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Get the best cash assistance you need, anytime you need it. Apply now and borrow funds up to £25,000. Even without a credit history or bad credit line, you always have a place here. The process only takes minutes. It is fast, convenient, and secured.

Will My Credit Score Improve if I Pay Off My Loans?

Maintaining a good credit rating is not an easy task. You have to make sure you don’t do anything that will ruin it, such as being late in paying bills, having too many personal loans or defaulting on a debt.

But will paying off your loans increase or improve your credit history?

Every time you take out a loan, your credit score is reduced so multiple debts can really pull your credit score down. Paying off your loans can have a positive impact on your credit score.

Improves your credit score

Every loan you take pulls down your credit rating so when you pay off your loans, your credit score significantly increases. Banks and lenders will look into your credit history when reviewing your loan application for a secured or unsecured loan.

Increases your creditworthiness

Creditworthiness is gauged based on a person’s reliability to return borrowed money. The more creditworthy a borrower is, the more he or she is considered suitable for a loan. Paying off a loan can improve your creditworthiness which means you will become eligible for loans with better interest rates in the future. A good credit score brings plenty of good opportunities which can benefit you financially.

If you have multiple debts and would like to pay them off, a debt consolidation loan is a good option. Online lenders have a variety of loan products including debt consolidation loans which can help you pay off your loans while enjoying lower interest rates.

Where Can I Get an Installment Loan?

There are different types of loans available when you need extra funds. Some loans, however, are accompanied by sky-high interest rates and fees. A good alternative to payday loans and other types of personal loans is an installment loan.

What is an installment loan?

Although the term itself is broad, installment loans are borrowings with a definite number of payments that will be paid over a few months to several years. One common example of an installment loan is a mortgage which is usually repaid in 20 to 30 years. Installment loans are also applied to appliance purchases and used to finance car loans. Singer used the installment loan concept in 1850 to help consumers buy their sewing machines.

Almost all installment loans have fixed interest rates, so the monthly amortization remains the same during the entire loan term. An installment loan may be secured or unsecured. In the case of mortgages, the house that the individual is paying for every month is the collateral. Other installment loans do not require collateral.

An installment loan can be obtained either through a bank, a lender or even a credit card company. The borrower has to apply for the installment loan and if he or she qualifies, the loan provider will discuss the details of the loan, including the terms of the loan and the down payment required. Typically, a lower interest rate can be applied if the borrower gives a higher down payment, or he may enjoy lower monthly payments by choosing longer terms for the installment loan.

Declining a Loan after Accepting It

If you have already accepted a loan offer, and you suddenly don’t need the money anymore, you can still decline the loan under certain circumstances.

If the money has not been transferred to your account yet, reach out to the lender immediately to inform them about your decision to decline the loan.

Loan Agreement: Read the fine print

The lender who grants you a loan will ask you to sign a loan agreement to seal the deal. Before declining an accepted loan, you must read the fine print since the lender may charge certain fees such as origination fees and other charges after having prepared the loan for you. To be sure, reach out to your lender to clarify.

What if the money was already deposited to your account?

If the funds were already transferred to your bank account, you will have no choice but to accept the money. You can opt to pay the loan back, but of course, the interests would have been incorporated in the loan already so you have to pay for it as well.

If you have accepted a loan but wish to decline it after it has been granted, you can always reach out to the bank but you must be prepared to handle cancellation fees and prepayment charges. Instead of returning the loan, use it to settle other debt with higher interest rates such as credit card debt and payday loans. In the end, you should choose the option that helps you save more money and not put you further in debt.