Does Financial Freedom Truly Exist?

Financial freedom is something one must work hard for. It doesn’t mean that you will have no worries once you reach it. It means that you manage your finances well and by doing this you don’t have to worry about any unexpected expenses.

Just like a pet, financial freedom must be groomed continuously. You don’t want to lay back and relax once you reach it. You have to sacrifice time and work hard in order to be in that state of financial independence.

After you’ve realized you are safe and sound, by managing your finances accordingly, the one thing that could disturb your financial freedom is a bad credit.

If you, by chance, have a thought of getting a bad credit, the way to get rid of it and get close to being financially free is by applying for a personal installment loan. An installment loan is basically a term loan – you borrow a sum of money and then pay it back to the lender, with interest rate applied, over a determined period of time. As simple as that and it’s an easy way to borrow money.

Installment loans for bad credit are a great way to avoid debt and have yourself a lower interest rate secured. This is applied when comparing installment loans to credit cards. Not to mention the great access to cheap financing installment loans provide.

Both of them, installment loans and credit cards, are forms of credit. The difference is that, in the case of credit cards you are free to use the money that has been extended to you as soon as you pay it back. Therefore, if you meet your minimum payments, you won’t have to fully pay off your credit card. Also, to be taken into account is the fact that credit cards come at a much higher interest rate – and a higher interest rate increases the chances of debt.

So, you can virtually spend any amount of money using your credit card because you don’t have to apply for new finance if you have one. When it comes to installment loans, you borrow a sum of money, you pay it back and it’s all done. You’ll have to apply for a new loan if you are in need of money again.

Having to apply for a new loan will make you think twice before doing it. Do you really need it? Is it really an urgent matter? This adds safety to your finances and helps you reach financial freedom. When you have a credit card, you’ll just be spending money, which is not a good thing.

Installment loans come in the form of secured and unsecured personal installment loans. Of course, we recommend you applying for a secured one, even if you have to provide an asset that you own to secure it. The unsecured loans don’t require you to provide an asset, but they do come with higher interest rates – and a low interest rate is something you are looking for in an installment loan, as it also helps you towards financial freedom.

Therefore, if financial freedom is your goal, you have to work hard and think straight when managing your finances. With advantages like a low interest rate, structure, being customizable, being able to improve your credit score and being quick, choosing a personal installment loan is the safe thing to do.