An installment loan is a type of loan that is repaid over a period of time with a specific number of payments scheduled at a set interval. The term of the loan can be anywhere from a few months to thirty years long. An installment loan is mostly associated with consumer loans that is generated locally and repaid on an amortization schedule. Each payment made to repay the installment loan has a portion of that pay applied towards the principal and the interest on the loan.
An installment loan is typically a secured loan. There is a quick and easy application process that normally does not even require faxing any paper work. Sometimes applications can be approved in less than an hour and funded that same day or the next business day. With an installment loan, the borrower knows exactly what to budget for since each payment is a fixed amount.
An installment loan from Lendiva”>installment loan is great for individuals or even businesses that lack the cash to purchase a big ticket item or service. These loans can be used to pay for buildings, houses, cars and more. The way an installment loan is structured allows for the lender to have assurance that the loan will be repaid. If a borrower misses a payment, their interest will grow and it will make the borrower have to pay a higher total amount for the loan.
An installment loan is different than 100 day loans. Typically a payday loan is a short term cash advance until your next pay period. There are not set payment schedules like an installment loan and the criteria is less strict than an installment loan.
At Lendiva, our network of lenders expands to some of the nation’s top installment lenders as well as lenders for cash in advance. Lendiva will find you the best lender for y our needs who can give you the cash you need instantly.