Viva Loans

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What is an installment loan?

An installment loan is a loan that is paid back in a set of installments scheduled over a pre-defined period of time. These include many different types of loans, such as personal loans, mortgages, and auto loans. Smaller, short-term installment loans are offered in the form of payday loans.

What’s the difference between an installment loan and a payday loan?

Payday loans are short-term loans that are often repaid in one payment, on your next payday. Installment loans are paid in a series of payments spread across a period of time. Installment loans tend to be for larger amounts, which is why they’re repaid over a longer time period.

However, payday loans can also be installment loans. Some payday lenders will offer guaranteed loans that can be repaid over a period of time in installments. You can get a payday loan online.

Repayment periods for payday loans repaid in installments are generally 3-12 months, versus larger personal loans or auto loans which can have repayment periods of 5 years, 10 years, or even more. This is because payday loans are for smaller amounts, generally £100 to £2,000.

It’s worth remembering that the longer your repayment period is, the more you end up paying in interest.

Why do people need installment loans?

People who need installment loans are in need of quick cash for a variety of reasons, such as:

Often times, these unforeseen expenses are larger expenses and the person in need doesn’t have enough disposable income to repay the loan in one month, which is why they opt for an installment loan over a payday loan that is repaid the following month.

Are there short-term installment loans?


It is possible to get a short-term installment loan. There are lenders that offer smaller loans, typically ranging up to £1,000, sometimes up to £2,000, to be paid back in monthly installments, typically ranging from 3-12 months. These loans are a cross between payday loans and personal loans. It’s important to note that paying a short-term loan in installments rather than all at once typically means a more expensive loan.

Is a credit card an installment loan?


While a credit card with a minimum monthly payment may be similar to an installment loan, there are some important distinctions. A credit card is a line of credit which you can borrow against. The borrower can choose to borrow £0, the entirety of their line of credit, or any amount in between. An installment loan gives the borrower a set amount of money all at once.

What are the benefits of an installment loan?

The benefits of an installment loan, as compared to short-term loans, are:

What are the downsides of an installment loan?

In exchange for smaller, more manageable payments broken up into monthly installments, installment loans can end up costing the borrower more in the long-run because they are paying interest over a longer period of time.

Are installment loans cheaper than short-term loans?

Not necessarily.

While installment loans sometimes offer a lower interest rate (if borrowed from a traditional lender), they are paid over a longer time period. This means that the overall cost of the loan can be equal or greater than the cost of a short-term or payday loan, depending on the terms.

Who is eligible for an installment loan?

In order to be eligible for an installment loan, you must be:

The factors that impact your application will vary depending on the lender, however all will consider the following materials:

What do I need to have to apply for an installment loan?

In order to apply for an installment loan, you’ll need to submit the following:

You will usually need to have a bank account as well.

What is considered valid proof of identity and address?

Here are examples of documents you can use as valid proof of identity and address. Please note that this list is not exhaustive.

Current UK driving license (old and new) Yes No
Full form UK birth certificate Yes No
Non-expired UK passport Yes Yes
Utility bills (issued within last 3 months) No Yes
Benefit book/letter Yes No
Bank passbook/statement, Credit Union passbook No Yes
Mortgage Certificate No Yes
Land registation certificate No Yes
National ID card Yes No
Valid passport of a UN recognised country Yes No
LAC tax receipt No Yes
Electorol register entry Yes Yes

What is considered valid proof of income?

The following are considered valid proof of income. Please note that this list is not exhaustive.

Do I need to be a UK citizen to apply for a doorstep loan?


As long as you are a legal UK resident, there are lenders who will work with you. You do not have to be a citizen.

Can I get a doorstep loan if I’m an immigrant?


Most lenders will work with anyone who is a legal UK resident (not necessarily a citizen), as long as you can meet their other conditions.

How do I apply for an installment loan?

At Viva Loans, you can apply for a short-term or payday installment loan quickly and easily.

We are not a lender. Rather, once you’ve submitted your application, we will hand pick a number of lenders who might be interested in lending to you.

If you are approved by one of these lenders, the loan will be deposited into your account almost instantly (usually under an hour).

The whole process is very easy and can be done in one day.

Will they check my credit score for an installment loan?


Unlike other alternative loans, such as payday loans, larger installment loans typically rely on your credit score. Your loan terms, such as the APR, will also depend on your credit score. Therefore, it’s important to have at least a decent credit score in order to secure an installment loan with favorable terms. While people with bad credit may still qualify for installment loans from alternative lenders, it will be more difficult.

That being said, there are payday loans that are offered as installment loans, and those will rely less on your credit history than a personal loan from a traditional lender.

Do installment loans affect my credit?


If you do not repay them on time, it can significantly decrease your credit score. However, if you make on time payments and are able to pay off your loan responsibly, installment loans are a great way to build or rebuild credit.

Can I pay off my installment loan early?

Sometimes. It depends on the lender.

However, often times there are fees associated with paying off your installment loan early. For that reason, people who are looking to borrow and pay off a loan over a short period of time might want to consider an alternative, such as a payday loan.

How much can I borrow with an installment loan?

This varies greatly.

Because installment loan is an umbrella term that covers everything from personal loans to mortgages, they can range from £1,000 all the way up to £50,000 or more.

Smaller loans of £50 or £100, however, are typically not offered in installments. Installment loans tend to start at closer to £500.

What are the repayment periods for installment loans?

Repayment periods also vary greatly, but they are not short term. For payday loans, they range from 3-12 months. Repayment plans for larger personal loans start at 12 months. They can extend up to 5, 10, even 20 years or more depending on the amount of the loan.

How do I choose a lender?

It is important to shop around and compare lenders with installment loans, as terms can vary greatly. You’ll want to consider all your options, from traditional banks to credit unions to alternative lenders. Compare the terms, such as the APR and repayment period, and decide from there.

Here at Viva Loans, we can review your application and pair you with the best payday loan lender available.

Can I apply for an installment loan if I have bad credit?

Yes, but you may not be approved.

Installment loans from traditional lenders do depend on your credit score. There are lenders, such as payday lenders, who give smaller installment loans to people with poor and bad credit. Those loans have less favorable terms. That being said, they are a way to build credit if managed responsibly.

Can I apply for an installment loan if I’m unemployed?

It will be difficult.

If you are unemployed, you will likely be denied for an installment loan from a traditional lender. Instead, you’ll want to consider alternative options such as payday loans, as they will often consider people who are unemployed. You will need to be able to provide proof of a valid source of regular income, though.

Should I get an installment loan?

If you are looking to finance a large purchase, such as a car or a home, installment loans are often the best way to do that. They should not be used as a means of income. Before taking out an installment loan, be sure to compare all of your options and read the terms and conditions of your loan.

You should get a loan with the shortest repayment period that is feasible for your finances. Every extra month on your repayment plan is an extra month of interest you will need to pay. If you can afford to pay off a payday loan with your next paycheck, do that instead of opting for an installment loan. If you have a bigger expense that you simply can’t afford to pay off in one month, an installment loan is a good option that offers your finances some additional flexibility.