Installment Loans Company
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What Qualifies as an Installment Loan?
Installment loans are loans wherein a borrower receives a single lump sum online loan, the balance of the loan is then paid off within a pre-agreed upon period of time with intermittent loans payments (usually monthly or bi-weekly) with a fixed interest rate as opposed to an adjustable rate.
The loan payments, or loan installment payments, will remain at a fixed percentage and installment loans of this type will generally be made up of the entirety of the interest and principal amounts on the loan combined.
Installment loans can also be referred to as personal installment loans or just simply personal loans.
An Installment loan differs from auto title loans, home loans, and cash advance loans in that the funds from an instant approval installment loan can be used for can be used for any general purpose as opposed to a single, or small group of, pre-arranged and pre-approved projects, debts or personal expenses.
Installment loans come in two basic types known as unsecured installment loans or, alternately secured installment loans.
An unsecured installment loan requires the borrower to provide collateral against the value of the loan, or at least a percentage of it, property such as homes or vehicles are most commonly provided and accepted as collateral, this is done to protect the lender in case the borrower defaults on the loan, and to guarantee that they can recover the initial value or investment in the loan.
If the borrower falls too far behind on their payments or defaults on the loan altogether, then the installment loans lender can seize the asset that has been designated as collateral for the loan.
Secured loans are preferred by most installment loans lending companies because they are safer for the lenders. They allow borrowers with less than ideal credit to get approved for a loan with a much lower interest rate than they could otherwise receive by making use of collateral.
Unsecured personal loans, by contrast, require no collateral. Unsecured loans are secured by the borrower’s credit, with the interest rate dependent upon several credit factors such as loan to value ratio, outstanding balance(s) and payment history.
Unsecured online installment loans carry more risk for online installments lenders since there are no assets protecting the lenders in case of default.
Generally, legitimate unsecured loans lenders charge higher interest rates, the lower the credit score the higher the installment loan interest rate rises to necessarily increase the lenders return while mitigating their risk in issuing an unsecured loan.
Multiple Options For A More Affordable Installment Loan Repayment Plan :
Have you ever given any consideration to the frequency with which to pay off your installment loans?
There are LOTS of different payment schedules when it comes to instant installment loans, following will be a full coverage of all of the various installment loan repayment schedules options available online.
Although it’s a relatively smart idea to line up your loan repayments with your paycheck, you can pay more if you switch to other payment plans. Other than that, accelerating your loan will help you get ahead on your finances without making a major sacrifice.
Weekly Installment Loan Payment Plans :
These payment plans generally apply to short-term loans that are unsecured in nature, but Cash advance installment loans also fall into this category.
The lender offers a straightforward option for borrowing while the borrower chooses the day of the week he wishes to pay back the loan.
The weekly repayment plan is readily available to people with certain financial issues like high outstanding credit card balances, car repairs, overdue rent, bank overdrafts, medical emergencies, high personal debt etc.
The lender gives a limited amount of money without too much emphasis on a traditional credit check. If you have any unexpected expense that needs urgent attention and you don’t have sufficient funds, you should go for this type of short-term installment loan payment plan.
· The borrower repays the loan in manageable loan installments
· One has complete control of the repayment schedule. Whether you choose to go for the minimum or maximum amount of weeks, it’s up to you.
· Spreading of costs. You can fit your costs around other financial responsibilities.
· The loan repayment schedule creates extra payment towards the principal balance
· My not necessarily reduce the interest rate of your loan
Bi-Weekly Medium Installment Loans Payment Plans :
With Bi-weekly installment loans plans, the loan repayments are done every two weeks.
This translates to 26-half payments annually. The extra payments may or may not be taken off the principal amount based on the agreement between the financial institution and the borrower.
However, if your installment loan is calculated on a decreasing balance scale, you can save on long-term interest payments.
Every payment is an extra step towards your principal balance. The bi-weekly plan applies to any installment loans like mortgage and car title loans. If you have taken a mortgage, chances are that you are paying the same amount on monthly basis as these larger types of installments loans generally come with a fixed interest rate.
Based on the loan repayment schedule of the borrower, a mortgage can stretch out between 20 to 30 years with principal and interest payments.
Thankfully, many lenders are now offering automatic bi-weekly mortgage payments at no extra cost.
This is usually the best option for those who want to rent out their home for a greater profit.
The easiest way to take advantage of bi-weekly loans is by setting up a system yourself. Some payday installment loans may fall under this category.
· Borrowers have an opportunity to lower the amount of time it will take to clear the loan
· Every year, you’ll pay off an entire one-month payment from your principal amount
· Since you’re making two additional half payments, you’ll chop away the interest that relates to your principal amount.
· Self-managed bi-weekly payments are not obligatory
· Bi-weekly programs can create inconvenience. It only works for people who receive their payroll check every two weeks.
· The loans cannot circumvent the amortization schedule
· Such programs come at an extra cost and are provided by established legitimate online installment loans lenders.
Monthly Online Loans Payment Plans :
All personal loans including home mortgages and car title loans fall under this style of payment plan.
Here, you are required to pay the principal amount plus interest until the loan clears.
Once you make your payments this month, the interest amount for next month will be lower.
However, if the loan is not calculated on reducing balance basis, the monthly repayment remains constant throughout the term, and this can have a negative net effect on the borrower, thus it is imperative that the loan installments program borrower pays all payments on time and in full in order to avoid this type of a scenario and thus a direct lenders for bad credit loans style option really is ideal for avoiding such situations.
It’s quite easy to pay your mortgage off 6 to 7 months ahead of schedule.
The exact time will depend on the term of the mortgage. In many households, the monthly loan repayment is usually the biggest expense, so you should only take a loan that you are comfortable paying.
Although all installment loans are secured, the repayment amount is based on how much you make.
· Affordable and convenient method for those who receive monthly paychecks
· You can use the asset to service the loan. For example, you can rent out your house then use the proceeds to pay the loan.
· The borrower is prepared to handle any financial difficulties that may arise
· No collateral is required
· The borrower maintains the ownership of the asset
· You could end up paying more interest than the principal loan amount. This usually happens when interest is calculated with the current market rates on a monthly basis.
· The payments are pegged on your income. If you lose your job, your asset could be repossessed.
· Come with higher interest rates compared to weekly and bi-weekly payment plans
· Any default has a potential impact on your credit rating
Quarterly Long-term Installment Loan Payment Plans :
For Quarterly large installment loans, one year is divided into four payment periods of three months each.
Those loans that fall into this category most commonly include mortgages and asset loans.
Before you apply for this type of loan, you should consider the annual interest, loan amount and the number of payments required to satisfy these types of large, long-term installment loans. Any other long-term loan can fall under this type of payment plan as well.
· Offers flexible payment plans
· Failure to remit your monthly payments can result in loss of the asset
· The repayment period is longer
· The loan must have collateral
· The quarterly installments have a higher interest rate compared to monthly repayments
Weekly vs Monthly Loan Payments :
The potential benefits of weekly installment loan repayments will depend on how the interest is calculated and the type of loan you take. When a borrower makes weekly payments, they pay less interest, more frequently.
Most importantly, if they are able to keep current on the payments is taken into consideration, usually based on some form of stable employment.
Secondly, the more payments you make, the more you save on the loan interest. When you pay a via bi-weekly payments, you can make a greater impact on your credit score within a relatively short amortization period.
Final Thoughts On Repayment schedules for Various Types Of Loans :
If the sum of weekly payments is equal to your monthly payments, you don’t have to take the weekly plan. However, if your plan is to get out of debts faster, this is the best alternative. Before you switch to the weekly or bi-weekly payment plan, check whether your bank offers that option. Be sure of how it calculates the interest rate on the outstanding balance. If you’re able to make additional payments, the more money you’ll save. Remember, you can always switch to a different plan that suits your goals.
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