Installment Loans: Best Buy Now Pay Later Apps in the Philippines

Last Updated – Aug 15, 2023 @ 10:45 am

For decades, there was only one real “cashless” way of paying for stuff. And that was through credit cards. 

Nowadays, not only are there multiple digital payment options and mobile wallets accessible to every Pinoy, but there are also several ways now to pay via credit without the need for a credit card. 

What is Buy Now Pay Later?

It’s essentially a line of credit that you can borrow and access anytime when purchasing products online or in-store, with a preset maximum amount. You make regular or installment payments made up of both principal and interest to pay off the loan.

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How Installment Loans Work?

It works exactly how it sounds — once approved for an account — you’ll be provided with an initial credit balance which you can use for all sorts of purchases and payments.

And just like a credit card, you can use it to pay in installments!

Pretty useful, especially if you’ve been having a hard time getting approved for one.

With this option, you get to enjoy its core benefits without having to apply for a traditional card.

Also Useful: Best Reloadable Prepaid Cards (Visa/Mastercard) in the Philippines

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Pros & Cons of Buy Now, Pay Later Solutions in the Philippines

Buy now, pay later schemes enable buyers to make purchases without having to pay the item or service outright.

They are offered the option to pay it later or in installments over a given period of time for a certain interest. In a way, it’s like having a credit card in terms of utility and convenience. 

But just like a credit card, due discipline is necessary when leveraging such payment schemes. If you miss a payment, you’ll incur fees and penalties that can easily snowball into larger amounts if left unpaid.

Let’s take a closer look at the advantages and disadvantages of using BNPL services so we can avoid such traps while maximizing its utility. 

Pros

• Purchase items or services without spending cash outright
• Ability to pay in installments
• Easier to apply for and get approved compared to credit cards
• Well-integrated in merchant check-outs

Cons

• Fees and interest will be applied when you miss a payment
• Some work as deferred interest, meaning if you default on the loan, you’ll have to pay all accumulated interest
• May lead to impulse purchases

Used wisely, BNPL services offer a legit solution during times when you need to make a purchase but don’t have the money for it. The installment option lets you take home the item now and pay in specific amounts (making it easier to pay for). Just make sure to be diligent in making the payments to avoid fees and late charges.

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18 Best Installment Loan & “Buy Now, Pay Later” Apps in the Philippines

In this article, we’ll take a look at these options and explain how they work — and show you our top picks for the best online credit line for shopping — credit card not required.

Below are some of the top online loans with monthly payments in the Philippines:

1. Home Credit

Servicing more than 7,000 shops and partnering with more than 2,000 retailers in the country, Home Credit has made purchases through installments an option for consumers who don’t have a credit card.

Home Credit Philippines is under the Home Credit Group, a global consumer finance company with a presence in 13 countries across the world.

How to apply for Home Credit

To sign up, simply visit one of their partner stores where you plan to make a purchase then complete Home Credit’s application form (requires 2 valid IDs – one should be government-issued).

Requirements for Home Credit: 

• Filipino citizens aged 18-68
• Employed (at least 3 months) or Self-employed

Steps for Home Credit Application:

1. Prepare 2 valid IDs
2. Visit any partner store and choose the goods you want to buy.
3. Their sales agent will assist you with the application process. 
4. Once approved, pay for the down payment. The remaining balance will be split into monthly installments.

Credit Limit: 

Home Credit currently offers several types of loan options on their website with varying maximum loan amounts. Here’s a breakdown of some of their main offerings:

• Home Credit Hulog-Gaan lets you use up to Php20,000 credit for your grocery purchases
• Hulugang 0% Interest offers a max loanable amount of Php50,000 for electronic gadgets and up to Php100,000 for home appliances and furniture
• Easy Plan and Free Installment lets you pay for your purchases in installments (not an actual credit program but lets you pay for purchases in installments)

Items that you can purchase with Home Credit:

• Gadgets (such as mobile phones, tablets, and laptops)
• Home Appliances
• Electronics (such as TVs, HIFI, and Cameras)
• Furniture
• Musical instruments

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2. GCredit

GCredit lets you borrow up to Php30,000 credit line of GCash. It allows you to make purchases using your GCash even with zero balance.

This could be handy if you’re out of cash or GCash balance but need to pay bills or make a purchase.

This is only available to GCash users who are fully-verified and have high GScores (can be done through regular use of the app and its various offerings).

The interest rate is capped at 3% and is prorated, which results in lower interest fees if you’re able to pay early.

Requirements for GCredit:

• Must be a fully-verified GCash user with high GScores. Your GScore reflects your overall trust score from using GCash. 

How to apply for GCredit

1. To apply for GCredit, open the GCash app.
2. Click on the Manage Credit icon.
3. Make sure that your Verification Details are accurate.
4. Enter the necessary personal details and other info.
5. You will receive a notification when your GCredit application has been approved.
6. Once your application has been approved, you will now be able to use GCredit as a funding source when you pay with QR or pay your bills.

Items that you can purchase with GCredit:

• Any items that can be purchasable with GCash (using the QR code or online)
• Bill payments and similar transactions

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3. Tonik’s Shop Installment Loan

Want to make a big purchase but don’t have the money yet? Tonik’s Shop Installment Loan can help you get up to P100,000. 

This loan doesn’t require any credit card or downpayment, which makes it a top choice for people who want ease. 

It also has a low interest rate of 7%. When you present the official receipt of your purchase, this can go down to 4.25%. 

How to apply for Tonik Shop Installment Loan:

1. Download the Tonik App and sign up for an account.
2. On the Tonik App dashboard, select Loans, then click Shop Installment Loan. 
3. Select the product category you are interested to buy
4. Input the amount you need
5. Provide additional information 

Requirements for Tonik Shop Installment Loan:

• Filipino citizens residing in the Philippines
• Must be 23 to 58 years old
• Must be presently employed
• Valid TIN
• Valid ID (Philippine Passport, Philippine Driver’s License, Unified Multi-Purpose ID (UMID), Social Security System (SSS) ID, Professional Regulation Commission Identification Card (PRC ID), Card type Postal ID)

Items you can purchase with Tonik Shop Installment Loan: 

• TV
• Air conditioner
• Refrigerator
• Laptop
• Mobile Phone
• Oven
• Washing machine

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4. TendoPay

TendoPay offers up to Php6,000 credit limit for non-credit cardholders and up to a maximum of Php12,000 for those who do have an existing credit card. 

With your TendoPay credit, you can purchase items from popular merchants like Lazada and split your payments in installments from 2 to 24 months.

How to apply for TendoPay

1. Visit the Registration page on the TendoPay website.
2. Complete all the required fields.
3. Submit and wait for approval via text or email (you’ll receive it within 24 hours)
4. Once approved, you can make purchases in merchants like Lazada, 7-11, Zalora, etc., via TendoPay vouchers which you purchase using your TendoPay credits.
5. For purchasing from their other partner merchants, simply select the “Pay with TendoPay” option upon checkout.

Requirements for TendoPay:

• Be at least 18 years old and possess one of our accepted government-issued IDs.
• Have a valid e-mail address.
• Have a valid Philippines mobile number.
• Selfie with a government-issued ID
• Proof of income 
• Bank statements for self-employed
• Payslip for Employees

Items that you can purchase with TendoPay:

• Any items that can be purchasable with TendoPay through partner merchants:
  • Lazada
  • 7-11
  • Kimstore
  • Zalora
  • Must Buy PH 

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5. Cashalo PayLater

Cashalo offers up to Php2,000 credit limit which you can use for various purchases.

PayLater credit can be used to buy vouchers from their E-Store in the app, or offline with our partner merchants.

How to apply for Cashalo PayLater

1. Download and install the Cashalo app (Appstore and Google Play Store)
2. Sign up using your mobile number and complete all the required details.
3. Click apply and wait for the approval.

Requirements for Cashalo Paylater:

• Cashalo is available to all Filipinos 21+ who are employed or with a steady income.
• Valid govt. issued ID
• Proof of billing/address 
• Work information (valid work ID and recent payslip) 
• Nominated bank account details

Items that you can purchase with Cashalo Paylater:

• Any items that can be purchasable using Cashalo Paylater credit via partner merchants
  • Gadgets
  • Clothes
  • Appliances
  • Etc.,

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6. Billease.PH

Billease offers up to Php40,000 instant credit for various online purchases. They also offer a personal loan payable within 30 days or up to 12 months.

Aside from purchases, you can also use your Billease credits to pay bills and buy load through the app. 

Requirements for Billease:

• At least 18 years old with a stable source of income
• Latest proof of income
• Proof of billing
• 1 Valid government ID

How to apply for Billease.PH

1. Complete their online application form. Processing takes 1 business day.
2. You will receive an email confirming the approval (or rejection) of your application. 

Items that you can purchase with Billease:

• Any items that can be purchasable using Billease credit via partner merchants like Lazada
  • Gadgets
  • Clothes
  • Appliances
  • Etc.,

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7. Akulaku

Akulaku is a consumer finance platform based in Jakarta, Indonesia. Like others in this list, they offer cash loans and the ability to pay for your purchases in installments.

Requirements for Akulaku:

• A copy of your signature
• A photo of your SSS/UMID ID
• A selfie with your submitted government ID
• A copy of your most recent payslip

How to apply for Akulaku:

1. Download the Akulaku app on your phone (Android and iOS)
2. Create an account by filling out the registration form with all the required details.
3. Apply for a Credit Limit by clicking the “Credits” button within the app.
4. Click apply now then complete the necessary fields and upload the required documents (see requirements section above)

Once approved, you can various Akulaku services within the app such as:

• Shop on Installment 
• Cash Loan
• Buy Load on Installment
• Buy Game Credit on Installment
• and more

Items that you can purchase with Akulaku:

• Items offered by partner merchants (clothes, gadgets, appliances, etc.,)
• Cash loan
• Load
• Game credit

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8. UnaPay

UnaPay offers up to Php30,000 worth of credit which you can use for shopping at Lazada and other partner merchants.

They have multiple online and OTC channels for repayment so you can make repayments conveniently.

Requirements for UnaPay:

• Be at least 18 yrs old Filipino citizen
• Valid email address and mobile number
• Valid Government ID
• Proof of Income
• Proof of Billing

How to apply for UnaPay:

1. Visit the UnaPay website.
2. Choose your loanable amount and terms then click “Request Money”.
3. Complete all the required fields.
4. Submit all required documents.
5. Wait for confirmation through email.

Once approved, UnaPay will top up your Lazada wallet which you can use for various purchases within Lazada. 

Items that you can purchase with UnaPay:

• Items offered by Lazada (clothes, gadgets, appliances, etc.,)
• Items offered by other partner merchants

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9. Flexi.com.ph

Flexi offers installment options for your purchases with their partner merchants. Called “Sales Finance”, you can pay in installments without the need for a credit card.

They also offer online cash loans but it’s only currently available by SMS invitation to selected and current Flexi Finance customers. Flexi is based in Cebu City.

Requirements for Flexi:

• 2 Valid IDs (SSS, TIN, Driver’s License, Passport, Voter’s ID)
• Filipino Citizenship, at least 18 years old
• 3 Months of Employment

How to apply for Flexi:

1. Visit any Flexi partner merchant (see their list here) and make a purchase. A Flexi representative will assist you with the credit application.
2. You will receive confirmation if you’re approved within 30 minutes. 
3. If approved for installment, you can then make the down payment and take home the item.

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10. Plentina

Plentina’s strength is its tight integration with partners Smart and 7-11. Through 7-11’s CLIQQ app, users can make cashless purchases in the store using credits from Plentina. Same with buying load and other items for Smart and PLDT users. 

Requirements for Plentina

• Mobile phone number
• Personal information
• 1 Gov’t-issued ID

How to apply for Plentina

Download and install the Plentina app to get started. A short application process will be held to get your personal info and provide you with a credit score.

Once approved, you’ll be qualified for credit which you can use with Plentina partner merchants.

Items that you can purchase with Plentina:

• 7-11 in-store items
• Smart and PLDT (load, bills, etc.,)

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11. Grab PayLater

PayLater is Grab’s own version of the BNPL scheme that features tight integration with their other services.

With Grab PayLater, you can get access to a set amount of credits that you can use to pay for services like Grab Mart, Car, Taxi, Express, and Food.

For convenience, all expenses will be consolidated into one monthly bill which you can pay for using Grab PayLater. A processing fee of 3.99% will be charged per transaction.

Requirements for Grab PayLater

Grab PayLater is available within the official smartphone app. Note that PayLater access will be based on your user profile and Grab services activity. Factors such as how long you’ve been a Grab user, how much you’ve used Grab and your GrabRewards tier are considered for PayLater eligibility.

How to apply for Grab PayLater

You’d be given the option to use PayLater if you meet the criteria mentioned in the previous section. 

Items you can purchase with Grab PayLater

• Grab Taxi
• Grab Mart
• Grab Car
• Grab Express
• Grab Food

Related: GrabPay Card – and other virtual pay cards in the Philippines

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12. Lazada Loan

Lazada Loan is a service that allows you to purchase items in Lazada via credit through a loan with one of its partner creditors.

Their accredited partners include TendoPay, BillEase, UnaPay, Paylater, Cashalo, JuanHand, and InvestEd. The loan will be credited to your Lazada wallet.

Requirements for Lazada Loan

It will vary depending on the partner creditor you’ll receive the loan from. The most common requirements are:

• Government-issued ID
• Proof of billing
• Latest payslip

How to apply for Lazada Loan

You can apply either via the official Lazada app or website. On the official app, click the wallet icon in the top right corner. Select “Loans”.

You now have the option to choose which among Lazada partner vendors you want to get a loan from (see list of partners above).

Once approved, your requested loan amount will be credited to your Lazada wallet.

Items you can purchase with Lazada Loan

Basically, everything that is available in Lazada. 

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13. Shopee SPayLater

This is a feature within Shopee’s official app that lets users have the option to buy an item and pay for it later. It also allows for installment payment options on such purchases.

Currently, only select Shopee customers can opt to use the SPayLater feature. 

Requirements for Shopee SPayLater

Users must have the latest version of the Shopee app installed. A valid gov’t-issued ID is needed and you must include your latest ID photo with complete personal information during registration for SPayLater.

How to apply for SPayLater

1. Open the Shopee app and click the SpayLater option under the “Me” tab. 

2. Click “Activate Now”.

3. Enter the OTP code sent to you via SMS

4. Upload a valid government-issued ID.

5. Complete the registration form by providing all required information.

6. Before hitting Next, make sure to read the Terms and Conditions.

7. Undergo the facial verification process.

8. Shopee will process the application. You will receive a notification if your SPayLater application has been approved.

Items you can purchase with Shopee SPayLater

All items and products that you can purchase within Shopee.

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14. Pera247

This service allows users to borrow cash to fund their various monetary needs. Initial loan amounts start at Php1000 to Php3000 for new users while more established members can qualify for installment loans of up to Php30,000.

They also offer an eShopping loan option which is a credit of up to Php50,000 for exclusive use on Lazada.

Requirements for Pera247

To apply for Pera247, you simply need to submit a valid gov’t-issued ID with a selfie photo during the registration.

How to apply for Pera247

Install the Pera247 official app on your smartphone. Provide all required information during the registration and upload a valid gov’t ID along with your latest selfie photo.

Once an application is approved, you can get your cash from their partner disbursement establishments.

Items you can purchase with Pera247

The loan will be provided in cash so you can technically purchase anything with it.

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15. CLiQQ Loans

CliQQ Loans is a feature within CLiQQ that allows users to loan specific amounts which they can use to fund their CLiQQ wallets.

The loans will be provided by third-party merchants (TendoPay, lendpinoy, venio, and Plentina) that CLiQQ has partnered with. 

Requirements for CliQQ Loans

• 1 Valid Government Issued ID – (Passport, Driver’s License, Company ID, TIN, SSS, Postal ID, Voter’s ID, PRC, NBI Clearance, National ID)
• Personal Details – (Legal Name, Present & Permanent Address, Source of Income & Nature of Work)

How to apply for CliQQ Loans

1. Visit the Cliqq website and click “Loans” on the upper right menu. On the CliQQ Loans page, select your preferred lender. 
2. Complete all the required fields on the application page and click Submit.
3. If approved, you’ll receive a text or email that contains a code for the loan amount you requested for. 
4. Redeem the code in your CliQQ wallet. The amount will be reflected in real-time.

Items you can purchase with CliQQ Loans

Use it to purchase items at 7-11 stores or at CliQQgrocery.com

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16. GCash GGives

Aside from their GCredit and GLoan, GCash has launched a new loan product that aims to help pay for purchases through a simple installment system. 

GGives allows users to purchase the items and services from GGives partner merchants and pay it via a flexible installment plan. 

How to apply for GCash GGives:

There are two ways you can apply for GCash GGives:

1. Thru the GCash app (see steps below)
2. By dialing *143# (USSD) for Globe/TM subscribers and following the prompts

Steps for GCash GGives application:

1. Visit the Playstore/App Store and search for the GCash App.
2. Download and install GCash.
3. Open the GCash app and key in your current mobile number, then hit Next.
4. Enter the 6-digit Authentication Code that you will receive on your phone, then hit Submit.
5. Complete all required fields on the succeeding page then click Next.
6. Review all fields to make sure there are no errors then hit Next.
7. You’ll be asked to provide your preferred MPIN. Once done, hit Submit.
8. The confirmation pop-up screen will be displayed. Tap Proceed to Login
9. On your first login attempt, enter the 6-digit Authentication Code sent to your registered mobile number for device authentication.
10. You may need to authenticate your device again after 90 days. When that happens, enter the new code on the app for re-authentication.

Requirements for GCash GGives:

• Must be 21 to 65 years old
• Must be a Filipino national
• Your GCash profile needs to be fully verified via the GCash app

Credit Limit:

• Applicable for items priced from Php1,000 to Php30,000
• Installment terms of 3, 6, and 12

Items you can buy with GCash GGives

• Convenience store items
• Food
• Pharmacies
• Retail
• Services
• Supermarket
• Transportation

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17. Security Bank’s Pay Later Mastercard

Short on cash while waiting for your next paycheck? With the Security Bank Pay Later Mastercard, this won’t be a problem. 

This card allows you to pay on an easy monthly installment basis. Therefore, you can have the flexibility to enjoy purchases immediately at zero interest.

You just need to consolidate your payments to a later date. This card is accepted by merchants such as Aerophone, CYA, Mandaue Foam, and many more. 

How to apply:

Fill up this form.

How to use this card:

1. Head over to your favorite merchant that accepts Pay Later.  

2. Choose your tenor (up to 3, 6, or 12 months subject to merchant’s approval).

3. Purchase your desired item. A P3,000 minimum spend is required unless otherwise stated by the partner merchant. There is no maximum limit as long as your credit limit allows the purchase. 

4. The first monthly bill will be reflected on the next cut-off date after the transaction is posted.

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18. Atome

Launched in December of 2019, Atome (pronounced as “A-To-Me”) stands for “Available to Me”. This company is a leading Buy Now Pay Later brand in Asia. They have partnered with over 5,000 leading online and offline fashion, beauty, lifestyle, fitness, and homeware retailers.

Atome is a member of the Advance Intelligence Group, a Series-D AI-driven technology company located in Singapore. They operate across South and Southeast Asia, Latin America, and Greater China.

Atome offers up to Php15,000 credit limit for non-credit card holders and up to Php30,000 for those who currently have a credit card.

How to apply for Atome:

1. Download and install the Atome app (Google Play Store and/or Apple App Store)
2. Upon opening the app you will be asked to input your mobile number.
3. Once inside you may then set up your payment method and also verify your account. 
4. Await Verification Approval (Up to 2 days).

Requirements for Atome:

• At least 18 years old
• Have a valid I.D. / Government issued I.D.
• Valid e-mail address
• A debit or credit card issued by a financial institution
• Downloaded the app and successfully verified

Items you can purchase using Atome:

• Fashion
• Lifestyle
• Fitness
• Homeware
• Beauty
• Any Items that can be purchased with Atome via partner merchants:
  • Charles & Keith
  • The SM Store (Only In-Store)
  • Rustan’s
  • Zalora

Related: Best Gadget Loans in the Philippines

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How to shop in installments without a credit card in the Philippines

Here’s the quick answer: Use the services we mentioned above!

A credit card can be a great tool for managing your purchases (the installment option is very useful), but let’s face it, it can be a pain to get one. 

The good news is that the services we mentioned above offer the core benefits of having a credit card (credit line and installment options) and you can use it at both online shopping sites and physical retailers. 

Each service we mentioned above caters to a particular need, and it’s just up to you to decide which one will work best in your situation.

For example, Home Credit and Flexi are great options for in-store purchases (physical retailers) since they usually have representatives there who offer assistance if you want to pay in installments. 

GCredit is useful if you use GCash often and need a quick source of credits for paying bills or making purchases.

Tendo Pay and Cashalo are perfect for smaller purchases in Lazada and other merchants (quick application and approval process).

For a bigger credit line, Billease and UnaPay are your best bet. 

And with the broad range of goods and services now available at various online platforms, you now have access to thousands of products and the ability to pay for them in installments without the need for a credit card. 

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How to pay “Buy Now, Pay Later” installment loans in the Philippines

Now that you know how Buy Now Pay Later schemes work, the next obvious question will be, “How do I pay my loan back?”

In general, paying your BPNL loan is easy as it can be done through popular repayment methods such as GCash, Bayad Center, 7-11, PayMaya, bank transfer, and others. 

Just note that each lender will have a specific list of repayment channels that works with their service. As a tip, check this info prior to taking a loan so you can make sure that the repayment channels will be of your preferred choice.

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Installment Loan FAQs

Still got questions about installment loans? We’ll answer them below.

What are the requirements for applying for an installment loan?

First, you have to be at least 18 or 23 years old to apply. You also need to be employed or self-employed.

Documents like a valid ID, proof of billing/address, work information, and TIN also need to be presented.

What is the interest rate for an installment and buy now, pay later loans in the Philippines?

There are BNPL services that offer 0% interest like Atome and Security Bank Pay Later Mastercard.

However, some BNPL services start at 3% to 7%. There are also platforms that determine the interest rate based on your risk.

What is the repayment period for an installment loan?

This can range from 30 days to 12 months or more, depending on the platform/service of your choice.

Can I pay off my loan early? What happens if I miss a payment on an installment loan?

Usually, there are prepayment penalties that lenders charge to those who want to pay their loans early. If you miss a payment on your loan, you also need to settle late fees. Your credit score may also decrease.

What is the approval process for an installment loan?

Applying for an installment is usually quick and simple. You just need to confirm your identity and enter your personal data. This process usually takes no more than 5 minutes.

After inputting your desired loan amount and terms, the actual approval process may take 10 minutes to a few hours.

If your application is approved, you can expect payment in your bank account or debit card within 24 to 48 hours.

What should I consider before taking out an installment loan?

There are a few things to keep in mind when taking out an installment loan.

First, you need to make sure that you can afford to take out the installment loan in addition to your other expenses. Next, do you prefer a longer loan tenure or a shorter one?

As much as you can, avoid taking out loans that charge an extremely high interest rate. Even if you think you can afford it, you can still get trapped in debt since it will be harder to pay off in the long run.