Slick Cash Loan

What are the 3 Main Types of Installment Loans?

Installment loans are the types of loans that are ideal options for people who want to borrow sums to repay over a period of time. You can repay these loans in small amounts, which is exactly the reason why these are referred to as “installment" loans. Generally, such slickcashloan is categorized into 3 types.

Personal Installment Loans These are typically used by customers who want to consolidate pending debt or wish to pay the debt of existing credit card.

Such loans may be also taken out for financing discretionary expenses, vacations or weddings. Personal installment loans, when compared to Payday Installment Loans, are mainly used for financial emergencies. These may even be used as a foundation for credit building and other long-term monetary objectives.

Payday Installment Loans This type of slick cash loan tends to work similar to a cash advance when it comes to criteria, such as checking account, job etc. But the amounts of loan are supposed to be higher and allow you longer time to repay the same. The terms of length tend to range between 2 and 24 monetary, although it can depend on the amount that you have taken as a loan. With these loans, the biggest concern is that you are supposed to make payments twice every week. Make sure that you pay the loan off as quickly as possible, so that you can save much money and reduce the total number of payments you are supposed to make.

Mortgages Typically, mortgage sums higher than $100,000 are borrowed and over 15 – 30 years these are repaid with interest. Home mortgages happen to be the most famous type of long-term installment loans.