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Business Loan Understanding Installment Loans in Fittstown, Oklahoma
Installment loans are a popular financial solution in Oklahoma. They can provide a much-needed cash injection if you need to pay for unexpected expenses or emergency bills. Fittstown is a town where installment loans are legal. Continue reading to learn more about installment loans in Fittstown, Oklahoma and how they work.
What are installment loans?
Installment loans are a type of loan that you pay back over a set period in fixed repayments. Each installment includes both the principal amount you borrowed and the interest. This way, you can budget your finances by knowing exactly how much you need to pay each month.
Unlike other types of loans, such as payday loans that you pay back in one lump sum payment, installment loans offer you more extended repayment options. However, since you are repaying the loan over a more extended period, it can end up costing you more in interest.
Installment loans can be secured or unsecured. A secured loan requires you to use an asset, such as a car or house, as collateral. This means that if you are unable to repay the loan on time, the lender can take possession of the asset used as collateral to recover their funds. An unsecured loan doesn’t require collateral but usually has a higher interest rate.
Interest rates and Fees
Lenders offering installment loans in Fittstown, Oklahoma, must follow state regulations regarding interest rates and fees. These rules aim to make sure that the borrower is not charged exorbitant interest rates or fees that can make it challenging to repay the loan.
Interest rates for installment loans in Fittstown typically range between 50-200%. The total amount you can borrow, the repayment period, and your credit score usually determine the interest rate for your loan. This means that if you have a better credit score, you will likely get a lower interest rate.
The fees you could be charged when taking out an installment loan in Fittstown include origination fees, late payment fees, and NSF fees. Origination fees cover the cost of processing the loan and typically range from 1-10% of the loan amount. Late payment fees are charged when you fail to make your payments on time and can range from 1-5% of the overdue payment. NSF fees, which cover the cost of failed payments, can range from $15-$25 per returned payment.
Are installment loans legal in Fittstown, Oklahoma?
Yes, installment loans are legal in Fittstown, Oklahoma. In addition to meeting state regulations, installment loan lenders in Fittstown, Oklahoma, must also comply with the Federal Truth in Lending Act. This act requires lenders to disclose the loan’s total cost, including any interest rates and fees, before you sign on the dotted line.
Benefits of installment loans
- Fixed interest rates: Unlike other loans, such as credit cards and personal lines of credit, installment loans offer a fixed interest rate, which means your payment remains the same throughout the life of the loan.
- Easy application process: Online lenders who specialize in installment loans typically have an easy application process that can be completed in minutes, making it incredibly convenient for borrowers.
- Predictable payments: As previously mentioned, installment loans offer fixed payments that are easy to budget for, as you know how much you need to pay each month.
- No collateral required: While some lenders may require collateral, most installment loans are unsecured, meaning you do not have to give up an asset to secure the loan.
Interesting facts and statistics about Installment loans in Fittstown, Oklahoma
- According to the National Conference of State Legislatures, Oklahoma is one of many states that has passed legislation to regulate installment loans. As of 2021, Oklahoma’s law requires that the maximum term for an installment loan be no more than 12 months.
- The number of online lenders who offer installment loans has grown in recent years, making it increasingly easy for borrowers to apply for these loans from the comfort of their homes.
- According to the Consumer Financial Protection Bureau’s 2020 report on consumer credit, Oklahoma borrowers took out over $2 billion in non-bank installment loans in 2017, a 53% increase since 2012.
Apply Now
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