Every one of us nurses the dream of making big in life, some are able to take the right decision at the right time and some struggle with their dreams. There are some enterprising people who take risks in their lives to follow their heart and dreams. These are the ones who take happiness on lease and pay installments. Yes installment of advance which they pay after a fixed interval to reach their destination. Installment loan is the loan which one takes after mortgaging some asset. The requirement of asset to be mortgaged is different and it varies according to the amount required for the finance. In installment loan, the lump some money is given to the borrower with the monthly repayments decided. It depends on the seeker of the loan, across how many years he would like to stretch the loan? If the installments are spread across larger span then the money to be paid per month is low. Unfortunately, in such cases, the interest rate adds up to be more. If the installments are less then the amount to be paid per installment increases and one is able to repay the debt soon.
The most common type of installment loan is personal installment loan, mortgages, auto loans, study loan, business startup loan
Personal Installment loan
The personal installment loan is taken at times to repay the credit card debt. It is also taken to meet expenses of wedding or vacations planned. This type of credit can be taken as a building block to build credit history.
Everyone dreams of having their own piece of land surrounded by the walls of privacy, called home. Most of the individuals take financial help from banks to build their home. Home Mortgage Loan is the most popular form of long term repayments credit. The sum borrowed can be around $ 100,000 and the installments may stretch to 15 to 30 years. In all the cases the borrower has to make down payment of at least 3 to 20percent of the total loan amount. A good credit history is a prerequisite for such loans.
In the fast paced life, car plays an important role to catch up with the running time on the road of life. Purchasing car again becomes a herculean task but now a days made easy by credits. Auto loans are used by individuals to purchase new cars. The installments are stretched over to months or a few years. The auto loan is secured by collateral.
Business Startup Loan
The entrepreneurs require a good amount initially to start up with the new venture. The loan at this juncture can actually help the person, as a push required on the road of success. It is like giving wings to fly.
Business Startup Loan
The students do take advance for their higher studies which they are expected to pay after they finish their studies. The federal loan approved by the government is better than the one taken from private financers. Fixed rate of interest and repayment according to the income plan are the advantages of the federal loan.
Which door to knock for help?
In this hurry blurry of hectic schedule, if you do not want to step out to seek loan then online lenders is a good option. There are lenders who transfer money online after completion of the formalities.
If you have a good credit history then borrowing money from a traditional bank is a better option than the loan sharks.
Be a smart consumer: Compare rates, do not allow your fingers to be burnt.
APR is the cost of the advance that you would pay over the total life of the loan. It includes the principal amount plus the rate of interest. If you have just considered the rate of interest, you might have the ballpark figure but not the real picture. Try to calculate the time for which you have to pay the installments along with the interest and the principal amount. This will help you know the exact amount you need to repay.
It refers to the period of time for which the installments will be paid by you. The larger the span of time, the more interest you need to pay, though the monthly amount repaid will be less. In other words if the number of installments are less this means you tend to pay the loan in a shorter period of time. The rate paid is less which is beneficial for the borrower.
Early Repayment Fee
If you intend to pay the loan before the expiry of the period, ensure that you clear about if the extra charges will be levied . There are some companies who charge early repayment fee.
Let our dreams grow wings of finance and take the flight into the world of success.
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