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Easy Approval Installment Loans for Bad Credit Are a Solid Solution for Financial Emergencies
Viewed by many as being more favorable than payday loans, installment loans are highly useful for taking care one-off expenses. Moreover, the application process for these loans is fast. In this article, you'll learn the terms, uses, and benefits of installment loans.
What exactly are installment loans?
Technically, an installment loan refers to a loan in which the borrower receives a fixed amount which they pay back in regular payments that include fees and interest. These payments are typically made monthly, but there are cases where you can pay weekly or bi-weekly. So car loans, student loans, and personal loans are all technically installment loans.
However, when lenders refer to installment loans, they're usually referring to short-term loans that are similar to payday loans.
Compared to payday loans, the amounts borrowers receive for installment loans are much larger and the repayment periods are longer. Since you can receive installment loans even with bad credit, the interest rates are higher than those of personal loans from traditional lenders such as banks.
Common uses for installment loans
There is generally no restriction what you can use an installment loan for, provided it's legitimate. Many borrowers tend to use them for emergencies such as:
- Overdue utility bills. With these loans, you can avoid having your phone line, water, or power cut off due to late payments.
- Unplanned repairs. If you need to make emergency repairs to your car or home, installment loans can help you secure the funds you need even if you have poor credit.
- Medical expenses. Insurance doesn't always cover all your emergency medical expenses. An installment loan can help you set off the extra medical bills.
- Improving your credit. Some people use installment loans to build their credit by taking installment loans and paying them on time.
Benefits of installment loans
Various aspects of installment loans make them more advantageous than payday loans and other options. The benefits of these loans include:
- Convenience. Many established lenders of installment loans offer their services online, which makes application convenient as you can do it from any computer or mobile device. You can even access these loans through apps on your iOS or Android device.
- Quick processing. Your application for an installment loan can be processed in a matter of minutes, and you can have the money in your account in less than 24 hours if you meet the requirements.
- Flexible criteria for eligibility. The requirements for installment loans are not as strict as those of loans from traditional lenders. Even with a bad credit score, you can still secure an installment loan. As long as you can demonstrate your ability to repay the loan, usually by showing that you have a reliable income, your application will be approved.
- Variable rates. The fee and interest rate for the installment loan that you receive depends on a variety of factors include the lender, the loan amount, and where you live among other things.
- Terms and loan amount. State laws typically determine the maximum amount you can receive and the terms of the loan because state authorities are responsible for regulating these lenders. Needless to say, the terms and maximum amounts also vary from one lender to another, even with the same state.
Before choosing a lender from whom to secure an installment loan, it is imperative that you carry out research on a variety of prospective. Compare the rates to determine the suitable lender for and read online reviews from previous and current customers to get a sense of the quality of the services available. Match the amount and terms of the loans to your needs.