When an unexpected bill pops up and money is tight, it can be a stressful situation to say the least. If a bank loan is not an option, then a short-term installment loan can be a quick and reliable way to handle the financial issue.
If you’re not certain about repaying the entire loan in one lump sum, then an installment loan could be the best fit for this situation. It will allow more time to repay the loan with only a small increase in cost to do so.
This is a type of loan where you can receive the money quickly and then are allowed to pay it back in smaller payments, called installments. The installments are set up to occur around the same timeframe and reoccur until the loan is paid in full.
There are several reasons why people prefer installment loans over other kinds of loans, including; repayment duration, higher borrowing limit, and an easy application process.
Applying for an installment loan can be done online or in-person at a store location. An online application can be submitted at any time of day through the company website. Storefront applications can be submitted quickly and easily at the company location during normal business hours. Most lenders will process an application within a few minutes.
Same-day cash is available online or in-store with many lenders. Once you are approved at a store, you’ll receive your cash right then. With an online application, the money transfers to your bank the same day or next business day.
One of the biggest benefits of installment loans is that it allows longer repayment terms for borrowers. Rather than paying a large sum of money at once, you can repay the loan with lower payments at a fixed interest rate over a specified period of time.
Even if you don’t have great credit, you can become eligible for an installment loan. Rather than a standard credit check, applicants provide bank statements, payslips, or proof of income to the lender to become eligible.
Regardless if you only need a few hundred or a thousand dollars, the installment loan does provide access to larger loan amounts. This is because you are not expected to pay the entire amount in one or two payments.
The loan term allows more time to repay the loan, so the amount can usually be a little larger than other types of short-term loans. This makes it important to figure out how much you actually need before you apply for a short-term loan.
Finding yourself in dire need of quick cash is a stressful predicament. If you can handle the situation quickly and easily without adding really large debt obligations, then this might be a good fit for your situation.
Installment loans are quick, easy, and very popular these days. Just make sure you understand the loan terms and costs before applying for a loan with any lender. Applying with a state-licensed lender is the safest way to borrow using a vetted and qualified company.