Installment Loans – Borrow once and Repay regularly with easy installments
“Simple, Steady and Safer Loans”
Millions of American families are using installment loans when they really need to borrow money for paying off sudden financial expenses. Installment loans are the one kind of loan from the Cash Advance loan family. Installment loan enables the people to borrow loan once and then repay back them in regular fixed installments. One can repay them on weekly or monthly basis as per the agreement.
Why Installment Loans are best for you?
With an installment loan, you borrow once and then repay it according to the time schedule. Mortgage loans and auto loans are the typical examples of installment loans. These loans can be short term or long term like 20 year mortgage. The payment is calculated as loan balance along with the interest rate and time in which you have to repay the loan. The Installment loans are somehow better than payday loans as the time to repay is totally according to you and you do not have repay all the amount at once. These loans are simple and safer. The payments are generally regular and the installment amount is fixed.
$$ Installment loans are not so different from other type of payday loans Las Vegas. In payday loans, the lenders lend the loan to the borrowers and the borrowers have to return them along with the interest on the next salary day. Paying whole amount on the single day is very difficult and if not paid, it causes harassment and further implied costs. So it is better to have access to the installment loans. $$
How Installment Loan works?
When you apply for installment loans, you and the lender agrees to the basic terms and conditions first. The interest rate is calculated. The loan amount is then divided into small payment fragments. These payments are to be paid periodically on the fixed period of time. The interest rate on installment loans is very less in comparison of online payday loans. The interest rate is usually 28% annually on installment loans.
Installment loans are considered best for that kind of payments that are periodic in nature like home loans, car loans, college loans or school fees. According to the rules of installment loans, the whole loan amount is to be repaid but on various time periods. If one delay in payment then the higher interest rate is imposed on the amount or sometimes you also have to pay fine. The usual amount is $1000 and it can be up to $5000. Cash can be easily extended if you have good credit score.
Installment loans are offered by many banks and payday loans and mortgage agencies. But it is important to understand various terms and conditions before signing any agreement. The monthly installment is calculated by adding loan amount and interest rate divided by total number of installments.
Paying back loan is legal responsibility. So borrower should pay back on time in order to stay away from legal penalties.
Attractive Features of installment loans
- Safe and Secure
- Fixed Repayment period with installments
- Online service available
- No extra fees
- Low interest rates than payday loans
- Easy qualification
- Complete transparency
- Quick and easy
- Multiple loans
TYPES OF INSTALLMENT LOANS
- Payday Loans
Personal names as name suggests are taken for personal purposes. People usually take these loans to pay off credit card payment generally with high interest rates. For example: A borrower wants to borrow loan to pay off the previous loan. In order to save the high rate implied on credit cards, the monthly credit payments are set. Some people also take these kind of loans for planning holidays, household expenses etc.
- Mortgage Loans
The loan that is secured by property or real estate is called a mortgage. These loans are set on the real estate and the borrower has to pay back the funds within the given period of time. These loans are taken at the time of buying a new house. In order to qualify the loan, firstly you have to apply for the loan and then the house searching process is started. Paper work is performed after the successful selection of the house and loan qualification. The total amount of loan includes loan amount and interest rate. The maximum length for these loans is 30 years.
- Auto Loans
Auto loans allow people to buy car of their choice and pay for it in short installments. The length of auto loans is usually varies from 30 to 60 months depending upon the payment interval and cash borrowed.
Payday loans has become the most important method of borrowing instant cash whenever you are in need of immediate cash to remove financial emergencies. Despite of the bad reviews, mostly people recommend these loans as the process of getting loan is very easy and quick plus you will get money instantly after approval. These loans impose the highest interest rates that reach up to 400%. As these loans can help you in getting out of financial crisis once but they sometimes leads to the never ending debt process. So it is advised to borrow these loans only when you really need them and you can guarantee that you can pay back them on time.
“Installment loans are perfect choice. Quick money without any hassle.”