Whether you have encountered an unexpected financial situation or are planning to surprise your partner with the vacation of a lifetime, an installment loan can help you to get through an expensive period of your life. You can then repay the money borrowed, plus interest, in equal monthly installments in a time frame that suits you. Here are five reasons to take out an installment loan.
Paying a Large, Unexpected Bill
Large, unexpected bills, such as medical expenses or car repair bills, can be difficult to pay in one go. If you need to pay a bill that would take you over the credit limit on your credit card, an installment loan could be the answer. After being accepted for the loan, you would receive the money in your checking account, making it easy to pay the bill in full on its due date.
If you have debts from several different sources, such as credit cards, store cards and car loans, it may be a good idea to consolidate them into one installment loan, especially if you are behind with some of the payments. Once your loan application has been accepted, you can breathe a sigh of relief as you pay off all of your debts in one go. All you need to do now is to make a single loan repayment each month.
Covering Educational Expenses
If you are a student, or about to become one, there are many expenses that you will have to cover, including tuition fees, purchasing a laptop and buying books. If you only work part-time, it can be difficult to cover all of these expenses, especially if you have to pay a lot of bills at the same time. An installment loan could fund your annual study-related expenses and you could pay it back over one or more years.
Improving Your Home
Repairs, renovations and improvements to your home are all expensive but they may be necessary. In addition, you may have to pay builders and contractors in advance. An installment loan can provide you with the cash you need to finance all your home improvements. You will then be able to repay the money over a period of time that suits you.
Planning the Vacation of a Lifetime
Whether you are planning your honeymoon or approaching your silver wedding anniversary, an installment loan could help you fund the vacation of a lifetime. Once your application has been accepted, you will be able to book the vacation without having to worry about exceeding your credit card limits. After enjoying your dream vacation, you will only have a regular monthly amount to pay for the duration of the loan.
Installment loans are suitable for a variety of purposes. Whether you have an unexpectedly large bill to pay or need some money in advance, an installment loan can give you quick access to the funds you need. You can then relax, knowing that you will be able to repay the money plus interest in easy-to-manage monthly installments over a period of time that suits you.