Whenever you borrow money, one of the most important considerations should be the loan repayment term and structure. Remember that lenders charge interest on the total amount borrowed, and you need to be certain that you will be able to pay back the money as and when required until the amount is repaid in full.
Luckily, most loan products are extremely flexible and able to be paid back in weekly, fortnightly or monthly instalments. This means that you can choose which repayment structure works best for you. Pay weekly loans have become a popular option, allowing for small, manageable payments to be made over the course of the month.
If this is the first time you’re hearing about these weekly loans, take a read of our guide to find out if they’ll suit your situation.
A pay weekly loan is a type of personal finance that is paid back on a weekly basis. Weekly loans let you choose the length of your repayment period and frequency of payments, allowing you to manage your costs and budget effectively.
Loans you repay weekly as opposed to monthly provide greater flexibility for borrowers. A pay weekly loan works similarly to other loan products, the only difference being the repayments.
Allowing for more control over how much you pay back each month, pay weekly loans can be scheduled around specific dates, such as when you receive your salary payments.
When you choose a pay weekly loan, you agree to pay back the money in seven day instalments at a pre-agreed interest rate.
Pay weekly loans from direct lenders are easy to apply for. The difficult part is finding the best weekly loan deal for your financial situation. If this is your first time taking out a loan, it’s important to understand that each direct lender has a different set of lending requirements, and as such, offer varying interest rates and terms.
At ThisLender, we work with a panel of direct lenders who offer various instalment loans, including pay weekly loans. Through us, you can find the most competitive rates on pay weekly loans from direct lenders. Once the first part of your application has been completed, you will deal directly with the lender to arrange your weekly repayment loan.
As mentioned, you can choose to apply for pay weekly loans via direct lenders, or through a broker, like us. Looking for weekly loans online can take a huge amount of time out of your day, as you’ll need to compare:
For this reason, lots of people prefer to apply for pay weekly loans through a broker, who can do the hard work for you. At ThisLender, we use our existing relationships with trusted lenders to find competitive weekly instalment loans for our customers.
The speed at which you choose to pay off your loan is entirely dependent on your financial situation and what you’re comfortable with. There tend to be four popular options when it comes to loan repayments:
When arranging your loan with the direct lender, you’ll be able to discuss your options and agree on an arrangement that suits both of you. The great thing about instalment loans is that they give you financial flexibility. The last thing you want to do is borrow money that you’re worried about being able to pay back, so make sure you are confident in the repayment term and structure you choose.
No, you can’t. The credit check forms an important part of the application process, as it helps lenders assess your ability to pay back the loan. Credit checks are now a standard lending requirement, and all trusted lenders should include this in the application process.
If you come across a pay weekly loan that is being offered on a no credit check basis, you should steer clear. These requirements are put in place by the Financial Conduct Authority for a reason, it’s always in your best interest to give the lender the full picture of your financial situation to prevent issues with debt occurring.
If you have bad credit, fear not! You can still benefit from a weekly loan. However, your first move should be to check your file with a credit reference agency and take steps to improve your score.
Yes, you can. At ThisLender, we work with lenders who offer bad credit weekly payment loans.
In the past, people with adverse credit were barred from most consumer loan products. Luckily, there are now options for all credit scores, so you should never try to avoid the credit check by going through an untrustworthy provider.
Be advised that some bad credit weekly payment loans may come with higher interest rates, to mitigate the increased risk for the lender. Alternatively, if you have bad credit and want a pay weekly loan you may have to get a guarantor to co-sign the agreement. Guarantor loans enable you to borrow money with protection in place for both you and the lender.
There are some lenders who offer pay weekly loans for people who are unemployed and on benefits. However at ThisLender, the lenders we work with are only able to offer weekly repayment loans if you are employed with evidence of a regular income.
Each lender on our panel has their own criteria for lending, so there is no one size fits all rule when it comes to weekly payment loan criteria. Generally speaking, lenders require you to:
Personal loans that you pay weekly provide a number of advantages. Of course, the right loan product for you will depend on your personal circumstances, but some of the main benefits of these loans include:
As a broker, ThisLender works with a panel of trusted, UK lenders who are all authorised and regulated by the Financial Conduct Authority (FCA). Whenever you take out a loan, you should always check to see if your provider is listed on the Financial Services Register.
Here at ThisLender, we pride ourselves on trust and transparency. We’re here to give you accurate information to help you borrow responsibly. When you apply through our website, you will receive tailored quotes from suitable pay weekly loan lenders on our panel. All of the quotes you receive are free and no-obligation, which means you are not required to continue with the application process if you change your mind.
The lenders we work with are able to offer loans from £50 right up to £5,000, and you can apply for the amount you need on a weekly or monthly repayment basis. We welcome all credit scores, and work hard to ensure everyone has access to the funding they need.
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.
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Representative 97% APR (fixed)
Representative example: Borrow £1000 for 24 months at 24 equal instalments of £77.48. Total amount to repay £1,859.52. Interest £859.52. Annual interest rate 70% (fixed). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
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