An installment loan is usually equated with buying goods in installments. In one place, i.e. in the store, you can take care of all the formalities related to granting such a loan. A cash loan is also included in the installment loan concept. The loan is repaid by paying monthly installments.
Cash installment loans no credit check: borrow today
Today, however, we will deal with an installment loan in the sense of buying goods in installments. These loans are becoming more and more common and more and more consumers are choosing them. Virtually every store can already take advantage of this offer. They are most common in stores with electronics and household appliances.
We often have representatives of banks with which the stores have signed contracts waiting for us in stores. Some stores decide to grant customers loans of 0%, i.e. without interest. We will then have to pay back exactly as much as we borrowed, which is a very satisfying solution for many customers.
Promotions very often happen around the holidays
When there are the most willing to go shopping. Customers then fall into a real shopping spree, and sometimes they simply lack the money to complete all their purchasing plans. Installment loans of 0% are then an ideal solution for them. Usually, the customer accepts this offer without much thought and decides to take out a loan.
The need to have a specific product means that we do not thoroughly analyze the contract for the purchase of goods and services. However, this is a big mistake. Before making such a decision you should think seriously. It’s worth to use payday comparers, where you can compare several offers at once in just 5 minutes.
Thanks to the fact that we analyze everything, we will be able to make an informed decision. We will certainly not regret taking such a loan, because it will not be the beginning of our troubles.
If you are looking for information on payday loans.
When choosing an installment loan, we should first of all pay attention to
- whether the price of the gross good is lower than the loan amount – in such a situation the commission on the loan was calculated,
- what is the annual interest rate of the loan we want to take – it is worth checking it, because often 0% announced in a noisy way turns into 22%, which is not a very favorable solution,
- what is the actual cost of our loan, with all additional fees – this monthly installment is definitely higher than the price of the product divided by the number of installments,
- whether we get equipment insurance as part of the loan or whether we have to pay for it additionally – if the customer does not agree to take out insurance, he will certainly not receive a loan in any store. Refusal is tantamount to no positive decision to grant a loan. However, you must remember to always check what random events insurance protects us from. So that it doesn’t turn out later that we paid for something that is completely useless to us,
- what enforcement issues look like, in case of problems with loan repayment – very often 300% of the loan amount appears in installment loans. This is the amount you will have to pay in the event of late repayment,
- is it enough to make one signature at the end of the contract for all the conditions contained in it to be accepted.