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The sudden need for cash may arise due to unforeseen circumstances. The usual reaction to such emergency need is to borrow money if you do not have enough cash to meet the expenses. When attempts to borrow money from family and friends do not yield encouraging results, people turn to banks for easy help.
Loans from traditional banks may take quite a while to process and may not be suitable for some emergency needs. However, taking installment loans from a lender is a better option than taking the traditional loan. Installment loans make people be able to meet emergency needs and consolidate debts.
Installment loans are loans that are usually repaid monthly for a minimum period of 6 months up to about 36 months. Installment loans may come in the form of mortgages, debt consolidation loans, student loans, or auto loans. Installment loans are usually repaid monthly over a specific period to cover both principal and interest.
To many people, installment loans have more flexible packages that can help meet different borrower's needs.
Installment loan differs from payday loans in that payday loans are required to be paid within a short period like two weeks. Payday installment loans are usually repaid in a single, lump-sum payment as soon as the borrower receives the next paycheck. Installment loans, on the other hand, requires a minimum repayment period of six months.
Due to the length of time required for repayment of payday installment loans, the amount of cash lent out is relatively smaller. Banks lend higher sums to installment loan borrowers and ask to pay a fixed sum of money monthly as repayment for a specific period. Payday loans usually give less than $1,000, while online installment loans can get as high as tens of thousands of dollars.
For installment loans, the longer the repayment period, the smaller the monthly repayment amount. Borrowers should expect interest rates on installment loans to be higher than those of payday installment loans online. However, taking advantage of the different annual percentage rates (APR) offered by different online installment loan companies can help you get a more affordable installment loan.
APR for installment loans can range from 4% to 36%. This is relatively lower when compared to APR of payday loans, which can go as high as 400%. This is the main reason many borrowers of payday loans find it difficult to repay. There is an option to extend repayment of a payday loan for additional fees.
This plunges the borrower further into debt. Another issue is that most companies that offer payday loans do not spell out their terms and conditions from the outset. Once a person borrows a payday loan, he or she gets to see more clearly all the intricacies associated with the loan. Installment loans, on the other hand, clearly spell out terms and conditions for personal loans before people borrow.
In the final analysis, installment loans have clearer terms, are more flexible, and easier to repay than payday loans. When considering how to get a personal loan, the installment loan option appears to be one of the most preferred options the potential borrower can choose.
One good thing about some companies that offer small installment loans is their no credit check policy. This means whether you have a good or bad credit rating, your loans stand an equal chance of being approved just like everyone else. There are, however, some other qualifying requirements which lenders use before approving installment loan online.
These requirements usually involve:
Other requirements include having a checking account, phone number, and a valid email address.
Loan approval can take as little as a few hours on many online installment loans online no credit check platforms. The repayment period can range from 3 months to 6 years. The annual percentage rate (APR) can range from 5% to 36%. Use your search engine to find installment loans near me.
Generally speaking, a good credit rating helps secure higher loan principal with lower interest rates. Bad credit rating, on the other hand, can secure relatively small installment loans with comparatively higher interest rates.
When compared with installment loans online no credit check, the loan requirements for bad credit ratings are more stringent. People can borrow only relatively small installment loan amount and can repay bad credit installment loans for as much as three years. Just like other installment loan offers, the longer the repayment period, the higher the APR.
You can use your search engine to find bad credit installment loans near me. Once you can meet up with their requirements, you are more likely to get your loan request approved. It is essential to compare APR and repayment across different borrowers to get a better deal. Bad credit installment loans can help consolidate debts.
Whether you need installment loans for bad credit or not, securing a good installment loan online depends on several factors. The following tips should help you land a good deal.