Installment Loans

installment loans

A loan in which there are set number of scheduled payments over a certain period of time is referred to as installment loan. Mortgages and auto loans are examples of installment loans.

An installment loan is also called installment debt. These periodic installments have fixed payments of equal amount. The principal and interest is also calculated depending on the duration of the loan.

After you make timely payments of equal amount and the loan duration is complete, your loan will be paid off. No more payments are required after that.

Who should take installment loans online?

Individuals or businesses who cannot afford to make a one-time purchase of cash on big items but can make monthly payments should apply for installments loans online. It is a convenient way to buy houses, cars or pay for tuition.

One main advantage of installment loan is that these periodic installments are manageable and thus assure the lender that the loan will be repaid. The interest rate accrues at a specific rate. However defaulting payments results in a higher rate and thus the borrower will pay more.

Even with a bad credit history, you can still take control of your financial life and make better choices in future.

Requirements for obtaining installment loan

  • Be above 18 years of age
  • Steady source of income
  • A valid bank account
  • Physical address
  • You should not be bankrupt

How installment loans can help if you are in bad credit

Being in urgent need of cash in these unpredictable economic times is not surprising. We have to deal with increased cost of living and increased expenditures. Such situations may leave is often in debt and automatically that will reflect badly on the credit history.

Applying for installments loans for bad credit will help you make huge purchases over time; something you could not have otherwise achieved. There are various lenders willing to help people suffering from poor credit ratings obtain such loans.

Our loan comparison tool above will help you compare among 9 lenders and choose the one with most competitive rates. It is free to use and results are instant.