24 Month Installment Loan
If you want to get a loan today, there are many types of personal loans available in the market. For example, there are the low interest personal loans from banks, secured title loans from financial institutions as well as small personal loans offered by payday loan companies and other online direct loan lenders. Each product has different uses and you have to find one that fits your needs the most. While a small 100 dollar payday loan can be availed easily even with very bad credit, such unsecured loan till your payday may not be able to solve your financial needs if you are looking to borrow 3500 dollars for more than 90 days. Monthly installment loans will be a better choice, such as a long term installment loan for 24 months.
The main advantage of 24 month installment loans, is simply you can make the repayments over several smaller portions so it is easier to manage the debt obligation. For example, if you get a 2 year personal loan for $10000 with an APR of 11.16%, the money you need to come up with every month is $466.82, which most people on a $1500 monthly salary should be able to comfortably pay off. If your loan tenor is more than 48 months, your monthly repayments will be lower although that will translate to a higher overall cost since you are actually paying interest rates over a longer period of time. For short term borrowing, it is probably best to opt for 6 month installment loans with low fees.
Long Term Personal Loan With Installments
Therefore, when getting a long term installment loan with bad credit or good credit, you should always do a little bit of sums yourself. Firstly, decide how much money you need to borrow and set yourself a time frame when you can settle the loan. Work out a budget that helps you understand your expenses and income. If you cannot set aside a sum of $500 every month, you may want to adjust the length of your loan or lower the size of your loan request.
When you are ready with this information, you can go to your banks or search for lenders that give long term 24 month installments loans. There are different fees and variable interest so it’s good for you to compare loan rates for personal loans from banks. Go through their best offers and with some effort, you would be able to get a fixed low interest from banks for a 24 month personal loan.