Stamperia Berardinelli

What you ought to Find Out About Installment Loans

What you ought to Find Out About Installment Loans

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We’re all knowledgeable about the idea of taking right out that loan. You want money, so that you borrow it and repay with interest over an agreed-upon level of time. But what is an “installment” loan?

What exactly is an installment loan?

Once you submit an application for an installment loan, you’re asking to borrow a certain quantity and agreeing to cover it back once again, including interest, in equal installments over a set time period. Each month for the duration of your loan, unlike with a credit card where you get to choose how much you pay at the end of each statement period with an installment loan, you agree to pay the same amount.

A lender will look at your annual income, your credit score, and your debt-to-income ratio to determine how much you can borrow with an installment loan. Read the rest of this entry »