If you’re thinking of applying for an instalment loan, it is always a good idea to weigh up all available options beforehand, like credit cards and unsecured loans these may be avenues worth exploring and better suited to your individual situation; however, the majority of other lenders focus solely on a person’s credit score when evaluating a finance application.
Evolution Money are different in that we always take into account a person’s current financial situation, not just their previous credit history. This means that a poor score won’t necessarily hold you back from the loan you need.
If a person does decide on an instalment-based loan, they must always remain aware of their responsibility to make every agreed repayment on time. Evolution Money provides variable rate loans, which means the precise payments may increase or decrease over time. Failure to repay instalments on time may result in additional charges and could negatively impact their credit rating.