Mortgages, Auto loans, student loans, Personal loans are examples of installment loans. Often, Point-of-sale financing offers and “no credit check” emergency loans are set up as installment loans too. When money is borrowed and paid back through fixed monthly payments over time, it is termed as an investment loan where the interest is part of the payments. From few months to 30 years, the loan can be repaid completely according to the time determined.
One can choose to apply for the installment loan with the bank or credit union of their choice. There are online lenders like Lightstream, SoFi, Avant, too that issue loans to people.
There is also a possibility of taking an installment loan directly from the company from where a product is bought in case of auto asset buying. The auto dealership or furniture store or real estate builders issue loans to their customers.
The borrowers can borrow the sum for short-term emergency too and pay it by installment. But the payday lending stores are really expensive and are considered one of the most notorious places for borrowers to get emergency cash. Payday loans often charge interest rates of 400% or more.
Always consider the interest rate before applying for any loan and definitely check if the rate is fixed or variable. With variable rate loan it might start at lower initial rate but will go up over time. When one needs emergency cash one cannot look back. One can though definitely consider taking the from local credit union first using the Payday Alternative Loan (PAL) application as these PALs cap interest rates are 28% and never charge more than $20 in fees.
But it depends on how soon one repays the loan. If the repayment is going to be at the earliest then the variable-rate installment loan serves just right as it will save money but if the repayment is going to take some time then it is better to opt for a fixed-rate loan.
An insight into the entrepreneurial journey of Adeel Chowdhry
Adeel Chowdhry found himself stuck and confused as to where he was going with his life once he dropped out of university and began his job at Mcdonalds. Once he realized that he had more potential than a career in fast food he began his venture into the internet marketing industry. Chowdhry was born on January 1, 1982, in the United Kingdom, London. After dropping out of university he entered the internet marketing scene and quickly created a reputation for himself and even became one of the most consistently recognized names within his industry. It was not easy quitting his job at Mcdonalds and entering an industry that he had no prior knowledge in, but Adeel’s competitive attitude drove him past the hurdles and led him to success. Through his creativity and ability to grasp a crowds attention, he created one of the most impressive multi-million dollar launches that the world has ever seen. He went from selling burgers to generating over $16.5 million in revenue from over 25 bestselling products across platforms like Clickbank, JVZoo, Digital River, and many others.
His most recent global phenomenon was the worldwide hit, Sqribble. Adeel was able to propel Sqribbles sales to over $1.5 million to date with his superb skills, genius funnels, and one of a kind marketing style. Adeel always does things in the largest way possible and goes out of his way to generate astonishing results.
Even with no prior experience in the marketing industry, Adeel has been able to accomplish many achievements that even well-experienced professionals cannot obtain. He has managed to become ClickBank’s Platinum Vendor since 2009 by earning well over $250,000 a year. He has also been able to turn any digital product from zero to a million without any funding at all in a very quick time frame, his most prominent example was when he generated over 1.1 million dollars in revenue in only 7 days from his software launch of Sqribble.com and 2.5 million in revenue within 24 months. Once Adeel began generating this much revenue in such a short amount of time, he knew he had special skills that others could benefit from.
He gathered all the knowledge that he had accumulated over the years and designed a mentoring and training program to give students knowledge in internet marketing so that they could begin their careers. For a number of years, he has been giving these students the necessary tools to create a successful life as well as generate over ten million dollars in sales through this program.
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