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What is an Installment Loan?

An installment loan is an agreement or contract stipulating a loan that is paid off over time through a certain number of expected payments. Usually, the loan is paid off in a minimum of 2 payments. The term of repayment can range from several months to 30 years. An example of a type of installment loan would be a mortgage loan.

This concept is most linked to classic consumer loans that are issued and processed on the spot and repaid over a long period through planned payments of the principal and interest. Such “installment loans” are recognized as safer and more affordable than title, and also compared to open-ended credit, for example, credit cards.

What Can an Installment Loan Be Used For?

The most common reason people take out an installment loan is when unforeseen expenses arise. This could be, let’s say, the need to fix a car or pay for medical treatment. Many people use an installment loan when they don’t have enough funds for a specific need, such as a down payment on an expensive purchase. Some people use this type of loan to pay off credit card balances or to consolidate debt. In short, how you spend the money given to you depends on your decision.

What is the average interest rate on an installment loan?

Loans from a state that has no restricting laws or loans from a bank not ruled by state legislation may have an even higher APR. The APR is the rate at which your loan accumulates interest and is dependent on the amount, cost and term of your *loan, repayment amounts and timing of payments. Debtees are legally required to show you the APR and other terms of your loan before you initiate a loan agreement. APR rates can be changed.

At PDLoans247, we provide transparent, flexible and fair short term loans you can trust. We do not issue the older traditional installment loan with restrictions and risks. When you choose PDLoans247, you can receive the following benefits:

Frequently Asked Questions

Guaranteed installment loans bad credit: are there any chances?

It should be said that everybody who sends his or her request has chances to solve the financial burden. Though, there always exists a possibility of denial. Creditors pay much attention to the paying capacity of this or that debtor. If they have any doubts about this capacity, a person will be denied. It should be added that debtors with imperfect credit score are offered higher figures to make a deal. In other words, installment loans bad credit will be rather expensive to pay off. Guaranteed installment loans bad credit can not be promised in all cases. There always will be a certain percent of denials.

How to get a guaranteed installment loan?

The concept of guaranteed personal loans or guaranteed loans for bad credit is not feasible in reality. Lenders are required to evaluate a borrower's repayment capability, which entails a comprehensive examination of their credit history, income, and additional factors.

Just click "Get Started" to begin the online request procedure.

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