Installment Loan: A Healthy Alternative

July 17, 2016

Money Makes The World Go Round, Loans Make It Go Faster

In an ideal world, everything would be free, and distribution would be controlled and balanced with common decency and respect. Sadly, our world is not perfect, and it is far from ideal. Money is the driving force behind all of our exchanges, and there are not many things that are free. Knowing this, one also knows that to get things done, one needs money. The amount of money one has, compared to the amount of money they need (or want), oftentimes, are worlds apart.

Since we are regular everyday people, time is too valuable to us, and sometimes we cannot wait for our money to build up. Installment loans provide an alternative to saving up. With loans like these, one can get whatever one wishes to possess, in the shortest time possible, and then slowly pay off debts. This also serves to dramatically improve your credit score – you can go to this website to learn other techniques that can improve your credit score!

How It Works

An installment loan is a loan where the borrower pays back a debt, a little at a time (or in installments) – as oppose to, paying off a debt in one go. Because the repayments are broken up over a length of time, the limit on the amount that can borrowed, is raised much higher. It is difficult to pay off a huge debt, but it is far easier to do so when you pay it off a little bit at a time. The lender profits by attaching some sort of fee to the loan (often interest that is compounded on the remaining balance). The rate of interest varies greatly, according to the type of loan, and who the lender is.

These loans have many types, and can range from large sums (for building structures), to small amounts used for increasing cash flow in short bursts. Paying the debt back is essential, since any unpaid debt can bring about undesirable consequences – like a stain on your credit reports. If, however, you found that a stain was erroneously placed on your credit reports, can show you how to get this inaccuracy deleted.

Your home is your domain. It is probably the single largest investment you have made or will ever make, in your lifetime. Even though the ongoing economic crisis has lowered the value of your home (at least in the eyes of the market), it will always be special and no less valuable to you.

At some point, you may see some minor repairs and little changes that need to be done around the house. You envision modern countertops and new kitchen flooring. You see a bathroom that really needs re-tiling. The whole house begs for a face lift that only a fresh coat of paint could do. You imagine the luxury and comfort of modernizing your plumbing. A little landscaping wouldn’t hurt the garden, either.

The plan gets bigger and bolder, until you finally decide it’s time to renovate your home. A property that is free & clear (no mortgage) can be used as collateral in an installment loan, for your renovations.

Getting an Installment Loan With Home that has a Mortgage

Your home is no longer your domain. Right now you are living with an existing mortgage over your head. You have had experience obtaining a loan for financing the purchase of this property. The idea of another loan does not sit well with you – as you picture of a well-landscaped, newly-renovated home.

The great news is that your mortgage enables you to take out a home renovation loan, with ease. You already understand and know how the system works, and this acquired knowledge will guide and benefit you in looking for a good loan for home renovations.

A home renovation loan does not deviate from the very idea of an installment loan. It is a similar loan which is repaid over time, with a set number of scheduled payments. It may vary from a few months, to as long as 30 years (depending on the terms agreed upon in your loan). If the bank or lending agency sees that there is sufficient equity to in your home, this could be all that is required to give you the funds for your home renovations.

Before you get this cash advance, it would be wise to make some estimates on how much you will be spending and applying for, in your loan. Try to calculate the advantages and disadvantages of doing the renovations yourself, versus handing the job over to a professional contractor.

Your Best Option

An installment loan for a home renovation project, is a safe and affordable alternative to payday loans and title loans. If you suffer under the yolk of payday loans with high interest rates that violate federal laws, go to to get help. An installment loan has the flexibility that many other loans don not offer. There are many available options for home renovation loans, and the best deal can be worked out for you according to your needs. After a successful home renovation, the benefits you reap are twofold: 1) Your home becomes more invaluable to you, and 2) Your home/property has increased in value!