The Different Types of Installment Loans and Their Benefits

Posted by Alyana Azizah on May 20th, 2021

There are multiple types of installment loans. Whenever you are at the beginning of a financial crisis because of an emergency, you think about getting out of the situation. Taking installment loans can help you a lot. Monthly installment loans Singapore is available on easy and basic terms. With minimum interest rates and flexible payment methods, you can avoid all the stress and focus on your work.

Types of Installment Loans:

Installment loans have multiple types. You must be familiar with student loans, auto loans, and mortgage payments. All these are included in the categories of installment loans. If you are availing of an auto loan for yourself, you must be familiar with the terms and conditions of it. Usually, when a longer installment loan has to be paid, it is paid in small amounts monthly for many years. But in this case, the rate of interest might get higher because of the window of time. Debt consolidation companies Singapore are providing all kinds of installment loans.

1. Student Loans

Student loans are usually taken for the duration when your kid is studying. Once the studies have been completed, the funds will be repaid. This can also come under the term of personal loans. Personal loans are used for paying medical bills or crises.

2. Mortgages

Talking about mortgages, these loans are usually taken for the payment of a house. When buying a new house, of course, you will like to have some money saved in your account as well. This will help you get your dream home. Mortgages are usually repaid in a duration of almost 15 to 20 years.