Installment loan is a form of loan where the repayment periods of principal and interest coincide. The amount the borrower has to pay in each period is equal according to the loan agreement agreement, and the interest will be calculated based on the principal balance and the actual term of the repayment period.
For example: When you borrow 10 million dong, the interest rate is 20%/year, the total principal and interest payable is 10 million + 2 million = 12 million dong. If you pay monthly, the amount you need to pay each month will be 1 million VND.
The monthly installment loan interest rate is agreed upon by the financial institution and the borrower. Usually, customers will choose payment terms from 3 months, 6 months or up to 60 months maximum.
Installment loans are deployed by many financial institutions and banks with a variety of loan forms such as payroll loans, electricity bill loans, life insurance contracts, sim loans, and star loans. Bank account statements, loans according to credit card statements, motorbike loans, etc.
Currently, customers wishing to borrow cash on installments can easily apply for a loan online with simple procedures, quick disbursement within the day.
Advantages of installment loans
Installment loans bring many benefits to customers such as:
- Quick settlement of financial difficulties: Simple procedures, quick disbursement help customers solve financial difficulties quickly.
- Reduce debt repayment pressure: Flexible repayment term, not having to accumulate money at once, helping customers not to be under pressure to repay.
- Safe and transparent: Loans are provided by licensed credit institutions with clear loan contracts.
- Easy management: Information on the repayment schedule is easily managed through the lender's mobile app to help customers monitor regularly so they don't have to worry about being late for payment.
What are the terms of the installment loan?
- Customer is a legal entity with civil legal capacity as prescribed by law.
- Age: 18 years old and up;
- The purpose of lawful capital use;
- Have a feasible plan to use capital?;
- Have the financial ability to repay the debt;
- No bad credit history at any financial institution/bank.
If you have a need to borrow a monthly installment loan, just choose one of the websites/apps for installment loans or refer to the lenders at vaytien.tmo.vn, then complete the registration information and Wait for the profile to be approved. If the loan is approved, the money will quickly be transferred to your account in a few minutes.
Instead of looking to private lenders with many potential credit risks, installment loans at financial companies are the safest, transparent and most beneficial solution for customers. So, if you are in need of a quick disbursed installment loan, please register at one of the addresses we recommend!