{"id":1538,"date":"2020-08-29T12:54:17","date_gmt":"2020-08-29T07:24:17","guid":{"rendered":"https:\/\/www.extramilefinance.uk\/blog\/?p=1538"},"modified":"2020-08-29T12:54:19","modified_gmt":"2020-08-29T07:24:19","slug":"installment-loans-a-good-option-if-you-know-them-well","status":"publish","type":"post","link":"https:\/\/www.extramilefinance.uk\/blog\/installment-loans-a-good-option-if-you-know-them-well\/","title":{"rendered":"Installment Loans: A Good Option If You Know Them Well"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_52 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f86f148b04b\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f86f148b04b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.extramilefinance.uk\/blog\/installment-loans-a-good-option-if-you-know-them-well\/#Instalment_Loans_Do_You_Know_Them\" title=\"Instalment Loans: Do You Know Them? \">Instalment Loans: Do You Know Them? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.extramilefinance.uk\/blog\/installment-loans-a-good-option-if-you-know-them-well\/#Characteristics_and_Advantages_of_Instalment_Loans\" title=\"Characteristics and Advantages of Instalment\nLoans\">Characteristics and Advantages of Instalment\nLoans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.extramilefinance.uk\/blog\/installment-loans-a-good-option-if-you-know-them-well\/#What_if_I_have_a_substandard_credit_score\" title=\"What if I have a substandard credit score? \">What if I have a substandard credit score? <\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.extramilefinance.uk\/blog\/installment-loans-a-good-option-if-you-know-them-well\/#Choose_the_right_lender\" title=\"Choose the right lender!!\">Choose the right lender!!<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>The need for credit has been at an all-time high in\nthis decade in the country with increasing disposable incomes. <\/p>\n\n\n\n<p>Millennial have been observed to spend freely in buying their first car or a new Smartphone. They are resorting to newer products of financing, and one such famous product is <a href=\"https:\/\/www.easycheaploans.uk\/short-term-installment-loans\/\">instalment loans<\/a> as it provides the flexibility of monthly repayment. Let\u2019s first get to know these loans in detail before going into its types and other conditions. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Instalment_Loans_Do_You_Know_Them\"><\/span><strong>Instalment Loans: Do You Know Them? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An instalment loan is a simple type of loan wherein\nthe borrower is expected to repay in a predefined number of schedule payments\nin its tenor. Unlike a payday loan, there is no such thing as repaying the\ncomplete loan amount in one goes at the end of its tenor. In addition, payday\nloans have exorbitantly higher interest rates compared to instalment loans. <\/p>\n\n\n\n<p>These term loans are for the short period, and the\nmonthly payments are a fixed amount. However, instalment loans are not short\nterm loans because the former involves timely repayments, and the latter is one\nlump sum payment. In addition, the loan amount in such loans is higher than\nwhat unorganised short term lenders offer. <\/p>\n\n\n\n<p>For instance: <em>Suppose\nMr X takes an instalment loan of \u00a35000 to consolidate his credit card\noutstanding. After a deduction of 4% processing fees, the amount he received is\n\u00a34800 and APR being 15% with a 36-month tenor. It means Mr X needs to repay the\nloan amount in 36 equal instalments of \u00a3174 every month<\/em>. <\/p>\n\n\n\n<p>These loans are quite simple, and they provide you\nflexibility in repayment and reduce your load as it beautifully spreads the\ncost of the loan. The tenor of these loans is usually decided based on the\namount you wish to borrow. The tenor ranges anywhere between 3 to 48 months and\nin some cases you can chalk out a repayment plan and thus better manage your\nfinances. <\/p>\n\n\n\n<p>You can apply for this loan for any purpose, use it to\nrepair your damaged car, replace your laptop, buy a two-wheeler, throw a\nsurprise party etc. In a nutshell, be it a small expense or a big fat wedding,\nyou can avail this facility. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Characteristics_and_Advantages_of_Instalment_Loans\"><\/span><strong>Characteristics and Advantages of Instalment\nLoans<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are many benefits of taking an instalment loan,\npertinent of them are listed below:<\/p>\n\n\n\n<ul><li>Your monthly payments do not change,\nmaking money management easier for you. <\/li><\/ul>\n\n\n\n<ul><li>The application process of these\nloans is way too simple, and the online application does not take more than 10\nminutes to apply. <\/li><\/ul>\n\n\n\n<ul><li>Loan calculator available online\nhelps you to calculate the monthly outgo, which includes both the principal\namount and the interest portion. <\/li><\/ul>\n\n\n\n<ul><li>In these loans, there are no hidden\ncharges or late payment penalty usually. It makes it easier to know exactly how\nmuch this loan will cost you during its tenor.<\/li><\/ul>\n\n\n\n<ul><li>Another advantage of instalment loans\nis that it offers flexible repayment options. You can choose to pay monthly or\neven weekly with what you are comfortable. <\/li><\/ul>\n\n\n\n<ul><li>After your loan application is\napproved, the lending institution takes a day to transfer the loan amount to\nthe borrower\u2019s account<\/li><\/ul>\n\n\n\n<ul><li>The interest rates (APR, i.e. Annual\nPercentage Rate) is higher for these loans and ranges somewhere between 30-70%.\nThe tenor is usually between 12 to 36 months. However, it can be lesser than 12\nmonths. <\/li><\/ul>\n\n\n\n<ul><li>Another striking feature of these\nloans is that every stage of the loan is online, i.e. from applying for the\nloan to its repayment. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_if_I_have_a_substandard_credit_score\"><\/span><strong>What if I have a substandard credit score? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You don\u2019t have to panic if you are in dire need of a\nloan and the banks have rejected your loan application as you have a poor\ncredit history. Prefer applying for an instalment loan which is an alternative\nfinancing solution online to get yourself a loan in no time. It is because\nthese lenders look beyond your credit profile in deciding whether to approve your\nloan or not. <\/p>\n\n\n\n<p>You can also try the no-risk option of loan\neligibility to assess the chances of getting a loan before applying. It will\nnot exacerbate your credit rating as well. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Choose_the_right_lender\"><\/span><strong>Choose the right lender!!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One last piece of advice here is to be entirely sure before taking <strong><a href=\"https:\/\/www.extramilefinance.uk\/loans\/12-month.html\">instalment loans<\/a><\/strong> is that choose the right lender. Do thorough research and compare the interest rates, terms and conditions online set by different companies. Read the customer reviews on their website; take a second opinion about the credibility of the lender. It is also advisable by financial advisors about reading the policies of loan and repayment terms in great depth. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The need for credit has been at an all-time high in this decade in the country with increasing disposable incomes. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[67],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1538"}],"collection":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/comments?post=1538"}],"version-history":[{"count":1,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1538\/revisions"}],"predecessor-version":[{"id":1540,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/posts\/1538\/revisions\/1540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media\/1539"}],"wp:attachment":[{"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/media?parent=1538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/categories?post=1538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extramilefinance.uk\/blog\/wp-json\/wp\/v2\/tags?post=1538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}