In today’s time of sky rocketing prices, financial
challenges are not uncommon among working professionals. Almost everybody faces
it at some point of time. Loan is an easy solution in such situations.
However, the problem comes with repayment. Since
borrowers’ finances are already pressed, they struggle to spare a big amount at
a time for repayment. Most of the borrowers are middle class workers who have
limited source of income.
The ideal solution for such borrowers is installment loans. It gives you one full year to settle the loan. You can
decide in the beginning only how much amount you would like to pay every month
to square the loan off.
Since you get one whole year, you won’t feel the
financial pinch while repaying. This is the main benefit with this loan
facility.
When you apply, the lender evaluates your repaying
capability and offers you a few options which show different loan amounts,
repayment period and matching interest. You can select an option as per your
needs and repaying capability.
Like other loans of this category, loans over 1 year are also an unsecured loan facility. You are not required to provide
documents, security or guarantor. The loan is processed in a hassle free
manner. Apply and get money in a few hours.
However, lenders are exposed to greater risk which they
compensate by charging higher interest. For you the loan becomes a little
costly, but it provides you succor in times of financial crisis.
You can control the cost of borrowing loan by negotiating
with the lender for interest reduction. Sometime, they do it to get a new
customer. Nobody wants to lose a customer. In addition, you can also apply for
bare minimum amount and repay it at your earliest. Amount and period have a
direct impact on loan cost.
