An installment loan from MaxLend Loans is a credit purchase. The purchaser must pay the price of the goods to a financing body, a credit company, or a bank intermediary. These loans are designed to pay for tangible goods such as furniture, household appliances, or high-tech devices.
Understanding the terms
With an installment loan, people allocate the costs of their projects over a period of 12 to 84 months (7 years). However, the maximum duration of a loan depends on the amount borrowed and the use of the loan. The annual percentage rate of charge (APR) of a loan depends on its duration and what the person will finance with their loan.
There are different rates for:
- Installment loans for real estate investments include renovation work in the home, remodeling the kitchen or bathroom, purchase of additional land, etc.
- Installment loans for the purchase of movable household goods, such as household appliances or furniture.
- Installment loans for the financing of other personal projects.
Installment loan rates are regularly adjusted to the evolution of the financial markets. For current rates, contact MaxLend today.
Things to consider
Tax deductibility is huge for many people. The interest of an installment loan for real estate is entitled to a tax reduction, more precisely, up to a certain amount of income. To do this, individuals can ask their MaxLend representative for details. People will only have to apply once.
In practice, the formalities for obtaining an installment loan are limited. Speak with a MaxLend agent and they will tell you the documents needed to obtain the loan you want. During the next few hours or days, a representative will process the request and contact you. If the loan is accepted, the details of the contract will be discussed and the money will be deposited in your checking account.
Repaying the loan
Repayment of an installment loan is made through regular monthly repayments, which means you pay the same amount each month. Borrowing money is a decision that deserves consideration. In the case of a consumer loan, people can get the money they need to finance his or her personal projects.