Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £900 for 10 months at £162.56 per month. Total repayment of £1,625.60. Interest: £725.60. Interest rate: 140% pa (fixed). 315.4% APR Representative.
While not a strictly-defined term, 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 (read more about their payday loans here), specialise in this type of product, On Stride Financial offers instalment loans in amounts of £150 – £5,000. These amounts cover most of the same range that payday loans can cover — but our loans are designed to be repaid over the course of six months to three years, rather than a few paydays. Though more pay periods keep the monthly cost lower than a short-term loan, the total cost of an instalment is higher since it’s a longer-term loan.
On Stride Financial Instalment Loan
|First-Time Funding Amount||First-Time Funding Amount £50 – £1000||First-Time Funding Amount £150 – £5,000|
|Repayment Periods||Repayment Periods 1 – 3 pay periods||Repayment Periods 6 months – 3 years|
|Funding Speed||Funding Speed Funding provided in as little as 10 minutes after approval.||Funding Speed Funding provided in as little as 10 minutes after approval.|
|Available to Customers With Less-Than-Perfect Credit?||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.||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.|
*Information used for payday loan details is information about our partner site, QuickQuid, which is one of the leading payday lenders in the UK.
As customers have grown more accustomed to conducting financial transactions online, online payday loans and online instalment loans have taken off. Dealing with an online lender is faster and easier than working with a bank, as the entire application, decision and funding process can be conducted online.
Once an online loan application has been approved, the lender can simply transfer the approved funds to the customer’s bank account. There’s no waiting in line, no driving to the store and no physical paperwork required. The entire process can be completed from anywhere with an internet connection.
While On Stride Financial is an instalment loan lender, it is definitely feasible that we can be used as an alternative to payday loans. Having served customers in the UK since 2014, On Stride Financial expanded their loan amounts in 2018 to include smaller amounts. Since these smaller loan amounts are very similar to amounts offered by payday loan companies, our instalment loans can be a good option for customers looking for smaller loan amounts with a longer time to pay them back.
To be considered for a loan from On Stride Financial, you must meet the following requirements:
Be at least 18 years old
Be a resident of the UK
Have a regular income
Have a valid UK bank account with an active debit card
If you meet these requirements and are in need of a loan, apply with On Stride Financial today!
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