subject: Installment Loans What They Can Be Used For [print this page] You may have heard of installment loans, but it can be confusing what theyre for. After all, they dont specify whether theyre a home loan, car loan, debt consolidation loan, or other type. Thats because installment loan" is a general term that describes a loan paid in installments. Each installment payment is the same amount, every month, and at the end of the repayment period, you have repaid all of the interest and the amount you borrowed. Installment loans are flexible and can be used for many purposes.
Debt consolidation: Many debt consolidation agreements are through installment loans. Rather than having many debts with different lenders, interest rates, and repayment terms, you get one large installment loan to pay off the smaller debts. Then you can make the same payment every month, which helps you budget more easily for your debt repayment.
Paying late bills: When youre behind on your bills, you may be at risk of losing services, like your phone line, cable, or utilities. An installment loan lets you catch up on late bills, stop getting hit with late fees, and have access to the services you need. Then you can budget to repay the installment loan over time, which helps get you back on your feet.
Making emergency purchases: Installment loans are perfect for unexpected purchases that you cant wait to make. Although you could use a credit card, you may not have available credit and may not want to pay back the credit card over such a long time. In this situation, an installment loan is quick and easy, and it lets you repay the money you borrow with equal monthly payments.
Anything else: Lenders dont place restrictions on how you use installment loans. Theyre fast to get and simple to repay, so you can use them for any situation in which you need some cash right away. If you think that an installment loan is right for you, use our lender matching tool at CreditNowUSA.com and well connect you with the best lender for your situation.
For more information, go to Installment Loans at http://www.creditnowusa.com/Installment-Loans
