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Installment Loans – What Should You Know?

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 loans, but 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).

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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.

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Disclaimer
Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

 

The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.

 

APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.

Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

 

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.


Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.


Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.


Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.