If you are looking for loan, you may come across lot of options. However, if you a bad credit score then that list will become shorter. So when you look for finance and credit is not perfect, there are still few loan options like installment loan.
Installment loan is a loan paid on fixed regular installments. These kinds of loans are often dealt with bad credit, technically a personal loan paid in equal installments.
How repayment works
The https://installmentloanscompany.com repayment terms may differ from one to another lender. Generally:
- The term period for repayment is between 6 to 60 months.
- The lending company usually deduct the payment directly from bank account on due date. Some of them will give you options to repay it online through their app.
- Usually you have to repay the loan in accordance with pay dates.
How much to cost you
It will depend on your loan. When you apply this loan and get approved, you will receive a contract showing your fees and the interest rate for you according to your credit report. Here are the charges they may apply:
- Fees: you will be charged a processing fee, prepayment penalty and late payment fee if any
- Interest: it is the rate on which you are getting the loan expresses as percentage.
- Annual Percentage rate: it will include fees and interest that are expressed as percentage yearly
https://installmentloanscompany.com are offering loan even if you have low income or bad credit score as long as you can do the repayment. Generally they will look your income, employment, credit history and bank account information for determining your loan eligibility. In all states installment loans are not legal, so where you stay may depend on getting you this loan.