Need quick cash to pay your bills? Want to fund your next trip and pay in installments? Well, an installment loan can come handy.
Before you consider using this lending option, here are 7 things you need to know.
- An installment loan is not same as a cash advance loan. The latter must be repaid within four weeks on your next payday, while an installment loan can be repaid in installments. Usually, installment loans are offered with a term between six and eighteen months, and it is possible to extend the same as required.
- The requirements for application are pretty simple. You must be a resident of the United States, should be of 18 years or more, and must have a stable job. Not to forget, you must also have an active bank account to get the amount. With installment loans, you can get up to $3000, depending on the state (payday loans don’t exceed $1000).
- As mentioned, installment loans are more flexible, and you can repay according to the terms, which can reduce financial stress considerably. Also, there are no prepayment penalties with these loans.
- Getting an approval is also easy. There are websites that have partnered with lenders to help applicants. Just fill the form and submit the relevant details, and your application will be sent to partner lenders for immediate approval. In most cases, approval is assured in a day, and funds are usually transferred on the next business day.
- You don’t need any collateral security to get an installment loan. It is secured against your income, just like payday loans. However, the amount that can be approved depends largely on your salary/professional income.
- Credit score is not a matter of concern for installment loan applicants. As long as you have a job with steady income, your application stands a chance. However, always repay your loans in time, because defaults can affect your rating.
- Finally, please read the terms and conditions of lending. Short-term and installment loans are easy to get but must be taken seriously as far as repayment is concerned. The interest rates are high, and for defaults, you may end up paying more in interest and charges.
Check online to find portals for installment loanapplication and fill the form now. Your details are always secured and will not be shared with third-parties, regardless of whether the loan is approved or not.