If you are looking to spread the cost of your loan repayments, a weekly repayment loan could be a great alternative to a payday loan. Instead of repaying the loan in full on your next payday, it is possible to find a loan with flexible weekly or monthly repayment terms.
Although monthly repayment schedules are the most popular option, some borrowers find weekly repayments easier to manage. For example, if you are paid each week on a set day, the lender can take the repayment from your account on the same day. This means you do not need to save part of your weekly pay towards paying a single monthly payment, which can help with budgeting and cash flow.
As a broker, we have a large panel of lenders who offer various repayment options. The majority of our lenders offer monthly repayment terms, however, if you are specifically looking for a loan with weekly repayments there are some lenders willing to assist. Our aim is to find you a loan to suit your individual repayment requirements. For example, if you choose to borrow £500 with a loan term of 3 months, if you are accepted by a lender willing to offer weekly repayments, these repayments could instead be split across 13 weeks.
In the past, many people with a poor credit history were forced to rely on payday loans, which required payment in full on the next payday. This short repayment term was often unrealistic and led to financial difficulties for those unable to comfortably make the repayment. We aim to make borrowing as fair and transparent as possible, so you can expect repayment terms designed to suit you when you borrow from our lenders.
In general, the loans available start at a minimum of £100 up to £5,000, with lenders offering flexible repayment terms to suit the amount borrowed. For example, if you are looking to borrow less than £1,000 our lenders offer repayment lengths of 3, 6 or 12 months, although some are willing to offer weekly repayment terms.
The repayments are normally taken from your bank account using Continuous Payment Authority, which provides the lender with permission to collect the repayments using your debit card details. This means you do not need to set up a direct debit or make a manual payment on your repayment day, as the repayment is automatically taken from your account.
Here at CashFlex, we have chosen to partner with lenders which offer an open-minded approach to lending. Unlike traditional lenders such as banks and building societies, our lenders will consider your application even if you have bad credit.
Our lenders are authorised and regulated by The Financial Conduct Authority, which means they are legally and ethically required to complete a hard credit check. However, their decision will not be solely based on the finding from your credit report, as they will also be looking at the loan’s affordability and your recent ability to manage your finances.
To apply for a loan, you should complete our online application form, with key details such as the amount you are looking to borrow, the ideal repayment period and your income information. We will then pass your details across to our panel of lenders who will assess your application.
They will complete a soft search of your credit file, which will be used to verify the information you have provided. This does not impact your credit rating and will help the lender decide whether they are likely to approve your application.
If a lender indicates a strong chance of approval, you will be redirected to their website. At this point, you will need to complete a full application form, where you can indicate whether you would like to make weekly or monthly repayments if the chosen lender offers this option.
The lender will then complete a hard check of your credit file, which will leave a footprint on your report. If you are concerned about your credit score, at this stage you will be matched to a lender who has already indicated a strong chance of approval.
Although weekly instalments can provide a manageable way to repay a loan, you should always consider the affordability of the loan before you apply. If you are paid weekly and struggle to budget your funds across the month, there are several organisations which can offer free and impartial financial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.
Try our FastCheck tool with no impact to your credit score
Our new tool allows you to calculate your chance of being accepted for a loan.
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £5,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.