As a borrower, your priority is to get money when you need it at flexible repayment terms. Since you are to repay interest along with the principal, there is always a concern about keeping up with repayments.
Online cash loans are easily available, but not all of them keep you away from the stress of payment failure. This is when 6 month loans come into the picture.
A 6-month loan is a type of loan that is aimed at funding unforeseen expenses. You will repay the debt over 6 months in fixed monthly instalments.
These loans can help stabilise your finances when an emergency pops up. Unlike regular payday loans, you will pay off the debt in fixed monthly instalments.
These loans are available at the fixed interest rate, which means you will know beforehand how much you have to pay every month and hence can quickly settle the whole of your debt in 6 months.
Ideal circumstances to apply for 6 month loans:
Although you must have a good credit history to apply for a loan, it does not mean that you cannot qualify for loans with bad credit. EasyCheapLoan will let you borrow money despite a bad credit rating. However, the disbursal limit will be subject to affordability.
A responsible lender will always look into your repayment capacity, so you do not fall behind repayments.
Like other lenders, we also offer 6 month loans for bad credit people, but the disbursal amount will be based on your affordability.
When you fill-up the application form, we will monitor your bank statement. If you are left with enough money to pay off your debt after meeting all your expenses, and if we suspect that you are borrowing more than your affordability, we will reduce the lending amount instead of rejecting your application
You do not need to worry about losing your credit score, but we conduct a soft credit check. Soft inquiries will not show up on your credit file.
Our 6 month loans can help you build your credit rating. If you make repayments over a period of 6 months on the due date, it will prove to your lender that you are committed to your financial obligations. As a result, your credit score will go up.
Applying for 6 month loans with no credit check can be undoubtedly hard because it is quite challenging to know about your credibility with a credit check.
A lender looks over your credit report to find out if you were able to make all repayments on time. It shows your commitment to financial obligations.
However, there will always be a time when you apply for a loan the first time. Of course, that time you will have no credit history. This is why we also provide 6-month loans to borrowers with no credit history. These loans will not only fund your unforeseen expenses but also help build your credit rating.
There is no difference between 6 month loans and 6 month payday loans. You will have to pay each instalment every month on your payday until the term of the loan ends. This is why you can address these loans as 6 month payday loans. However, note that the term depends on the amount of the loan you borrow. The smaller the amount, the smaller the term. Look at the following table:
| Loan Size | Disbursal Limit |
|---|---|
| £1,000-£1,500 | 2 months |
| £1,501-£2,500 | 4 months |
| Over £2,500 | 6 months |
6 month instalment loans will require you to have a full-time job because your every repayment is made on the payday. This is why you may find it tough to qualify for these loans if you are out of work. If you are unable to manage your expenses because of job loss, you should apply for loans for unemployed.
However, it does not mean that the lender will lend you money with no income source. You should have a part-time job or the other income source to prove your repaying capacity.
6 month short term loans may seem more affordable than small cash loans that require you to repay the whole of the money in a lump sum. Since you are to repay the debt in fixed instalments, you can slip up borrowing more than your affordability.
Although a reliable lender will take into account your affordability to approve your loan, you should also try to check your repaying capacity. We follow the same and fund borrowers according to their financial comfort.
You should not take out 6 month payday loans with direct lenders to fund your regular expenses. Make sure that you borrow money to fund unforeseen costs only. If you do so, we are already prepared to help you financially with these benefits:-
Thus, when are you applying for 6 month loans?