Installment Loans

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Looking for financing can be a stressful experience. There are so many options to choose from – and this makes this process really difficult. The odds are that you’ve come across installment loansbut you weren’t so sure of what they entail. This article aims at clarifying this. So, let’s proceed!

Defining Installment Loans

To start with, when it comes to long term installment loans, you borrow a sum of money once – up front, and you make repayments according to a specific schedule. Auto loans and mortgages belong to this category. That being said, the lifespan of the loan can be either short or long, depending on your individual needs.

Steady Payments

In essence, we could argue that installment loans are straightforward. In other words, you pay the same amount of money every month, for instance. On the other side, credit card payments depend on several factors. To be more specific, you pay only if you’ve been using the card. What is more, the amount you pay depends on the sum of money you’ve spent.

Generally speaking, installment loans are fixed. Therefore, you won’t be surprised by any unpredictable changes that may come ahead. This makes it quite easy to plan your finances ahead, which is why many borrowers choose this form of financing.

On the other hand, variable loans are entirely different, in the sense that the interest rate is likely to change. Additionally, with every payment you make, you diminish the loan balance, while covering interest costs, as well.

Furthermore, installment loans aren’t too difficult to understand. That’s primarily because, once they are set up, few changes are due to occur, if any. Nonetheless, if you have the option of making extra payments – with an additional lump sum, for instance, you could diminish your payments with a recast (more about recast).

Can Installment Loans Help You Improve Your Credit Rating?

A good thing about best installment loans is that they could be helpful if you’re struggling with bad credit. In fact, if you didn’t know until now, you should note that the right mix of distinct types of debt could really help you with your credit. That’s because being consistent in your repayments portrays you as a responsible borrower.

On the other hand, if you have the tendency to pay most of your expenses with credit cards, the odds are you’re paying too much. Nonetheless, this doesn’t mean you should apply for numerous loans, as doing so could harm your credit. Make sure you choose a source of financing only if the situation asks for it.

Taking It All in

It’s true that installment loans have become really popular with borrowers with poor credit. However, if the loan has a short lifespan, you might end up paying a lot of money in additional expenses and interest rates. In fact, installment loans that last less than a year could be as expensive as payday loans. Therefore, our advice to you would be to assess your situation in detail before you go for it.