The installment loan is a broad term that refers to both personal loans as well as commercial loans extended to borrowers. It includes any loan that is repaid in installments or scheduled payments. There are also installment loans for bad credit available. They are mainly for those who have lower credit scores or imperfect credit history.
Basics of the installment loans- There are mainly three examples of the installment loans- personal loans, auto loans and the mortgage loans. The auto loans are repaid in Monthly instalment and the range is about 10 to 100 months. The mortgage loans are repaid over 12 to 35 years term with the monthly payments. Mortgage loans are mainly used to buy a house. The personal loans are used for wide range of the purpose like paying off sudden expenses such as medical bills etc. They are repaid in between 10 to 95 months.
Process of the installment loans – You can apply for an installment loan by filing the application form from the lender. The lender will specify the purpose of the loan like purchase of car. The lender will also discuss various options of issues like the down payment, loan term, payment schedule and the amount of the payment. If you want to apply for installment loans for bad credit, then you have to just fill the application form online and within 24 hours your amount will generated. It is very easy process, and only few eligibility criteria is required for applying the loan.
Advantages of the installment loans – The installment loans come with the predictable payments. If you apply for fixed interest rate loan, then the payment component will be same until you pay the loan. This schedule makes your budget loan easier to repay. Help you to avoid missing payments. It fulfils all your requirement that you need for emergency. It will also stretch your budget.