Weekly Repayment Loans
Weekly repayment loans are a bit different from other payday loans. While the latter loans are usually repaid monthly, the weekly repayment loans are repaid weekly as the name suggests. This is a great loan option for people who are not paid monthly but receive weekly wages. It makes it easy for such people to plan their repayment according to their weekly payment without putting an undue pressure on them to make a single monthly payment that their weekly wage is not adequately prepared for.
Some lenders offer loan amounts that range from £400 to £1,000 and at different interest rates. You should contact your preferred loan company to find out which repayment plan is ideal for you.
Benefits of weekly repayment loans
This loan type has a lot of benefits for the borrowers. Consider a few of them:
- Different repayment options: You can choose the repayment option that suits you according to your wage. By using the lender’s loan calculator, you will see the different repayment options and choose one.
- Flexible repayment: The flexibility of repayment makes it possible for you to choose a convenient day of the week to make your repayment. You can factor in when you receive your wage to pick a date. This is a relief compared to having to make the repayment on a particular day of the month.
- Convenient repayment: The weekly repayment loan also is convenient to plan since you are already aware of what you are expected to pay on a weekly basis and when you will make the repayment. As a result, you are in absolute control of your finances without being under pressure to pay when it is less convenient for you to do so.
- Lower interest amount: By making a regular weekly repayment, you have the opportunity to pay off your loan earlier than if you are making a single huge payment once in a month. Don’t forget that the earlier you pay off your loan the less interest you will pay.
Criteria for taking the loan
Many lenders of this loan type have different qualification criteria. However, there are some criteria that are common to all the lenders. These are:
- The borrower must reside in the United Kingdom.
- He must be employed or have a regular source of income that will make repayment easy for the borrower.
- The income must be sufficient to cover the weekly repayment.
- A functional crediting account for depositing the money.
- He must be aged 21 and above. Some lenders insist that the borrower must be aged 21 at least.
If you meet these requirements, you can take this loan from any of the accredited lending companies in the country.
Contrary to the general opinion, a lot of companies are ready to lend you this loan if you are found credible by meeting their basic requirements. That’s a perfect opportunity to get your dream car or go for that vacation you have always promised your family.