It is worth remembering that the MFI has the right to reduce the interest on the loan unilaterally, but to increase it unilaterally – no. Learn this and other rules before getting installment loans online.
Useful thoughts about the installment loans
There can be different reasons for taking the installment loans:
- Urgently needed money (for example, for extra medical care, car repairs, and etcetera)
- There is no time to wait for the approval of a loan at a bank, or the bank has refused a loan
- A small amount is required before receiving a salary or pension
- Lack of official earnings and, accordingly, income certificates.
However, before you use installment loans online, you need to remember a number of rules:
- Plan repayment of the loan. If you are given the opportunity to choose a loan repayment date, it is better to choose a day 3-4 days after the salary
- When paying for several loans in addition to a loan, it is better to plan payments on them on different dates of the month for a reasonable distribution of the debt burden
- Carefully choose the term and the size of the loan and do not borrow if you are not sure that you can return the money on time
- The recommended debt load for all loans and borrowings should be more than 40% of monthly income
- Examine the individual terms of the contract for the availability of additional services
- Check the full cost of the loan. The total cost cannot exceed the average market value by more than a third.
What should be remembered, if using installment loans?
Your debt, taken online, is considered to be fully or partially repaid when funds arrive at the organization’s account. To repay a payment, use verified payment methods and be sure to keep a document. If for some reason it is impossible to make the next payment on a loan on time, inform the company about this. In some cases, the lender can help and provide a delay or restructure the debt.