What Is An Installment Loan? What To Consider When You Need One.


An installment loan is money you borrow and pay back with fixed payments — or installments — over a period of time. It differs from a credit card that lets you borrow money whenever you make a purchase. Many installment loans have a fixed payment amount meaning the amount that you owe doesn’t change over the life of the loan. When the loan is completely paid off, you owe nothing. There are no hidden fees and is affordable for customers. 

An installment loan is a loan that combines the principal loan amount with an interest rate. The total of the principal and interest is then scheduled to be paid back in equal amounts over a set time frame. Most loans at Devon Financial usually last 180 days.  Where you’re able to get loans up to $2,500 depending on your qualifications. 

Why Do People Choose Installment Loans?

 

Installment loans are easy to apply and anticipate because you know exactly how much you need to repay each month, which allows predictability in your budget. If the idea of having to wait for your credit card statement to know what you need to pay each month is worrisome, installment loans can be an attractive option.

 

At Devon Financial, installment loans are appealing because they are fast, easy to apply and don’t affect a person’s credit score + your credit is not checked when applying. Our installment loans are based on your income, not credit to qualify for a loan. 

 

What can you do with an installment loan? 

 

In most cases, people take out installment loans when they need to cover unexpected expenses or if they need extra money for a specific event. Other people use installment loans to pay off credit card balances or consolidate debt. But the truth is, what you do with the funds is up to you.

 

Have more questions about an installment loan - call us today at 773-565-0000

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