Not having the necessary tools to solve a financial issue is something that can bring you a lot of problems in the future. The modern world requires urgency, which is why here at Oxford Funding, we are ready to assist you with everything related to financial solutions.
It is clear that installment loans are a magnificent way of getting the money we need as soon as possible. Having a choice when it comes to financial products is something that we value here, and the rates and fees of our oxford finance services confirm this. But there’s something even more important: knowledge.
Yes, installment loans are good if you know how to manage them, but are there clear reasons that should motivate you to get one?
The question to this answer highly depends on your needs.
After reading this article, you will have a clear understanding of why installment loans are your ally to overcome many different financial situations in your life.
But first, let’s start with the basics.
Types of Installment Loans
In order to know if we should get an installment loan or not, we first must comprehend what they really are.
Basically, an installment loan is a way to borrow money directly from a lender. The borrower will have to repay the loan in monthly payments, which are also called installments.
So, it’s an installment loan the same as a credit card?
No.
Revolving credit allows the borrower to continuously borrow money again once the debt it’s paid off. In the case of installment loans, the account will be closed once it’s repaid.
Now that you understand what installment loans are, these are the three most common types of installment loans out there:
Mortgages
If you want to finance the purchase of a house, you should get a mortgage. Typically, when you get a mortgage, your home will be used as collateral to protect the lender in case you fail to fulfill your loan’s obligations.
Payday loans
Payday loans allow borrowers to get money quickly and pay it back when they receive their next paycheck. Be careful, usually, payday loans come with high-interest rates and fees.
Personal loans
You can use personal loans pretty much for almost everything you want. You can pay for your wedding, cover medical expenses or even buy a new home theater for your living room if you wish. Naturally, the interest rates and fees depend primarily on your credit score and many other factors that the lender analyzes.
Consider this before getting an installment loan
No one wants to get into debt that can’t be repaid over time.
It’s fundamental to understand our needs so we can get the best deal when applying for an installment loan.
Many people consider loans a double-edged sword. In our honest opinion, this highly depends on personal factors related to the individual applying for the loan.
Therefore, we must pay attention to some essential details before finally deciding to get a loan, such as:
- Frequency of repayments
- How quickly will you receive the loan (Oxford Funding will deposit your loan funds the next business day!)
- The interest rate and fees of the loan
- Any additional restriction or detail in the contract
When is an installment loan useful for you?
Now that you have decided that an installment loan fits you, it’s time to know some of the reasons why you should get one.
One of the best things about installment loans is the fact that all payments are scheduled. Therefore, you can have more control when making your monthly budget to repay the loan on time.
Last but not least, remember that choosing the right lender is the key to having an efficient loan approval process.
We value transparency and customer support above everything else. Understanding our client’s needs is vital to providing a quick, efficient, and quality service at the end of the day.
Investing in your career or yourself
Investing in ourselves will always be the best investment that we can possibly make.
Getting an installment loan can allow you to sign up for those classes you have missed or that amazing online course you want to complete.
We know that education requires an upfront investment, an investment that you might not be able to afford at this moment.
But if there’s something good about investing in our career or our education is the fact that the investment will definitely pay off.
In this scenario, installment loans are better than other types of credits because you can actually fit the interest rates lower than you believe. It’s a win-win situation for your pocket and your future.
Buying something that you really need
Most of the people that apply for installment loans usually have something specific that they need to pay.
It doesn’t matter if you want to buy a new phone, a car or invest in a new kitchen, the decision is totally up to you.
Installment loans are more than just money that you’ll repay: they are a tool to get you where you need to be.
So, if you are presented with a new business opportunity but don’t have enough money to invest in it, an installment loan might be the solution you are looking for.
Dealing with an unpredicted event or an emergency
We never know when something terrible is about to happen. We have no control over these things, and even if we did, we probably wouldn’t be totally prepared for it.
Experiencing financial problems is more common than you believe.
Needless to say, loans are one of the best ways to overcome a bad moment in our lives. Sometimes, it’s fundamental to look at the solutions we have at hand in order to make the best use of them.
That’s why installment loans are more than just money. We know for a fact that having a loan approved might be the difference between solving an issue and getting into an awful situation.
It’s always better to be prepared.
There are many other reasons why you should get an installment loan. So, you can totally count on us if you already made your decision on getting a loan, our customer service is waiting for your contact.
