Need to re-do your kitchen? Require money to put down as deposit for your new home? If you need a large sum of money which you would like to pay back over a period of time, installment loans is probably what you would want to go for.
Online installment loans are like traditional loans which are borrowed in one go, but paid back over a period of time as per a set repayment schedule. Home loans, auto loans etc. come under the umbrella of installment loans.
The term ‘installment’ comes from the equal amounts (principle plus interest) which is paid at fixed intervals till the end of the loan term. Usually, such loans are secured using an underlying asset such as deposits, home, car etc.; but this depends on the lender granting you the loan.
Most online installment loan lenders, do not charge you a penalty for pre-payment or foreclosure. So in case you have ready cash, you can always close the loan.
If you prefer going the traditional route and want to build a favorable credit history during the time, installment loans might just be the loan type for you.
To get started on the paperwork for your installment loan, please keep the following documents ready.
For eligibility criteria, please see here. Certain lenders may ask you to provide an asset as collateral for your installment loan. As a borrower, you are requested to comply with the requirements of specific lenders in order to ensure a smooth loan availing process.