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Consumer Loan Payment Schemes Annuity and Differential Payments. Which scheme is more profitable to use, you decide!
Differential payment and its positive and negative sides
The main feature of the differentiated payment is that the end of lending payments are reduced. This is because at first, the borrower pays the bulk of the debt (“loan body”), contributing equal shares according to the terms of the contract. Interest at the initial stage is more than tangible because their accrual occurs on the entire loan. As the “body of the loan” decreases, along with it, interest payments are reduced. So, by the end of the indicated period, the amount of the paid amount becomes less. To make a hand-made calculation of a differentiated payment, you should know:
- Total loan amount;
- Annual interest.
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The amount of the principal payment is calculated by division (the loan amount is divided by the number of the remaining months). Accrued interest can be found by multiplying the loan balance by the annual interest rate, and the resulting value is divided by 12 (number of months in a year). You can find out the loan balance, if you multiply the main payment, by the number of past periods, and the amount that can be withdrawn from the total loan amount. Recall that throughout the entire repayment period, the size of the main payment is unchanged (except for early repayment of the loan, the terms of which are negotiated with the bank).
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Differential payment has its pros and cons. The main positive point is that you can avoid overpayment on the loan. However, a large number of initial contributions can be called negative, so this type of payment is often called a loan for wealthy people, since for some time you need to make significant amounts, and not everyone can do it.
Annuity payment, its pros, and cons
Annuity payment is the most popular and popular type of payment system in banks. This is all because the payment to be made every month remains unchanged throughout the entire loan period, which allows borrowers to fully calculate their budget and this is more convenient and practical. To make an independent calculation of the interest rate on the annuity payment, the credit balance should be multiplied by the annual interest rate and divided by 12 (total number of months in a year).
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The transparency of the figures and the even distribution of payments by months belong to the positive side of this payment. The most important disadvantage of this system is a greater number of payments, since here, first of all, interest is paid off, not consumer credit.
Each of these payments has its advantages and disadvantages, and each has the right to decide how it will be more convenient and easier for him to repay his loan without damaging his financial condition.
Rating of microfinance organizations from clients
The best organizations of the USA, which lend money – without refusal and with a bad credit history.
This list contains all financial institutions that issue loans, microloans, short-term and long-term loans. Payday loans are sorted based on a rating that is formed by users for each company separately. You can vote or rate it by going to the organization page on our website.
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In the table, companies are displayed in order from larger to smaller:
- Advance America
- ACE Cash Express
- Check Cheats