Loan solutions these days serve versatile financial needs. You can get 24-month loans from direct lenders and use them for the most common personal expenses. Direct lending can make borrowing faster and more convenient than some traditional routes.
The loans are suitable for short-term to mid-term needs. Also, there is no constraint to borrow only for a specific purpose. In many cases you do not need a guarantor or collateral, as long as you meet affordability criteria.
Your individual repayment capacity is the primary factor that helps you borrow funds. As per your repayment capacity, get approval on the loan amount. You can even get installment loans without a guarantor, subject to affordability checks.
Bargainloans commits to lending responsibly and only to customers who meet our checks and affordability criteria. We look forward to approving suitable applications, but all decisions depend on employment, income and credit profile. All you need to do is provide documents showing you can afford the repayments.
Get a free, no-obligation loan quote and see how much you can borrow from us.
A 24-month loan is a short-term loan with a fixed repayment term of 2 years. These are personalised loan solutions tailored to your credit profile and ability to repay. These loans can be an alternative to 24‑month payday loans, and the overall cost will depend on your rate and term.
A fully online procedure and quick decisions are designed to help you receive funds promptly, subject to checks and your bank. You can always track your application status as we keep things transparent.
- How do 24-month loans work?
The application process generally follows three simple steps, i.e., 1) Apply Now, 2 Get a fast approval decision, often within a short time of applying, and 3) Receive funds after approval. For the convenience of borrowers, we auto-debit instalments. This lowers the risk of delayed or missed payments, which could impact your credit scores.
We also offer free quotes for 24 month loans with no upfront credit check. Apply now to check how quickly you could receive a lending decision and, if approved, your funds.
Many borrowers across the UK consider 24 month loans when they want to spread costs over a fixed period. Their features can offer more predictable repayments, which may help you feel more in control of your finances. The loans with the following benefits are available to individuals and business owners.
Financial Flexibility
Easy Access to funds
Credit improvement support
Use for varied purposes
Customised and flexible
With new-age lending solutions, it may be possible to get a loan even with a bad credit score. However, you have a risky credit profile due to a less-than-perfect credit report. Therefore, several conditions you must need to fulfil to get the loan. Once key conditions are met, you may be eligible for a 24 month loan for bad credit without a guarantor, subject to checks.
Work on your credit purchase power
Depending on your credit situation, it may be difficult for any lender to be sure about your repayment capacity. You must work on your credit purchase power to prove you can repay the loan. Compared to a good credit score borrower, you have to justify your financial strength to bear a loan.
Income stability is a decisive factor
You need to have a stable income which helps you in getting your loan approved. Using this factor, you can prove turn things in your favour. Hence, make sure that you submit your income proof with complete accuracy. Income status of recent six months to one year plays the most important role.
Avoid job switches while applying
24 month loans for bad credit for long terms are not usually offered. Hence, in short-term loans, recent financial and employment circumstances act decisively. Do not switch jobs while applying for a loan. This can increase the risk of your loan being declined. Avoid it by staying in the same job. If you have been employing at your current company for years, it can help you get a lower rate.
The 6-month bank statement should show improvement
It is necessary to provide the bank statement for the last six months. This shows your earnings and financial behaviour. It is essential to mention that your bank statement must show the bills and debts paid in recent months on time. An improved financial behaviour can significantly improve your chances of approval.
Show additional income (optional)
If you have any additional income, it shows you can be eligible for a larger amount. At the same time, it also gives you a strong support system to bargain on the interest rate. But these conditions do not necessarily apply. This can be an option to increase flexibility when applying for 24 month loans for bad credit with no guarantor from a direct lender.
We follow clear approval criteria while offering as much flexibility as we reasonably can for borrowers. We try to offer an instant decision on 24-month loans depending on the suitability of the borrower’s profile.
Competitive rates: Based on your financial circumstances, we try to personalise the most suitable rate with your loan offer.
Speedy decision-making: With instant online identity verification, we can provide an immediate approval decision.
Financial technology advantages: We have designed secure online systems that help us verify details quickly.
Customer experience: We are here 24/7 to accept applications and provide information about 24 month loans responsibly.
Your cooling off period will be clearly stated in your agreement and usually starts from the day after you sign your documents. You can exit the loan but you have to pay back the principal amount you have received from the lender. Any interest and fees that have already accrued up to the point of settlement may still need to be paid, as mentioned in your agreement. This is because right after the fund transfer, rate of interest applies and the borrower has to pay back the necessary costs.
Yes, you, but approval decision depends on individual cases. Some lenders may not accept such applicants. However, at Bargainloans, you can still apply even with a history of missed payments, though this will be considered carefully in the decision. But in that case, scrutiny of repayment capacity, payment history can be more rational. Usually, for a short-term loan, last 6-month to one-year credit history is sufficient. In case of missed payments in past, we may need to study more about your finances.
In some cases, it may be possible to discuss the rate of interest, particularly for existing customers. But your personal financial factors, too, are always decisive. The following factors matter for the negotiation -
Simply put, the more you work on your credit purchase power, the easier negotiating is.
At Bargainloans, we do not currently charge an early repayment fee, but you should always check the latest terms in your agreement. Some lenders charge this, which you should always confirm when taking out a loan for 24 months. But we aim to make affordable loans available to majority of people across the UK. This is why, if you decide to pay off your loan before the tenure ends, we just need few formalities but no penalty.
Yes, you can. The minimum age criterion is 18 years. Anyone aged 18 or over, including students and pensioners, can apply, but you should first validate whether the repayments are affordable. Don't forget to work on your repayment capacity because that is the primary factor for approval. Beyond the minimum age and residency requirements, we consider applications from a wide range of borrower types, subject to status.