Getting a loan sanctioned seems an easy way out to fix any financial emergency or take care of any personal requirement. But, when it comes to repayment, the same loan can become a hassle. What if you have availed of a loan that asks for lump sum repayment?
Well, if this happens, there is no end to your misery. So, it is better to go for such loans through a transparent policy loan service provider. US Installment Loans is the best option in this regard. Scroll down to learn more about it and understand how it works.
US Installment Loans – What is it?
US Installment Loans is a loan service platform that offers installment loans – a type of loan or credit product offered to U.S. citizens that provides a closed-ended credit amount to the money-seeker at a fixed interest rate and for a fixed period.
The availed loan amount has to be paid in installments to the direct lenders through the platform. Depending upon the lender, one can make weekly, monthly, quarterly, and half-yearly installments. However, monthly installments are most commonly used.
The monthly installment amount is decided on the basis of the money borrowed and the applied interest rate on it, which is the principal amount in general. Whatever your principal amount and repayment period, your installments are determined accordingly. For instance, if your total principal amount is $100,000 and your repayment period is 48 months, your monthly repayment installment would be $2,083.
Payday loans can be used for a variety of purposes, including paying bills, covering emergency expenses, or even financing a small business. A complete loans solutions company offers a payday loan at low interest rates.
Types of Loans Offered
US Installment Loans allows borrowers to apply for multiple types of installment loans. Here, you must understand that “installment loan” is a wide-ranging term used for all kinds of loans that ask for repayments in bits and pieces. For instance:
- Auto loans that people avail of to purchase a vehicle. You make a partial down payment of your car’s actual worth and take out an auto loan for the rest of the amount. The lender clears the balance on your behalf, and you have to pay back the principal amount in the form of monthly installments.
- A mortgage is another very famous type of installment loan that people use to purchase a house. It works like an auto loan. It’s just that the repayment period is longer on a mortgage or house loan. Generally, people take 15 to 20 years to repay the principal amount.
- Student loans are provided to students for undergraduate, graduate, post-graduate, or other kinds of studies. The only difference here is that its repayment starts when the student starts earning.
- Personal loans allow you to take care of any personal requirements like going on a vacation, buying jewelry, repaying other loans, doing home renovations, and so on. These are unsecured installment loans offered at an affordable interest rate.
At US Installment Loans, for the above-mentioned loans, lenders consider monthly installments as repayment. Hence, they fall into the installment loan category. Please note:
- Each installment has to be a uniform amount.
- Once the entire principal amount is repaid, the loan account is closed permanently.
- One will be charged with a penalty if an installment is missed or delayed.
- People with a credit score will avail of this facility at lower interest rates, while bad credit score holders will have to pay high interest.
- Funds transfers and deductions will be made from the original account of the borrower.
How Does US Installment Loans Work?
From seeing the ads on TV and social media, one might think that there is no rocket science behind installment loans. You go out to find a loan provider, decide the type of loan you want to avail yourself of, meet the eligibility criteria, fill out the application form, and receive funds as soon as the application is approved. Seems pretty easy, right?
Nopes. The very first step, i.e., finding a suitable lender, is tough in itself. However, at a platform like US Installment Loans, where there is a long queue of lenders ready to help you out, the process is easier. See how it goes:
#1 – Get Started with US Installment Loans
US Installment Loans is a verified platform featuring trusted lenders, offering online installment loans, shouldn’t be much concerned about the credit score and provide flexible repayment. It features lenders that even accept bad credit and won’t ask for any collateral to provide an installment loan. So, register yourself on the platform and complete your profile.
#2 – Decide the type of loan and loan amount
As mentioned above, you will decide which type of installment loan you need to avail of. Is it an auto loan or a personal loan? Once that’s clear, the next thing to work on is the amount you want to borrow. People with bad credit won’t be allowed to lend huge sums of money. But, if you have impressive credit, you can avail yourself of an installment loan for a high sum.
#3 – Choose the lender
Once you update your needs, you will see the list of matching or interested lenders in your US Installment Loan account. You can obtain installment loans from any lender, but only the most suitable one will offer ample benefits. As you have the ability to make the lender’s choice at US Installment Loans, make sure to pick the best one.
#4 – Read the repayment terms and avail the loan
Pay attention to the repayment terms that the lender is imposing on you. Check the interest rate, repayment time, processing fee, and late repayment penalty. If making sense of it seems tough, hire a professional. Once you select your lender and avail a loan, you’re all set to enjoy the benefits of hassle-free installment loans.
You can sigh with relief if you can get installment loans in the US through the US Installment Loans platform. With this loan broker, there are various direct lenders that give you the freedom to make slow and steady repayments. Auto loans, home loans, and personal loans are the most common types of installment loans.
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