subject: Installment-Loan: Great For Needing A Longer Term! [print this page] Installment-Loan: Great For Needing A Longer Term!
Installment loans are great if you need a longer term since that is what installment loans are geared toward. Installment loans aim to make the payments much smaller than on a typical loan, and aim to make the term a lot longer than what you would generally be able to find from other types of loans. Therefore, installment loans are marketed toward people who need the smaller payments. The way to achieve the smaller payments, of course, is to increase the term of the loan.
Increasing the term of the loan, however, means that more interest will be paid overtime. Also, since many installment loans are aimed for people with bad credit, you may not get as low of an interest rate either. However, if you do not have a lot of money to spend on payments from a loan, an installment loan may be the only type of loan that will make getting a loan affordable for you. Even if you ended up having money leftover after paying your payments, it is always wise to tuck some money away into savings on a regular basis, so with the smaller payments, although you are paying interest on those for a longer period of time, at least it will tie up some extra money that you can use without having to go into further debt.
Installment loans are also great if you want or need money right away. Because credit is not checked lots of times with installment loans, especially the ones that advertise to people with bad credit, the process of getting an installment loan goes quite fast. You can find websites on-line that will let you apply and you will have your installment loan in just a few hours! The money will also be there right away! And, it won't break the bank paying it off, nor will you be rushed paying it off.
