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Instalment loans : Things to know
People need financial assistance for a number of reasons and varying requirements throughout their life. There are various stages in an individual’s life where he or she is strapped for cash and might need external help in dealing with the financial crunch. In such scenarios taking loan is one of the viable option for people. There are different types of loans available. The instalment loan is one such type of loan which is particularly common amongst the people.
So what exactly is an instalment loan? The instalment loan is essentially nothing but a category of loan where you borrow a fixed amount of money in one go. The repayment of the loan is then done over a fixed period of instalment payments. A lot of the instalment loans have conditions where the payment amount is fixed throughout the full period of the loan and it only varies if there is a variable rate of interest mentioned in the agreement signing. The regular schedule of the repayment of the loan is usually monthly unless it is mentioned otherwise in the agreement terms or conditions. Each payment is called as the instalment hence the name the instalment loan.
Understanding the instalment loans in more detail
There are various examples as well as instances of the instalment loan. The instalment loans are in fact very common even though you might now know it as the instalment loan. For example the mortgages, auto loans, personal loans and student loans are all examples of the instalment loans. Let us have a look at some of these different types of instalment loans.
The auto loans are usually repaid in the form of monthly instalments and the loan period might range anywhere between 12-96 months. However it is important to note here that not all the lenders necessarily issue loans with specific time duration range. The loans that span longer duration of time may involve lower instalment payments however the rates of interest might be significantly higher. The criterion that goes into the issuing of the vehicle loans is the asset value of your vehicle. Irrespective of what your credit value is or other credit details you will get a loan based on the asset value of the vehicle. The procedure for issuing the vehicle loan works like this: The lending company inspects and observes the vehicle for which you are requesting a loan. After that they determine the net value of the vehicle which is then compared to the amount of money that you have requested for loan. If the amount is less or equal to the net worth of the vehicle, then your vehicle loan is likely to be cleared. If it is vice-versa then it will be most probably rejected.
The majority of the vehicle title loan lenders have their presence online and they convey the logistic as well as documentation details through their website for the consumers to make the whole process convenient and easier. Some of these lenders will even provide you the option of filling in your application details online so that the time required in issuing a loan is minimal and you get instant service.
Instalment Loans From Direct Lenders Are They Better?
The personal loans are a form of instalment loans where you can use the money for a variety of different purposes such as consolidation of the debt, emergency expenses etc. The personal loans usually involve terms that range anywhere between 12 to 96 months. The personal loans might have higher rates of interest in comparison some of the other types or categories of loans. One of the reasons for this is the fact that the personal loans don’t demand the collateral in the form of house or the car.
The personal loan is procured faster and requires far less hassles in terms of documentation and related procedures. For this reason often many people opt for the personal loan. If your credit score or the credit record is good enough, then you can expect to get your personal loan approved as soon as possible, probably in 3-4 days time, depending on the individual banks or lenders. While lending this type of loan, the banks or the financial institutions analyse your capacity or ability for repayment of dues in the future. The banking institutions follow their specific protocols while deciding on whether to approve the personal loan for a particular customer. The penalties of payments as well as the charges levied for service are relatively higher in personal loans than some of the other types of loans.
As with any other forms of loans, the personal loans have their own advantages as well as disadvantages. Let us have a look at some of these benefits as well as drawbacks involved with the personal loans. We will begin with the benefits first.
When you obtain an instalment loan you get predictable fixed amounts of repayment of instalments to deal with. The core components of the instalment payment will remain the same throughout the schedule of the repayment with the only changes that might happen include the add-ons such as insurance. A fixed amount of payment every month is beneficial since it makes it easier for you to plan your budget and ensure that you don’t miss any payment owing to changes in the amount of the repayment instalment. When you are looking for a instalment loan you must make sure that the monthly instalments don’t stretch your budget excessively so that you are able to repay the monthly instalments without much strain on your finances.
In terms of the drawbacks, when you obtain the instalment loan you can’t add a specific amount that you might need later for borrowing like you can do with line of credit or the credit card. So if you need more money you might need to take a completely new loan altogether. Another disadvantage of the instalment loan is that the rate of interest and loan terms are mostly based on the credit score. So if you are struggling with bad credit then you might need to shell out higher rate of interest.
Frequently Asked Questions
What is a Payday Loan?
A payday loan is usually referred to as small-cash loans or cash advances. This loan is very convenient as it does not require the borrower for tedious documents. The repayment for the borrowed cash will usually get deducted from the next paycheck of the debtor.
What is a Guarantor Loan?
A Guarantor loan is a loan type that requires the debtor to have someone to co-sign the loan agreement upon the application. The guarantor who has co-signed the agreement will take responsibility for the loan in chances that the debtor will fail to repay the borrowed cash.
What is a Logbook Loan?
Contrary to the unsecured loan, a logbook loan is a loan type in which the lenders require their debtors to pledge an asset for a security deposit. A valuable asset such as a vehicle is common on this loan. The borrower may still keep the vehicle, but the lender will always have the right to sell the asset when payment defaults occur.
What are Unsecured Loans?
If you don’t have a collateral to pledge, you can apply for an unsecured loan. Unsecured loans are types of loans that are easy to obtain and requires no collateral. It is the perfect cash assistance fund you can get for emergencies. However, most unsecured loans have high-interest rates compared to secured business loans.
Does it Need a Guarantor?
Lenders of unsecured loans do not require their debtors to pledge a valuable asset. However, since it makes the loan program a bit risky, unsecured loan lender would usually require the debtors to have a guarantor. This may serve as their added security.
How Soon Can I Receive the Money?
Once your application is successfully approved, funds will be sent to your checking account in as fast as two minutes. You will usually receive the confirmation of the deposited funds.
What If I Miss My Loan Dues?
We understand that some customers may likely miss their payments. We are also customers at the end of the day. However, when faced with this circumstance, we always advise our customers to reach out to us so that we may give them a much better repayment plan.
What If I Provided Falsely Information?
No one in sound mind would provide misleading information and would falsify documents. Once caught, you may probably end up in jail. It will provide your awful records and it will severely affect your credit line that could hinder credit opportunities.