Pay monthly loans from £50 - £5,000^†

One of the first things you should think about when you decide to borrow money is choosing the right loan term and payment structure. The repayment term refers to the amount of time you have to repay your loan, and it can range anywhere from a couple of months to a few years.

The most common payment structures are weekly or monthly payments. Making monthly instalments tends to be the most popular option, because this only requires the borrower to make a single repayment every 30 days. A pay monthly loan is also straightforward to apply for, and you could receive the money you need within 10 minutes^² after approval.

To find out more about whether pay monthly loans are right for you, take a read of our complete guide below:

A guide to pay monthly loans:

• A guide to pay monthly loans:
• What is a pay monthly loan?
• How do pay monthly loans work?
• Where can I get a loan with monthly repayments?
• Pay monthly loans from direct lenders:
• Can I get a pay monthly loan with bad credit?
• Should I pay monthly, weekly or fortnightly?
• Can I get a pay monthly loan with no credit check?
• Am I eligible for a pay monthly loan?
• Can I get a pay monthly loan on benefits?
• What are the benefits of monthly loans?
• Why choose ThisLender to arrange a pay monthly loan?
• Where do I go for help if I’m in financial difficulty?

What is a pay monthly loan?

A pay monthly loan is a type of personal loan that is paid back on a monthly basis. These monthly loans are also referred to as instalment loans, as with this funding solution the money is paid back in fixed monthly instalments at a pre-agreed interest rate.

How do pay monthly loans work?

Loans with monthly repayments give borrowers thirty days / one month between each payment due date. When you take on a pay monthly loan, you will receive the total amount of money upfront, and then you will be expected to start paying back the money in smaller amounts at scheduled intervals.

They work similarly to weekly loans, the only difference being the frequency of payments.

Where can I get a loan with monthly repayments?

You can find lots of pay monthly loan providers online, and people tend to pursue these loans from direct lenders or brokers. Whenever you take out a personal loan, it’s important to do your research and due diligence to ensure the provider you choose is legitimate and trustworthy.

These loans tend to be popular because of the speed at which they can be arranged. Online pay back monthly loan providers are typically able to deposit funds into your account within 10 minutes^² after approval, allowing you to deal with financial emergencies without delay.

Pay monthly loans from direct lenders:

Lots of people prefer to get pay monthly loans through direct lenders online. This means that they apply on their chosen lender’s website, and communicate directly with the lender throughout the loan process.

While this is a good option for obtaining personal finance, it’s important to understand that all lenders have their own interest rates and additional fees / charges. Because of this, it’s vital to do your research and shop around to find the best deal before deciding on the lender.

Alternatively, you can apply for pay monthly loans using a credit broker, like ThisLender. As a broker, we have access to a panel of direct lenders who are all authorised and regulated by the Financial Conduct Authority.

We use our connections with these lenders to help provide suitable loan offers for our customers. All you have to do is submit our online application form and we will do our best to present you with a no-obligation quote, completely free of charge

Can I get a pay monthly loan with bad credit?

Yes! You can. The lenders we work with offer loans with monthly repayments specifically tailored towards people with bad credit. So if you want a pay monthly loan but you’ve suffered from poor credit in the past, we can help.

The lenders we work with will conduct a credit check during the application process, but you don’t need to worry if your credit score is less than perfect. As well as credit checks, they will also carry out various additional checks to analyse your affordability.

Please be aware that while you can get a pay monthly loan with bad credit, you might receive higher interest rates or be asked to provide a guarantor to co-sign the loan agreement to mitigate the lender’s risk.

Should I pay monthly, weekly or fortnightly?

When you take out a personal loan, most lenders will present you with a monthly repayment plan. However, many also offer the option for you to make payments more frequently - weekly or fortnightly.

The ideal payment structure depends on your personal circumstances, and factors you should think about include budget, salary payment dates and general schedule. For example, if you get paid on a weekly basis, you may decide a pay weekly loan works better for you.

Can I get a pay monthly loan with no credit check?

No, a credit check is required to be approved for any personal loan. This check forms an important part of the lender’s assessment, and it is a UK requirement for all loan providers to conduct. If you are worried about the credit check, remember that there are pay monthly loan options available for bad credit. So, if you have poor credit, it doesn’t necessarily mean your application will be rejected.

Before applying for any loan, you should use a credit reference agency to view your file, so that you understand what lenders will see when they analyse your application. You can take steps to improve your credit score and make sure your file is in tip top shape before submitting an application.

Please remember that any lender offering a pay monthly loan on a no credit check basis is not doing the correct due diligence or following protocol for responsible lending. Always go via a trustworthy UK provider who you can see is listed on the Financial Conduct Authority’s Financial Services Register.

Am I eligible for a pay monthly loan?

At ThisLender, we aim to help each of our customers with access to funding, regardless of credit score. We work with a variety of providers, so it’s highly likely we’ll be able to match you with a suitable lender. Each lender on our panel has their own criteria for lending, but as a general rule of thumb, you should be eligible if you:

• Are over the age of 18
• Are employed with a regular salary
• Have a UK bank account and debit card
• Live in the UK with a permanent address

Can I get a pay monthly loan on benefits?

Unfortunately, you can only apply through ThisLender if you are employed with regular salary payments coming into your account. However, you may be able to pay monthly loans for benefits through other providers.

What are the benefits of monthly loans?

If you decide to apply for a personal loan paid back on a monthly basis, you will benefit from:

• Quick access to funds: Receive the money you need to cover financial emergencies quickly. Pay monthly loan lenders can usually issue funds within 10 minutes^² after approval.
• Fixed repayments month on month: Your monthly payments will be set at a fixed interest rate, which means the same amount of money will come out of your account each month.
• Easy to arrange and manage: This type of loan product is usually straightforward to arrange, and once you have been approved, you only have to worry about making one payment per month.
• No spending restrictions: Although you should never take out a loan for non-essential purchases, a major benefit of pay monthly loans is the lack of restrictions on how you spend the loan.

Why choose ThisLender to arrange a pay monthly loan?

As a broker, ThisLender is well positioned to provide customers with easy access to funding. We help to arrange a variety of personal loan products, with options for people with bad credit available. There are lots of benefits to using our service, including:

• Online loan matching service: We search a panel of lenders in minutes to help find a suitable lender and loan offer for your needs.
• Free, online application: We never charge any fees to use our site. You can apply for a pay monthly loan and receive quotes completely free of charge.
• No-obligation quote: You don’t have to feel pressured into any decisions. The quote is 100% no-obligation, so you can change your mind at any time.
• Trusted provider: Borrow with peace of mind - ThisLender and the lenders on our panel are all authorised and regulated by the leading Financial Conduct Authority.

Where do I go for help if I’m in financial difficulty?

If you are having financial difficulties or need to speak to someone regarding your financial situation before applying for a loan you can get free and confidential advice from MoneyHelper (formerly The Money Advice Service), National Debtline or debt charity StepChange.