What is an installment loan?
An installment loan is our best product and most desired loan offering.
It is a cash loan that offers a fixed number of regular payments which are equal in amount. This is good because it can help you prepare your budget.
Payments on an installment loan are calculated over a preestablished period of months. A home mortgage or a car payment are types of installment loans.
Installment loan vs. Traditional loan
Todays lending market offers simple solutions for most Americans to secure the financial assistance they need. In situations where paying off a loan in one lump sum is not an option, this loan is often the rightful candidate to fix the problem at hand.
In these cases, consumers have the option to take out an installment loan with a fixed interest rate and budget regular payments based on the length of the loan agreement.
Who should consider an installment loan?
Anyone who needs quick cash, who is building credit, and can make regular repayments is a candidate for the loan. Your income and credit will ultimately determine if you are a good candidate for type of loan.
What to do with an installment loan?
Customers take out these loans to cover unexpected expenses. Some customers require funds to cover a specific event, planned travel, family vacations, or want to consolidate debt into one payment and pay off credit card balances.
In the end what you do with the funds is totaly up to you. Here are just a few ways you can use the loan:
The typical use for an installment loan is to pay for unexpected expenses or emergencies, like medical and hospital bills.
Installment loans allow you to pay off unsecured, revolving, and high interest debt. For example folding multiple credit cards into one, low interest, loan with a singular recurrent payment.
Student tuition is expensive and requires large lump sums of money. These loans are an option to pay for tuition if they do not have the entire amount available or where student loans are not an option.
The purchase of a car requires a down payment. So does the purchase of a home, a boat, an ATV, and many other large ticket items. Supplement loans can be used to cover the down payment portion of a purchase.
Rather than relying on high interest credit cards or depleting a savings account, many people go the route of installment loans to get the money needed to pay for home repairs and improvements.
Advantages of the installment loan?
Installment loans normally have a simple application process and provide fast approval. You can truly have money in your account in a matter of days after approval.
Unlike brick-and-mortar loans, online loans let you to compare and apply from the privacy and comfort of your home.
Due to many lenders, interest rates are competitive and can be easily compared when shopping for an online loan.
Easier approval process
Consumers need to submit less information for installment loans than for traditional loans. Notice of approval often times only takes a few minutes.
Shopping for an installment loan
Just like everyone financial situation is different, every lender is also different. When shopping for the loan that best suits your needs it is important to compare the interest rates, fees and terms of the loan. Always be on the lookout for prepayment penalties and automatic rollovers. Always read the terms before signing!
A loan could be your ticket towards financial freedom. Take action today to see if an this loan is the right solution for you!