Amount of credit: £1,800 for 24 months at £135.47 per month. Total repayment of £3,251.27. Interest: £1,451.27. Interest rate: 65% pa (fixed). 88.1% APR Representative.
Payday loans are short-term loans that are generally designed to be repaid in full on your next payday, or over the course of two paydays. They can be great for those who need fast funding to cover emergency expenses such as car repairs or medical expenses. And while certain companies (including our own partner QuickQuid) specialize in this type of product, On Stride Financial offers instalment loans in amounts of £1,000 – £3,000. In many instances, these amounts are similar to the amount of a payday loan, but our instalment loan is designed to be repaid over the course of one or two years, rather than one or two paydays.
|Payday Loan*||On Stride Instalment Loan|
|Amount||1 - 3 pay periods||1 or 2 years|
|Funding Speed||In most cases loan decisions may take up to 30 minutes; funding provided in as little as 10 minutes after approval.||If approved Monday - Friday, you'll usually receive your money that same day.|
|Credit Score Impact||Because payday loans are designed to be repaid in a short amount of time, it can be more difficult for customers to repay their loan on time. This can damage a credit score. If a repayment extension or additional loan is required, the loan can be prevented from going in arrears, but will increase the amount of interest due.||Payments for On Stride Financial instalment loans are due once a month. Because the length is one or two years, this translates to 12 or 24 payments of smaller amounts, which can make it less likely for a customer to default. In addition, On Stride reports accounts in good standing to credit bureaus, so a customer’s credit score can improve as their loan is repaid.|
|Available to Customers with Less-Than-Perfect Credit?||A less-than-perfect credit score does not preclude a customer from being approved for a loan.||A less-than-perfect credit score does not preclude a customer from being approved for a loan.|
* Information used for payday loan details is information about our partner site, QuickQuid, which is one of many different payday lenders based in the UK.
You must meet the following requirements to be considered for a loan from On Stride Financial:
If you meet these requirements and are in need of a loan, go ahead and apply with On Stride Financial today!
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