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Payday installment loans

Compared to long-term payday installment loans, short-term installment loans are intended for short-term repayment, usually 6 months or less. The amount you borrow may in some cases be $ 100 to $ 1,000 or more and you will have to repay the original amount when you receive your next payment. This is where the term "payday loan" comes into play.

Payday installment loans

Fees and interest

Installment loans always make money available, but it is also important to be aware of potential fees and interest. For a $ 100 loan, you can pay 10% starting fee and 5% monthly interest. In total, you will have to pay $ 15 for a 30-day personal loan. If you borrow 1000 instead, you will have to repay 111 150. It comes with a fee of Rs 150 for a one month loan of 1000 loans. loans Fees and interest rates huge from lender to lender. Therefore it is important to review the cost of your loan before accepting the offer.

Extensive compensation options

For some loans, especially those with more than $ 500, a payday loan can extend your repayment period. Since these are ongoing charges over the life of the loan, the total interest paid is higher on the loan. So for the $ 1,000 payday loan example above, you can pay an extra $ 50 to extend the loan term by one month.

Installment loan versus payday loan

An installment loan is a specific amount that you borrow from a lender. Fixed monthly payments with interest until the amount is paid in full. Suppose you borrow $ 10,000 at 5% interest. For 60 months or five years, your monthly payment will be approximately $ 190. After your final payment, you will pay approximately 3,325 interest on the total 3,12,325.

Interest Rate (APR)

There are many factors that can affect the interest rate offered by your lender. The two main things lenders look for when applying for a traditional installment bank loan are your credit report and your score, but it does not matter much for payday loans.

Prices may change over time

Despite all the advantages of installment loans, there are some drawbacks. You may have a 30-year mortgage. Fifteen years later, your fixed interest rate is higher than the current market interest rate. However, it is possible to refinance a loan with a lower interest rate.

Long-term bonds

Long-term financial responsibility is also an embarrassment. If you are stuck with a 10-year contract, conditions will prevent you from making monthly payments after four years. This can happen if you lose your job or suffer a serious injury or health problem. It runs the risk of losing any attachment it borrowed. However, in some cases, the lender will work with you if you ask for help.

Alternatives to installment loans

In many cases, installment loans are the best option available, but it is always a good idea to explore your options before making a decision. If you need cash quickly to cover immediate expenses and can repay the loan in less time, personal loan is probably the way to go. For long-term or ongoing charges, Revolving Credit is a low-cost option for those who qualify.


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