Everything You Need to Know About Installment Loans
Everything You Need to Know About Installment Loans
What is an installment loan?
Installment loans enable you to borrow money over a fixed period and make regular, fixed monthly payments that include your loan principal plus interest.
Installment loans help you borrow a fixed amount of money deposited into your bank account in a lump sum. You pay back your installment loan over time, usually in 3 to 48 months.
Your interest rate is fixed for the term of your loan.
You make regular monthly payments to your lender. This monthly payment includes both the loan principal and the interest.
Most installment loan lenders run a credit check on you before agreeing to fund your loan.
PaydayLoanIndustry.com’s lenders serve subprime, underbanked folks. Often our lenders do not run credit checks. They are more interested in your job criteria.
1] How long you’ve been on the job
2] How much dollars do you have at the end of the month
3] How secure your income is
4] Do you owe other lenders money
Installment loans enable you to always know what to expect when your monthly bill is due.
Installment loans come in many forms. Although they operate similarly, each type comes with different features, loan purposes, and average interest rates.
Installment loan proceeds are provided in a lump sum and can be used to fund various needs.
1] Car repairs
2] Home improvements
3] Consolidate higher interest credit card debt.”
4] Medical expenses
5] Apartment rental deposits
