You in need of quick cash? Are you seeking to help with short-term financial needs such as paying utility bills, credit card dues, phone bills, rent or mortgage payments, grocery bills, and medical bills, etc.? Then, installment loans are certainly the perfect solution for you to help you come out of the critical financial situation.
Nowadays, the total procedure of loan taking has become pretty much harder than those earlier days, and one has to go through some formalities to obtain amount from the bank which demands the longer period to get the loan approved; especially it becomes quite hectic if one comes up with less than pleasing credit. An installment loan is the solution of all these. Let us have a look at the eligibility and advantages of this kind of loan schemes over other loans such as payday loans, personal loans, etc.
Eligibility for availing Installment loans:
The applicant must be of 18 years of age or above.
Must have gross income of at least $1,000/month One must be a salaried employee; or there must be any sturdy source of income checking or saving account that has been opened for at least 1 month before is mandatory person must not be in bankruptcy case and be reachable after working hours Applicant must be a resident of the particular state from where applicant is applying for the loan.
Installment loans are currently finest alternative:
Installment loans are considered best for all credit loans and are prevalent today.
It is considered as the best alternative in the situations listed below:
When fiscal emergencies take place Distinctive banks decline one’s loan Credit card liability is augmenting Bad or no credit” like issues Why Installment loans are preferable to payday loans and credit cards:
Extra time is allotted to reimburse the loans characteristically and comparatively lower APR (annual percentage rates) and EAR Fitting refund alternatives Better options for one’s credit rating Advantages:
Quick and simple loan application process is followed; one can fill the application from online and get the approval in few clicks “Bad or No credit” do not hinder the loan approval process Better interest rate and lower fees depending upon your credit Money get automatically deposited into checking or saving account by electronic means Once the application is approved, money get directly deposited into account overnight These are few of the important aspects which one should know before applying for installment loan.
But, remember, since, this is installment loan, applicants are supposed to make installment payments on a regular basis once money gets deposited into the account, and the installment continues till all the balance, associated fees, along with interest rates are not paid.
Yes, no doubt, the applicant will be given an added advantage to plan his/her payment dates to match their job pay schedule. This is why people prefer to choose this kind of loans when they require cash in advance.