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An installment loan is a very common form of financial lending product. Essentially, an installment loan defines a single principal amount borrowed, with a set percentage of interest, structured over an equal monthly payment plan (whether monthly or bi-weekly), until the loan + interest has been returned to the lender.
Examples of an installment loan include vehicle loans, a home mortgage, student loans, and personal loans to name a few.
There are two types of installment loans:
- Secured: where the borrower provides equity from an asset as collateral (like a car or boat) for a title loan
- Unsecured: where you qualify for a personal loan based on your credit score and current financial situation
At Cash Today, we help you to determine which of our financing options is right for your unique situation.
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How Cash Today – Title Today installment loans can make the difference for you.
We offer our clients easy, no credit check financing solutions that are specifically designed to both help you get through your current, and immediate financial need, as well as to help ensure you can pay off your loan in time without missing payments.
Our team of professional loan advisors are waiting to answer any of your questions, or to help walk you through your loan application in person and either of our two Edmonton locations, or our local Red Deer office, or feel free to apply online today to receive your installment loan quickly and easily and usually within one hour.
The pros and cons of standard installment loans.
While installment loans come in all sorts and sizes, it’s important to know why you are borrowing, how you will repay, and what will the interest cost be to you. With those three key pieces evaluated, you can make a wise financial decision on whether an installment loan of any type is right for you.
Capital One outlines the pros and cons of installment loans as follows:
Pros
- Ability to cover a large expense: Installment loans can give you fast access to the money you need for bigger purchases.
- Predictable regular repayments: With an installment loan, you know what your installment amount is going to be. And that can make budgeting easier.
Cons
- Potentially long commitment: Some installment loans come with long repayment terms. That means a borrower has to commit to making regular payments over a long period of time. And be sure to read through the loan’s terms and conditions to see if there are any penalties for paying the loan off early.
- You may be charged interest: Interest might not be charged on some installment loans. But keep in mind that if interest is charged, then the interest rate might depend on the type of installment loan and the borrower’s credit score. Those with lower scores may get higher interest rates. And the higher the rate, the more you could end up paying for the loan.
