They say, “time is money.” Unfortunately, when you get money from a loan, some of us need more time to repay it.
Deadlines can be a stressful experience with payday loans. As very short-term loans, they’re meant to be paid back in full – usually by the next paycheck. For many of us, that’s two weeks.
Why is that a problem?
With a third of our income already dedicated to rent or mortgage, most of an average person’s paycheck is already spoken for. Add the next biggest expenses, like cable, food, gas and utilities, and you’ve likely spent half your income. In other words, one whole two-week paycheck.
Imagine, a whole paycheck going to pay off a short-term loan? That could make life tough as you’re anxiously waiting for your next paycheck to pay off the rest of your bills. To avoid the stress, an online installment loan might be the answer.
With an online installment loan, you’re free from two-week repayment deadlines.
An installment loan allows you to pay back your loan in equal parts (installments) over a set amount of time (but longer than two weeks – likely months). Because your payments are broken up, the amount required from any one paycheck is much smaller.
While the interest charged may be a little more due to the longer repayment period, many borrowers feel an online installment loan is worth it for:
Knowing your loan repayments will be small and predictable, you can manage and schedule your finances to meet your responsibilities.
The two-week timeline of a payday day can be stressful. More time to repay takes that away.
Miss or go beyond your payday deadline? Even if you pay early, you may pay a fee. Online installment loans, like those from Jora Credit, don’t charge for early repayment.
In fact, many people use some form of an installment loan for to manage loans that would be too difficult to pay off quickly. These include mortgage loans, home equity loans, car loans, even student loans.