Have you considered applying for a credit but wondered how often you can install a personal loan ? We bring a wealth of information here to help you decide how to pay your credit request.
Installment personal loan
When you apply for credit, you most likely do not have the money to repay this debt. This is why it is important to know how the installment payment works, the amount of the installments and how often the loan can be repaid.
In installment loan you have an incidence of CET (Total Effective Cost) and depends on the approval of the financial institution. Depending on the amount you borrow, for example, it will only allow a certain number of installments. This is so as not to compromise a very high amount of your monthly income.
How many times can I pay the loan payment?
In general the number of installments depends on the amount requested and your income, among other factors. At Lendico, for example, the installment is made in 12, 18 or 24 installments. However, this may vary depending on the loan requested.
Does the number of installments influence the fees I will pay?
Yes, there is this direct influence. For this reason even, when comparing credit offers between different institutions it is important that you consider the same amount and repayment time.
How much interest rate paid on each installment?
You may have different offers regarding interest rates and CET according to the number of installments chosen. For this reason, you should be aware when you receive the proposal on the rates submitted.
And also note that there is difference between interest rate and CET. The second includes all charges and expenses of the operation. If you want to make a real comparison between lending options, always consider CET.
If I install the loan, can I advance the payment?
Yes, it is possible to prepay the loan installments. This action is known in the banking industry is known as early settlement. To find out how much to pay when making this advance, you need to contact the financial institution with which you borrowed.