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Published On: Sat, Jun 1st, 2019

Installment Loans For Bad Credit

You may be browsing the internet in search of financial help and the term “installment loan” must have appeared in your search results quite a few times. This term may not be that familiar to you and perhaps you have never tried this option of credit. Many different people will use an installment loan in their lifetime because it is a very common form of credit and is a viable option. So when it comes down to it, what defines an installment loan? This form of credit is a style of loan that gives you a borrowed set amount of money that you agree upon when you sign for the loan. Now unlike credit cards and lines of credit, this is not a form of revolving credit. This means that when you sign up for an installment loan you need to choose how much you need before you borrow the funds. Once you have borrowed the funds, you will then pay the installment loan back over a fixed amount of time. You and your lender will determine the payment schedule while taking out the loan. Most payment schedules are on a monthly basis, but this can be changed depending on the agreement.

There are many different types of installment loans for bad credit. Many people will choose this form of credit for such things as personal loans, student loans, auto loans as well as mortgages. We will discuss the different forms of this kind of loan below.

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Automotive loans

An auto loan is usually repaid on a monthly schedule over a period of 12 to 96 month long periods. Not every lender will issue loans with terms in this range and it will depend on terms. It is common for loans with much longer terms have smaller monthly payments. but higher interest rates. You will end up paying more money for a car if it took you 96 months to pay off rather then 48 months.

Home mortgages

A home mortgage is a type of installment loan that is harnessed to borrow money to purchase a house. A mortgage loan is typically paid back within a 15 to 30 year range. These loans usually have a fixed interest rate which means that the principal and monthly payments are always the same through the span of the agreement.

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Personal loans

A personal loan is a type of installment loan that are used for many different reasons. Some people will use them to consolidate debt, while others will use them for emergency expenses. A personal loan will typically have a payment plan of 12 to 96 months and have higher interest rates. The up side to these loans is that they do not require collateral.

Benefits of installment loans

Most of the time installment loans will have predictable payment plans. When you take out a fixed interest rate loan, you will have the same monthly payment until the loan is completely repaid. Having a payment amount that you can expect that doesn’t change is helpful. It makes budgeting to pay your loan off that much easier without any changes to the total amount of money owed. When you are searching for this type of credit be sure that you can afford the monthly payments and interest rate. Knowing your debt will be paid off by a certain time is incredibly comforting and easy. Choosing a repayment plan that fits your budget can get you out of debt faster than revolving credit.

Negatives of installment loans

When you have taken out an installment loan you can not add to the amount of money you need if necessary to borrow more. If you were to need more money, you will have to take out another loan to get the extra borrowed money. If you are choosing to get one of these loans be sure that you take out the exact amount needed. Another negative of installment loans is the fact that interest rates can be higher if you have no credit or a bad credit rating. Fortunately at our website we do not use credit networks or bureaus which means we can still help you.

Author: Grigoriy Anoshenko

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