Installment Loans Louisiana
Today, online payday lenders are able to seriously compete with banks, providing complete freedom in choosing a financial product, even to clients with no or bad credit history. The list of services of most MFIs includes long-term installment loans Lousiana, which were previously considered the prerogative of banking services. Such loans are issued for a longer period of time – from 6 months to a year.
An installment loan for a year allows you to significantly save your personal budget due to reduced interest rates compared to short-term loans. In addition, the client gets a lot of other opportunities:
- get a larger amount of money for a period of 10 weeks to a year;
- repay obligatory payments in equal installments. The number of payments is strictly limited, the repayment schedule is agreed with the client at the time of the agreement. The borrower can deposit a fixed amount at intervals of every 2 weeks or once a month;
- issue a long-term installment loan Lousiana in cash at a company office, on a bank card, current account, e-wallet or money order. If you need money urgently, the best option is to get a long-term loan on a card. Such transfer is the fastest and most user-friendly;
- submit an application online, providing a minimum package of documents. To identify a person, it is enough to present an ID with all the important fileds filled in;
- simplification of the application review procedure. Some automated systems approve a payday loan and issue money within 24 business hours after applying. In banks, such operations take from two days or more.
At the same time, the main advantage of long-term loans online with monthly payment is that there is no need to communicate with company employees, inform them of the purpose of issuing an installmen loan Lousiana, as well as a low rate of refusals. They can refuse because of the discrepancy between the data entered in the application and the real ones; therefore, carefully and correctly fill out the initial application form. In it you need to indicate your full name, date of birth, place of residence and registration, employment details (for employed citizens) and other contact information.
The main income of microfinance organizations is interest for the use of microcredits, so it is not difficult to take a long-term loan at a low interest rate. Although the payday lender does not impose special requirements on potential borrowers, issuing money to students, people of retirement age, women on maternity leave on parental leave and even the unemployed, there are still a number of restrictions:
- the lower age limit is 18 years. In some companies, only persons who have reached the age of 21-25 may issue installment loans Lousiana;
- long-term loans on the card are rarely issued to primary customers. As a rule, online lenders offer long-term loans to verified borrowers, and in some cases, only to the company’s VIP clients.
Before choosing which microfinance organization to apply for an urgent loan for a long term, study the terms of the loan and the requirements for the borrower. When choosing a lender, take into account the period of loan use and the final amount to be paid back, taking into account all commissions (for issuance and services of banks for transferring money) and interest rates.
- The longer the loan, the higher the overpayment;
- If a long-term loan is overdue, penalties are charged to the card in the same amount as for short-term payday loans.
- The maximum rate of interest is regulated by state law.
How can you repay your obligations ahead of schedule?
In case of early repayment, remember that the accrued interest for the entire period of using the loan is payable in full, regardless of the date of the last payment. The body of the loan is paid at the last stage after the other obligations under the contract have been covered. What other nuances should you pay attention to:
- in advance, warn the lender about the desire to early repay a long installment loan Lousiana. It is better to do this in writing 28 days before the payment is made or a few days before the date of the next payment specified in the schedule;
- be sure to take a certificate on the absence of claims from the microfinance organization and on the full repayment of debt obligations;
- at the final settlement, deposit money through the cashier in the office or by transferring electronic funds in your personal account. So, you can save on additional commission.
- if you urgently need a large amount, and there is no time to collect papers and wait for the bank’s experts’ decision, it is an excellent option to take an installment loan from an online lender.