Repay in the long run
Unlike a typical pay day loan, an installment loan enables you to spend your loan back with time.
Installment loans typically offer greater loan quantities than pay day loans.
Pay back early and conserve
Installment loans charge day-to-day interest, therefore you will save on interest paid if you pay off early.
What exactly is an installment loan?
An installment loan is that loan in which you borrow a particular quantity of cash at onetime, and repay with time with a group number of planned re payments (typically 2 payments or maybe more). While you make re re re payments, your loan stability decreases.
Samples of Installment Loans
- Figuratively Speaking
- Auto Loans
- Signature Loans
Pros & Cons
- Fixed rate of interest
- Fixed payments
- No prepayment penalty
- Could put a difficult hit on your credit
- Urge to borrow more income than you will need
- Could need to validate earnings