AZ Installment Loans
At Cash-N-Go in Phoenix and Glendale, we have several payment options to best meet your title loan needs. One popular option is an “installment loan”. An installment loan is a type of loan that is repaid over a period of time with a number of set payments. A common example of an installment loan would be a mortgage. The term of an installment loan can be as short as few months or as long as a few decades, depending on the amount and the agreement. For title loans at Cash-N-Go, the normal term of the loan is two years.
Installment loans are paid off using what is called an amortization schedule. Essentially, this is a fancy term for determining the portion of your payments that goes toward the principal, and which portions go toward interest. Generally speaking, for the first few payments most goes toward the interest, with more of the payment going toward the principal the closer you get to paying off the loan.
If you choose to take out an installment loan, your monthly payments will typically be higher since there is a part that goes toward the principal. On the other hand, a non-amortizing loan will have lower monthly payments, but does not have anything going toward the principal.
At Cash-N-Go, our installment title loans have payments due on the 1st and the 16th of the month. To make it simple, we will mail you a payment coupon that will show you the loan status and the amount due for each payment.
An installment loan from Cash-N-Go is a great choice for individuals who want to have a set date to be done with paying back their title loan. With an installment loan, your payment remains the same month over month through the duration of the payback period. In the event that you can pay extra on an installment loan, you can reduce the term of the loan and pay it back quicker. Learn more about installment title loans by contacting Cash-N-Go today!