It’s best to have your savings for a rainy day. However, this is not always possible. In such a situation, when an unexpected expense arises, we can take out a loan that will help us to cover various fees. The most convenient solution in such a situation will be an installment loan.
Most often, installment loans are associated with bank loans. However, it is worth knowing that not only in the bank, we can get such a loan. Increasingly, they are also available as non-bank loans. Such a convenient offer can also be used in our Gandalf company – we have prepared loans for customers in the amount of 1,000 to 10,000 PLN for a period of 10 to 24 months.
The installment loans allow us, above all, to incur a larger sum of money than in the case of payday loans . Thanks to the fact that the repayment sum is spread over several or several dozen monthly installments, we can easily cope with debt without risk to the home budget. Therefore, a liability of several thousand zlotys will not be so difficult to give away.
What determines the amount of installment?
When we want to take out an installment loan, usually we can independently choose the installment amount when submitting the loan application. Of course, the more money we need, the higher sum we will have to give away, which is why we can then spread the repayment for more lower installments.
The amount of the installment depends also on the repayment period – the longer the repayment period, the more loan costs. For example, in our company, Gandalf, borrowing PLN 1,000 to be repaid in 10 months, gives a total repayment amount of PLN 1536.02 with an installment of PLN 157.22, while repayment in 20 months will mean the return of PLN 1 157.62 with an installment amounting to PLN 82.77.
What amount of installment will be appropriate?
Therefore, together with the installment loan, we can independently adjust the installment amount to your financial options. When we can not spend more than 100 zlotys a month to repay, we extend the repayment period. On the other hand, if we can repay the obligation even with higher installments, choose a short repayment period, because then the general costs of the installment loan will be lower for us.
However, let’s remember to usually leave a small margin of several dozen zlotys, because you never know what expenses will happen in a given month.
Installment loans – it pays!
In summary, the loan installments are really very attractive proposition for those who need additional financial support in the higher total. It is also a much safer proposition than a payday , because thanks to spreading the debt into smaller installments they are much easier to pay – we do not have the risk that the repayment will simply surpass us.
If you are interested in installment loans, you can now learn about their costs and simulate the amount of installments on our Gandalf website. In case of additional questions we are also completely available.