If you are in an unexpected financial mess and don’t want to opt for a traditional bank loan, an installment loan can be handy. Also known by many as a personal loan, installment loan is the simplest form of medium-term advance. There are online matching services, such as Slick Cash Loan, where you fill up a form, and they will send your application to lenders. Sometimes, the approval can be done in a day, and you can borrow as much as $3,000. As the name suggests, installment loans are repaid in installments and have a fixed interest rate, typically with a term of 24 months. Here’s more on the requirements, benefits, and other aspects.
The requirements
Unlike a bank loan, installment loans are approved instantly, as long as you fulfill the requirements. The basics are rather simple – The applicant needs to be 18 years of age or above, must be a USA resident, should have valid contact details, and must be employed. It is also important to have an active bank account, where the money will be sent. It should be noted that installment loans can be either secured or unsecured. In case of unsecured loans, the income of the applicant is considered as a warranty that the payments will be received on time, while for secured loans, the lender may ask for a tangible item that will work as security.
Benefits of installment loans
First and foremost, installment loans can be availed for almost any reason, and you can repay back in easy installments. In many ways, this is a better option than a standard payday loan, because the loan pressure isn’t on the next paycheck. Also, installment loans easy to get, and while some lenders who want to know your credit score, it is not always a must. If you repay the loan as per schedule, it will also help your credit score. In the rare instance, when the loan is not repaid, you can also ask for an extension or renewal. That may come for a cost for sure, but that is an advantage in many ways.
If you want to apply for an installment loan, always check the terms and conditions in detail, and make sure that you are capable of repaying the loan in time. Use the choice of personal installment easily to sort your financial issues, and you don’t have to bother fishy lenders anymore.