Consuming a loan is one way for an individual to borrow money. As a rule, the borrower receives a one-time payment (principal amount) from the lender and returns it with the payment of expenses for the loan (interest plus loan fees). Payments are made by regular installments throughout the loan period. Many loans to individuals are unsecured loans, which means that they do not require the client to pledge any asset (such as a house or car) as collateral.
Consumer credits are usually issued as loans with repayment within a certain period of time. Loan amounts and conditions can vary greatly, depending on the state and the lender. with us, our goal is to make sure that you get the best loan offer we can provide based on your unique financial and credit situation.
The interest rates for these loans are usually set by the lender and can vary depending on such factors as the borrower’s creditworthiness, the amount and term of the required loan. Rates will usually be fixed for the entire term of the loan and are calculated as an annual interest rate. If you are eligible for a loan through InnetLoan, we will work to find the best possible loan offer for you based on your financial requirements.
There are no particular restrictions on how the proceeds can be used. Loans to individuals are most often used to cover unexpected expenses, to purchase large houses or cars, or to consolidate debts.
To determine how much you can borrow, fill out our short online form to verify your eligibility, or call one of our customer support representatives today for more information.
Reasons to get a consumer loan
Consumer credit is ideal for people with a verifiable income and good credit history, but limited resources. In other words, these loans may be the only salvation for young professionals who need money for a major event or unforeseen expenses.
Such a case, when obtaining a consumer loan is a good solution, there can be some big event, for example, a wedding.
Consumer credit also works wonders when you first buy a home. If you can’t afford a mortgage to buy your dream home with immediate cash payments, a loan to a private person to improve living conditions may allow you to purchase a modest home. Personal loans also create a credit history that helps make larger purchases in the future.
More and more borrowers use consumer loans instead of traditional “payday” loans. Many customers believe that the repayment of the entire loan and interest on the next payment date may expose them to financial pressure, especially if the loan is taken for an emergency.
In some cases, those who take a “payday loan” are not able to make repayments in 15–30 days, and therefore they are forced to take new loans to pay off old ones, or have to extend the loan, which leads to a significant increase in its value.
Therefore, long-term consumer credit is a more responsible choice. The client can stretch the payout to 5, 6 or 12 months, which provides much more flexibility.
In addition, the borrower receives a borrowed amount for a longer period and with lower monthly repayment payments, which gives him much greater control over his finances.