do not charge more than 0.8% interest per day, and all default fees are capped at £15.
Repayments & Loan Amount
Check that the repayments available from the lender are manageable for you. Having a shorter repayment period can mean having higher monthly payments but settling the loan faster. Longer repayment terms will make repayments smaller each month, but will take longer to pay off. It can also mean paying more in interest. Choose repayments on an instalment loan that fit your budget and are ideally for the shortest term you can afford.
The amount you choose to borrow is also important, and this can vary between lenders. It can be tempting to take out the maximum amount available to you, such as a £2,000 loan if you are a returning customer here at Fast Loan, but you need to consider if you need to. If a smaller loan of £500 is a better option to cover your urgent expenses, you should select it to avoid larger repayments and paying more interest than required.
Reputable, FCA-Authorised Direct Lender
The type of lender you choose can make a difference in how you are treated as a customer. Those that are authorised by the FCA ensure responsible lending guidelines are followed and that you have a transparent, clear application process. Unregulated lenders may charge you unnecessarily and have higher interest rates and fees.
It’s always recommended to use FCA-approved lenders, and if you are unsure, you can check a lender on the FCA register. Our reference number at Fast Loan is 673907.
Get a Flexible Instalment Loan at Fast Loan UK Today
Applying today is simple if an instalment loan would help you manage emergency or urgent expenses. Click apply now to choose how much and how long you need this for, fill in our short application form, and we’ll do the rest.
We are here to support you before, during, and after your loan application, so please contact our Customer Support Team if you have any questions. We are a people-first direct lender of instalment loans, so if you need anything, just ask.
Fast Loan UK representative example:
Borrow £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18% APR.
