Debt Settlement Services Create New Debt
Debt settlement service fees and increased taxes on forgiven debt are new debts that result from a settlement plan.
Read More
Is Debt Settlement an Option?
The idea behind debt settlement is to put off your payments while incurring the damages to your credit, and to save cash in the meantime.
Read More
How to Raise my Credit Score
Increasing your credit scores by a few points might mean the difference between getting a loan or getting a better rate.
Read More
Reverse Mortgage Loans: Identifying Scams and Shortcuts
This could be right for you, but you'd better be sure. Get the right information from trusted sources or risk losing your home to scammers.
Read More
How to Repair Your Credit Through a Credit Card Negotiation
A simple guide to a card negotiation.
Read More
Get Out of Debt Books
Sometimes just a few minutes of reading can empower you to take control of your finances.
Read More
Top 5 Tips For Paying Off Credit Card Debt
Some credit card companies offer interest rates as low as 0% for a limited time -- usually six months.
Read More
How to settle a charge-off
It is something that could hurt your credit for
seven
years.
Read More
Credit card debt negotiation
Be prepared to make a lot of phone calls.
Read More
Free Debt Consolidation Programs May Still Cost You
Debt consolidation programs offered by non-profit organizations can make repaying debt quicker and easier, and often offer free services, yet it may end up costing you.
Read More
1
2
3
4
5
6
7
8
9
10
Start
Call us now
1-800-838-0861
Ask a Question
Alan Greenspent
Debtors Fight Back
Solvency Shark
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Online Counseling
Calculators
Get Help Now
Avoid Scams
Bill Help
FAQs
File Taxes
Lower Interest
Lower Payments
Improve Credit
Sample Letters
Settle Debt
Authors
Media
Partners
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Home
|
Articles
|
Loans
|
Defining an installment loan
Defining an installment loan
By
David Pilley
on March 3, 2011
If you like structure and you don’t have the entire amount of money to buy something, you might be interested in getting an
installment loan
. You might be able to handle an installment loan better than a
payday loan
because of a payment schedule that is set up when you get the loan.
An installment loan might sound like a payday loan, but it is much better for you in the long run. Basically, it’s a sum of money repaid over a fixed period of time. Unlike a payday loan, where the entire amount plus interest is due when you receive your next paycheck, an installment loan is paid back over the course of a few months to a few years. The payments are amortized, meaning the plan is set up in such a way that every monthly payment you make is exactly the same.
With a typical consumer loan, the amount of money ranges from a few hundred to a few thousand dollars. If the loan is a small amount, your credit history is rarely taken into account. The most important factor in getting an installment loan is having a reliable source of income. If you have that, then paying the loan back on a schedule should not be a problem.
Car loans
and
mortgages
are also types of installment loans. These loans involve a higher sum of money, and good credit is a factor in determining the terms of these loans. They also entail much more time, meaning more interest is involved.
Your credit history, however, can play a role in determining the loan’s interest rate. The better your credit, the lower the interest rate you may receive. Of course, if you can make more than the minimum on your monthly payments, the loan’s payback term will be shortened, and the amount of interest you pay can be significantly less than for someone who pays just the minimum.
Installment loans are a safer alternative to payday loans and
credit cards
because you’re not being charged exorbitant amounts of interest or late fees. The repayment plan is scheduled in such a way that you should be able to make each payment on time without being late. It’s simple: pay (at least) the stated amount each month over the specified time period, and no penalties will be assessed.
Last, but not least, there are multiple places you can get an installment loan. Shop around, whether in person or online, and compare offered amounts and interest rates before signing a contract. Also make sure the company you’re doing business with does not have a bevy of consumer complaints. If you know what you can afford and you know what lenders are offering, you should have no trouble in paying back your installment loan, and your credit score should improve as a result!
Current Rating: 0 (0 ratings)
Share:
Defeat Your Credit Card Debt Today!
First name:
Last name:
E-mail address:
Phone number:
(
)
-
Second part
Third part
Debt amount:
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
$8,500
$9,000
$9,500
$10,000
$10,500
$11,000
$11,500
$12,000
$12,500
$13,000
$13,500
$14,000
$14,500
$15,000
$15,500
$16,000
$16,500
$17,000
$17,500
$18,000
$18,500
$19,000
$19,500
$20,000
$20,500
$21,000
$21,500
$22,000
$22,500
$23,000
$23,500
$24,000
$24,500
$25,000
$25,500
$26,000
$26,500
$27,000
$27,500
$28,000
$28,500
$29,000
$29,500
$30,000
$30,500
$31,000
$31,500
$32,000
$32,500
$33,000
$33,500
$34,000
$34,500
$35,000
$35,500
$36,000
$36,500
$37,000
$37,500
$38,000
$38,500
$39,000
$39,500
$40,000
$40,500
$41,000
$41,500
$42,000
$42,500
$43,000
$43,500
$44,000
$44,500
$45,000
$45,500
$46,000
$46,500
$47,000
$47,500
$48,000
$48,500
$49,000
$49,500
$50,000
$50,500
$51,000
$51,500
$52,000
$52,500
$53,000
$53,500
$54,000
$54,500
$55,000
$55,500
$56,000
$56,500
$57,000
$57,500
$58,000
$58,500
$59,000
$59,500
$60,000
$60,500
$61,000
$61,500
$62,000
$62,500
$63,000
$63,500
$64,000
$64,500
$65,000
$65,500
$66,000
$66,500
$67,000
$67,500
$68,000
$68,500
$69,000
$69,500
$70,000
$70,500
$71,000
$71,500
$72,000
$72,500
$73,000
$73,500
$74,000
$74,500
$75,000
$75,500
$76,000
$76,500
$77,000
$77,500
$78,000
$78,500
$79,000
$79,500
$80,000
$80,500
$81,000
$81,500
$82,000
$82,500
$83,000
$83,500
$84,000
$84,500
$85,000
$85,500
$86,000
$86,500
$87,000
$87,500
$88,000
$88,500
$89,000
$89,500
$90,000
$90,500
$91,000
$91,500
$92,000
$92,500
$93,000
$93,500
$94,000
$94,500
$95,000
$95,500
$96,000
$96,500
$97,000
$97,500
$98,000
$98,500
$99,000
$99,500
$100,000
$100,000++
State:
AL
AK
AZ
AR
CA
CO
CT
DC
DE
FL
GA
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
RI
SC
SD
TN
TX
UT
VT
VA
WA
WV
WI
WY
Security code:
*Please input the following code
to safely submit your information.
Enter security code:
Bankruptcy and Legal
Budgeting
Credit Cards
Credit Scoring
Debt Management
Debt Settlement
Debt Collection
Loans
Mortgage
Secured
Student
Unsecured
Home
Blog
Forums
Articles
My Debt
How To...
About Us
Legal
Privacy
Copyright © 2010-2012 DebtorsUnite.com. All rights reserved