Different Kinds of Installment LoansPosted by: Damon Webster | Posted on: June 12, 2021
Installment loans are the order of the day in today’s society. They are used to buy items that take longer to store and which may not be available in retrospect. With such loans one can borrow money for a specific purpose and repay it piece by piece with interest as payment for the service.
Because so many things require money and credit, different types of credit have evolved. To illustrate some of the purposes and types of installment loans, here are some brief stories. You can also calculate and compare loan or credit rate with online loan rate comparison tool by clicking at:
Michael works in a chemical factory. Since you are working with explosive gases and corrosive liquids at work, he is always attentive and aware of his surroundings. However, there were things he couldn’t control. One night, during an overtime shift, Michael works near one of the natural gas storage facilities. Without realizing it, yesterday’s earthquake moved the tank enough to cause a leak in the pipe connection.
The same earthquake diverted several electrical connections and knocked out one of the lights. When Michael realized that something was wrong, he was too late. The exploding gas explosion repelled it and landed badly. He was hospitalized with fractures to avoid burns. Due to lack of funds, he decided to take out a loan to cover his hospital bills. Loans are useful in an emergency that requires a quick injection of cash.