Instalment loan is that loan which is repaid in a schedules set number of payments overtime. It can be secured or unsecured.
The loan term may be as little as a month or as long as 30 years. For instance, a mortgage. It’s repaid with interest added on top of the initial loan value. However, the loan amounts, interest rates, and loan terms can vary depending on the lenders.
Instalment loans are considered to be generally safe and affordable alternatives to payday loans and when you need fast cash. In other words, it’s a go-to loan for when you are in a pinch.
With the instalment loan, you know how much money you have borrowed, how much you are going to need for each payment and you know exactly when the last payment will be. This helps on your loan monitoring, calculations and payment.
