The Non-Instalment Loans-
Pick The One You Require
Whatever be your financial situation, you cannot avoid taking loans. Life is a mixture of good and bad times and though we save for the future emergencies, there might be other expenses like those associated with purchasing a house or an automobile of our dreams, where our savings might just prove to be insufficient to bear the expenses.
Well taking loans and repayment of the same are two different issues and one need to have a clear understanding of the intricacies involved in the two. Loan application process decides your eligibility for the loans the rate of interest and the term of the loan. Repayment process decides the way you are required to return the principal amount as well as the interest on the loan to the individuals.
One has two modes of repayment, by the means of instalment or non-instalment or payment in a lump sum. Loans are too designed in the same pattern.
Instalment loans are the most common amongst all the loans given by the lenders. They offer great flexibility to the people who cannot repay the large amounts in one go.
Occasionally people resort to loans for the smooth payment of their debts and dues. However, this gives them the extra burden of repayment along with the interest rates. The instalment loans, which are now being provided, are especially built around the same concept. These can be simply availed by everyone and repayment can be done in your own period.
The repayment mode is in small amount, which ensures that there is no burden on you at any point of time. One need not worry about bad credit also as bad credit loans are also available. These are provided without any credit checks. This simply means that every person applying for a loan is eligible to get one.
Instalment loans vs. non-instalment loans
Situations in life are always not that bad. Efforts are bound to give you positive results. Instalments give an opportunity to plan your repayments. However, if you are in a seasonal business and tend to have an unsteady flow of income, you can go for the non-instalment loans also.
If we consider instalment loans vs. non-instalment loans, the major point of difference, which needs to be considered, is the way we make the repayments. Non-Instalment loans offer the repayments as and when we have money within a given time period. It does not require a fixed monthly payment. Therefore, people with unsteady income can have a sense of relief while they go for the non-instalment loans.
Availing an instalment loan is easy. All you have to do is to fulfil a few conditions prior to the loans, which are laid down by the lender. You need to be at least 18 years of age; you should have a valid active bank account and need a regular job in a well-known firm with an income of at least $1000 per month. The minimum age in USA is also 18 years and one must have a job in any well-known firm with a fixed income, which ensures that one is able to repay the loan in a given period along with the interest.
The provisions of these loans are such that you may avail a loan between any amounts from $100 to $1000. In addition, this may be extended up to $1500, which depends on your income status, needs and the potential to repay your loans. The repayment back to the lender is to be done in small amounts, which make it hassle free. In US, loans up to $1500 are available which are to be repaid within 31 days.
These instalment loans help you take care of your short-term financial woes, which could be anything. Education fees, outstanding bank overdraft, pending home rent payment, credit card dues and even a sudden car breakdown could be paid for by these loans.