Getting a quick loan is now no problem. We can do it at a bank or non-banking institution, as well as via the internet. Then, when we decide on an installment loan, we get a repayment schedule. What exactly is such a document?
If we want to borrow a larger sum, the installment loan is the best solution. It is thanks to her that we can finance various types of shopping – renovation, holidays, purchase of household appliances, layettes for a child’s school, to mention only some. The repayment of the loan is then made in installments – this makes it easier to hand over the entire sum of the capital together with additional costs, i.e. interest and commission, which are also included in the installments.
What is the loan repayment schedule?
Along with the loan agreement, we also receive other documents, including regulations and a table of fees. Most often, the contract includes a repayment schedule. It is usually in the form of a table in which information about the days to which we have to pay individual installments is placed.
The loan repayment schedule is very convenient for the borrower, because he can easily check which day he needs to pay for installments. The schedule also includes changes, for example when the installment payment date falls on a holiday, then it is postponed.
The information contained in the loan repayment schedules will help us pay our debts on time. We can then rewrite dates to your calendar or notebook to know when we need to pay off the installment so that the repayment period can be exceeded.
Can you set a repayment schedule yourself?
In the case of some banks and non-bank institutions, this is possible, but we must remember that the institution will not always agree. Here, everything depends on the lender.
Most often, the date of payment of the installment is the day on which we received the loan. For example, when we got a loan on the 15th of the month, then the installment will also be repaid on every 15th day of the month.
In the case of some institutions, it is possible to determine the date of payment of the installment itself, for example we can indicate that we would like to pay not the 15th day of the month, but the 3rd day of each month. Then the sum of the loan is converted into installments.
Moments and repayment schedule
In the case of loans such as payday loans, the loan repayment schedule is usually not applied. This is due to the fact that a payday loan is a one-off loan – in one installment. Therefore, in the contract document, we find only an indication of when the repayment period ends, without setting additional days to repay the installments.
In summary, the loan repayment schedule is a very helpful document, thanks to which we will be able to easily pay off our installment loan. Let us remember about dates included in it, because if we exceed the repayment date, we may expose ourselves to problems – interest on debts, penalties, and paid debits are just some of them.