Installment loans are repaid over time and have two or more (typically several) periodic scheduled payments with a stated date for final payment. Similar to a car payment, you pay a monthly, bi-weekly or weekly set scheduled amount. With an installment loan, interest generally accrues daily. Your easymoney installment loan payment schedule will be set after you are approved for a loan and will include your loan principal and interest.
Installment loans are commonly repaid over a longer period of time. This is different than Payday loans which typically are for a shorter period and are due in full in a single payment on your next payday. Installment loans are set to be repaid in multiple payments on an agreed upon periodic dates which are stipulated in your contract agreement.
If you are experiencing financial hardship, please reach out to an easymoney Loan Expert to discuss alternative payment arrangements.
Definitely. This is the best course of action to take since you would be minimizing the amount of interest you pay. Installment loans offered by easymoney accrue interest daily, so paying it off early saves you money on financing costs.
easymoney installment loans are offered up to $5,000 (only in Alabama), however, this can vary depending on your state; and the amount approved will depend upon your financial circmstances.