How an Installment Loan Works
How an installment loan works is different than a car title loan. The size of the monthly installment loan payments depends on a number of variables, including the price of the item, interest rate charged, down payment, loan term and debt-servicing capacity of the buyer. Whereas a car title loan can be more expensive over time because of it's higher interest rates. The consumer benefits from financing expensive items at interest rates that are typically far lower than credit card interest rates.
For example, a household appliance worth $1,500 can be paid-off in a few months by most people. The buyer can further reduce the monthly payments by making a substantial down payment of $500, for instance. In this case, assuming an interest rate of 8%, the equal monthly payments over one year would be approximately $87, which means the total financing cost over the one-year period is about $44. If the buyer does not have the resources for a down payment and finances the full $1,500 cost of the appliance for one year at 8%, the monthly payments would be $130.50. The total financing cost in this case is a little higher at $66. Which makes it easier for the buyer to pay $66 in installments rather than paying for it upfront.
Pay Back Your Loan In Installments
Most companies charge high interest rates during your installment loan. At Green Dollar Financial Services we not only have the lowest interest rates available, you can also customize your online installment loan period based on your needs. This means if you borrow cash from us and you need 36 months to pay-back your loan, we will make that possible. Even if you need an extension on your loan, we offer refinancing services to work with your needs. All we ask is for you to let us know in advance. We understand expenses come up and you may find yourself in a temporary tiff, an extended loan payment may help you get back on your feet. Choose Green Dollar as your financial plan.
24/7 Customer Service
Green Dollar Loans is here 24/7 to assist you through the entire process. If you're ready to receive your unsecured installment loan online, apply now and pick up your cash today! Have any Questions? Our loan specialists are available around the clock to answer all of your questions and concerns. Get started by filling out our free loan application right now.