You have several options to take out a loan and only pay back the loan at a later date. However, the repayment period and the cost of your loan will vary depending on the type of loan you choose. However, if you first want to pay off your loan in 6 months, the number of financing options will be very limited.
If you want to borrow money now and only pay in 6 months, choosing a quick loan will not be possible even if you only borrow a small amount. In most cases this can only be done by choosing a purchase on installment. With some loan providers, you may be offered a consumer loan with a repayment period. Here, however, the repayment period will typically be shorter than 6 months.
Depending on which financing option you choose, there will be different conditions for your loan. Although your loan includes a repayment period, in some cases there will be other costs associated with your loan. Below you can see what options you have for getting a loan with a repayment period, as well as where you can get a loan now and pay in 6 months.
Consumption loan for 6 months
If you want to borrow money and only start paying off in 6 months, choosing a consumer loan will not be possible in most cases. Most loan providers offer loans with a maturity of 12 months or longer, where you have to pay off the loan amount during the loan period.
However, with some loan providers you can easily find a loan where you only have to pay off the loan after 2 months. Therefore, it is still possible to find a consumer loan where you do not have to pay off your loan immediately.
Purchase on installment for 6 months
If you can only pay off your loan after 6 months, in most cases buying on installment will be your only option. Here, unlike consumer loans, there are several providers that offer you to pay off your loan only after 6 months. In some cases, you may even be offered a grace period of up to 9 months.
If you choose to pay off installments, be aware that the loan is often more expensive than a regular consumer loan. After the repayment period, you have to pay expensive interest for the rest of the loan term.
Interest-free loans for 6 months
If you want an interest-free loan for 6 months that is not intended for a particular item, it will not be possible in most cases. With an interest-free loan or a free loan, you will often have an interest-free period of 14, 30 or 60 days. An interest-free loan is therefore intended to borrow smaller amounts that you can repay in a short period of time.
With some loan providers, it will be possible to borrow money for 6 months without interest. It is a loan where you can choose to borrow between 2,000 and 40,000 dollar and choose a maturity of 24-72 months. Even if you do not pay interest, you still have to pay off your loan.
The loan may not be cheap
Before choosing to apply for a loan, you should consider whether the loan can actually pay off for you. Although you can wait to pay off the loan, you can risk your loan becoming more expensive the longer you wait to repay the loan.
Therefore, you should investigate the interest and fees on the loan to avoid your loan from being fit for monthly budget. One way you can figure this out is by looking at the loan’s OPOP. A loan’s APR shows you how much you have to pay in costs annually to have the loan.
The size of the APR will therefore also vary depending on the cost of your loan and the length of time you choose to repay the loan. Below you can see an example of how the OPP can vary, even if the loan amount remains the same.