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What could be a better option for installment loans?
#1
I just want to know your thoughts about better kinds of loans. Which is better or is it better than installment loans? Also, I want to know if what are the reasons that makesit better than this type of loan.
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#2
In as much as installment loans ain't that bad as compared to other loans such as payday loans and the rest, I still have the belief that going for a corporative loan can be a great option since the interest being paid on it is lower than what we get from installment loans. The first step is asking around your locality about the existence of corporative societies that you can join in order to enjoy this benefit.
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#3
(01-24-2018, 02:29 AM)lisadolor Wrote: I just want to know your thoughts about better kinds of loans. Which is better or is it better than installment loans? Also, I want to know if what are the reasons that makesit better than this type of loan.

I suppose Payday loans are out of the question due to high interest rates. You can use your credit cards. There are credit card companies that offer 0% annual interest for the first year or so. In addition to this, you will be getting points which you can redeem at different stores - installment loans won't provide such benefit. You just need a good credit score in order to qualify for getting a new credit card.
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#4
No loan is good or bad. It depends on what is best for the borrower. Personally, I hate payday loan because I think it is used to take advantage of the borrower. And unfortunately, it is one of the most common loans.

If you understand each type of loan, you will be able to tell the one that is good for you. Let me share some common types with you. Starting from the one I hate, payday loan, you are expected to pay back the money within 30 days.

Installment loan: you pay a specific amount of the money at certain intervals until everything is paid including the interest.
Secured loan: Here, the lender will take your asset and give you a loan. If you payback, you will get your asset and if you don't, you have to forget the asset.

You can decide the type of loan that is best for you among the examples given above. Heart
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#5
Installment loans is not bad unlike payday loans or etc. But its is still your choice, some areas of installment loans is good depends on company or etc. It's depends what benefit you want.

Yeah it is good and it bad sometimes it's you choice what is the best for you, in my case installment loan is bad for me it's not being fit with my job or etc.
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#6
(01-24-2018, 02:29 AM)lisadolor Wrote: I just want to know your thoughts about better kinds of loans. Which is better or is it better than installment loans? Also, I want to know if what are the reasons that makesit better than this type of loan.

It depends on you, loan is not bad not all the times most people live by debts or some people can't live without debts.

Sad to say but there some people can't sleep at night because of debts.
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#7
The better option on having a installment loan is to just save money from your salary or monthly income. In this method you'll never have to worry about paying the interest amount.
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#8
If you need short term loan, you can use your credit card. If you need long term loan payment terms, then I suggest to get a cooperative loan. Usually there's a "Coop" in every localities which people are encourage to get a membership. You can save there and at the same time loan amounts for your need, either personal or for business at a lower interest. Usually 1% interest of your loan amount.
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#9
I think an installment loan can be a good fit for some people and not others. It really depends on how much you are borrowing, and whether or not you can easily meet the payment terms. Most likely a loan company is not going to loan to you if they think you are going to have trouble with the payback terms.
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#10
(01-24-2018, 02:29 AM)lisadolor Wrote: I just want to know your thoughts about better kinds of loans. Which is better or is it better than installment loans? Also, I want to know if what are the reasons that makesit better than this type of loan.

In my opinion, I believe that installment loans are the best in the financial sector because it affords one time and breathing space to work with the acquired fund and be able to turn up profits while paying back in small bits until the whole debt is cleared. Payday loans are not to be encouraged in any way because it would definitely leave one penny less. Cooperative loans are good as well because of its lower interest rate but it's the condition attached before actually acquiring the loan from them that would be a major problem.
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