What you should learn about the installment loans

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.