Accidents are a fact a life. Unfortunately, the timing of these incidents isn’t always ideal. Unexpected medical bills, car repairs, or other costs could you leave in a financial bind. When life throws you a curveball, an installment loan can provide the funds to cover expenses and get back on your feet.
Installment loans allow borrowers several significant benefits over other loan options, including:
Installment loans are one of the easiest loans to get. Borrowers with less than perfect credit or little collateral are still eligible and often approved for installment loans. Also, these loans do not require extensive paperwork. Better yet, once the loan application is reviewed and approved, funds are transferred and available within 24 to 48 hours.
Unexpected costs can put tremendous strain on your paycheck. If you don’t have a significant amount of money saved up, you mind find yourself struggling to meet living expenses while shouldering the burden of additional bills.
With an installment loan, you have the option to choose your repayment plan. Making weekly, biweekly, or monthly payments are all options and can be scheduled around your ability to make payments. Installment loans can also be refinanced, allowing you to reduce the principal amount with extended maturity.
Interest rates, payment amounts, and due dates do not change with an installment loan. You will know exactly how much you have to pay, when it is due, and for how long you will need to make payments. This will drastically improve peace of mind while budgeting
Overall, the speed and predictability of installment loans, along with longer terms and fixed interest rates, make these loans ideal options for individuals who need money quickly, but prefer to pay back the loan in increments.
Time Is on Your Side
Installment loans provide coverage beyond medical bills or emergency expenses. If you are going back to school, planning a wedding, or getting ready to book a vacation, an installment loan can give you the financial means to do so without the immediate pressure of repayment. The uses for installment loans are virtually endless and the benefits can be significant.
Compared to a payday loan, installment loans are available in larger amounts and allow for more specific budgeting and preparation for paying them off. Coupled with the ease of applying and receiving loaned funds, installment loans may be just the borrowing option you’re looking for.