Online Loans with Monthly Payments
One of the best new methods for personal financing is through online loans with monthly payments. What makes these loans attractive is the fact that you can borrow a large amount of money in a short amount of time and repay it in small, affordable monthly installments over a long period of time.
Small personal loans can vary slightly from lender to lender. For example one of these loans may have a max loan limit is $25,000, interest rates are as low as 11,24% and maximum repayment term is 36 months. Payment frequency can be monthly or bi-weekly, depending on the lender.
Having a large loan of up to $25,000 distributed into smaller monthly payments over 36 months makes repaying the loan more manageable and reduces the pressure.
You can access larger sums of money knowing that you can repay the loan in predictable and affordable monthly or bi-weekly installments. This also means that you can get a loan for reasons you previously thought unreasonable.
It takes a very short amount of time to get the funds that you have requested into your bank account. The time it takes again varies from lender to lender but in general, unsecured personal loans are funded within 24 - 48 hours.
This is a more indirect benefit that you can get from loans with monthly installments. Basically by making all your payments on time you can improve your credit score because lenders report your good behavior to the credit agencies (Equifax, Experian and TransUnion).
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There are different ways in which you can make your loan payments, depending on how your lender operates. Some of these options are:
·Automatic online payments ‐ Electronic Funds Transfers through ACH (Automated Clearing House). This is one of the most commonly used methods of repayment used by online personal loan providers. This method works by automatically debiting your bank account the amount you owe every month on the date that you have agreed upon.
· Through phone banking ‐ Some lenders will accept payment made through phone banking. This type of service that some banks provide allows you to check your account balance, request bank statements, check payment amounts due, check outstanding balance and most importantly, it allows you to perform your loan monthly payments with a single phone call.
· At the branch office ‐ Some lenders only accept payments made directly by the borrower at one of their branch offices. Lenders that practice this method will generally provide you with the branch office that is closest to you during the application process.
Some lenders may offer any of these payment methods or only one of them, it can vary from lender to lender so make sure to inquire into the methods of repaying your loan that are available to you before signing the loan agreement.
Whichever method of repaying you end up with you need to remember to avoid missing or being late on payments at all costs. This can have a lot of negative effects, from incurring penalties to damaging your credit score.
If you need an unsecured loan that is easy to repay and provides a good sum of money then we recommend a personal loan with monthly payments.
