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Installment loans – which repayment method should you choose

 

Monthly installments

Monthly installments

As the name suggests, this loan settlement system allows you to spread your payment into installments, which you pay back once a month. The deadline can be imposed in advance or the lender can give us a choice by which day of the month we should make the payment. Loan companies usually offer a breakdown of liabilities over at least 3 months. The exception is Asa Kredyt where the minimum repayment period is 6 months and Elecmatic, which requires the loan to be regulated for at least 12 months. As for the maximum number of installments, depending on the amount offered, they can be up to 72 installments. Such a long repayment period is available at Metacorpo, where liabilities of up to 10 thousand. PLN are granted against a car or for the purchase of a vehicle. In turn, Optima.pl, which offers from 700 PLN to 6 thousand. PLN, does not give its customers the option of choosing the time during which they want to pay the amount due. The company uses 12 equal monthly installments for each loan. The amounts available under loans with a monthly repayment system usually start from PLN 500. Except for Metacorpo, CashMo and Perto Finanse (they all offer loans up to PLN 10,000), the most – PLN 9,000. PLN, we’ll get in Crofi Loan. By 7,500 PLN can be applied to Plamigole, where the liability can be repaid in convenient installments (from 3 to 24 months).

Weekly installments

Weekly installments

In this case, we have to pay the loan installments weekly. Currently, Nominent offers such a loan repayment system. The brand has been operating on the Polish financial market for 18 years and offers standard or home-based obligations – both submission of applications and payment of receivables takes place at the customer’s place of residence. The Nominent offer includes loans from 300 to even 10 thousand. PLN, which can be divided into installments repaid for 30, 45, 60, 75 or 90 weeks.

Which loan repayment system should you choose?

Which loan repayment system should you choose?

The choice depends on our financial capabilities and self-discipline. If you are a traditionalist, you have a fixed salary paid once a month on a specific date and you pay off other liabilities reliably, you can choose the option of monthly installments. By giving away a loan in this way it will also be easier for you to plan your other expenses. If you prefer to pay a small amount or if you exceed the deadline for paying bills due to ordinary forgetfulness, then weekly installments will be a good choice. This solution will also pass the exam when, for example, your company uses the so-called a weekly.





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