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What are installment loans?
An installment loan is a type of financing that is repaid over a certain time in equal monthly payments. One of the most common types of installment loans is the home mortgage.
Can I obtain an installment loan online?
Yes. Several online loan providers like paydaytower.com realized the need for installment loans so that borrowers can take care of urgent financial needs without having to worry about paying back the entire loan amount on their next payday. The great thing about online installment loans is that it removes the need to go to a physical office just to file a loan request.
What makes installment loans a better option than short term loans?
Installment loans provide a reasonable amount of money when you need it. Here are the reasons why installment loans are a better option than cash advances or short term loans:
- Flexible terms: Once you are deemed qualified to take out an installment loan, inform the lender about your desired loan amount. Loan amounts typically fall between $500 up to $5,000. Your lender will then inform you if you are qualified to get your desired loan amount based on your qualifications.
- Instant funds: Depending on the loan process of the lender, you can get the money that you requested for directly into your account by the following business day.
- Improve your credit score: Getting an installment loan approved gives you the chance to build or improve your credit score by paying on time. It can also teach you to manage your money wisely by becoming responsible for your loan repayments.
- Access to better loan rates: We never really know when we will need to borrow money for future needs or emergency expenses. Managing your installment loan repayments gives you access to lower rates in the future. Lenders reward their responsible borrowers with better loan rates and lower fees for succeeding loan requests.
What is the procedure in applying for an installment loan?
Loan processes will vary from lender to lender. Online installment loans are easier to obtain than traditional loans. The procedure typically starts with the borrower completing a loan application form and submitting the necessary requirements. After the loan provider assesses your loan application form and requirements, you will be notified immediately whether you are eligible for a loan or not. If you are deemed eligible for an installment loan, you may be able to get the loan proceeds within 24 hours or the following business day.
Which is better: payday loans or installment loans?
Payday loans and installment loans have their own set of benefits and drawbacks. The main difference between an installment loan and a payday loan is the terms of the borrowing. A payday loan must be paid back in full plus the interest rates and fees. On the other hand, the repayments of an installment loan can be equally divided into fixed amounts to be settled for several months or even a few years. Borrowers who cannot manage to pay back their loan in full should opt for an installment loan.
Who should apply for an installment loan?
Anyone who prefers to make smaller but fixed, regular payments should opt for an installment loan. One of the advantages of installment loans, aside from getting access to immediate funds, is that you can build or repair your credit by handling loan repayments responsibly.
Why do people take out installment loans?
Most people who apply for an installment loan needs additional funds to cover unexpected and urgent expenses. If your car suddenly broke down, or someone in the family had a medical emergency, one of the common ways to obtain funding is by taking out a personal loan. An installment loan, however, is a multipurpose loan that may be used for other purposes, such as paying for tuition or debt consolidation. There are no hard and fast rules when it comes to installment loans which means you can choose to spend it as you see fit.
- Home improvements or repairs
Instead of using your credit card or take out money from your savings account, you can use the proceeds of an installment loan to pay for the improvements or repairs that must be done at home.
- Medical expenses
No one wants to get sick or hospitalized. But when it does happen, you need additional funds from an installment loan to pay off your existing medical bills.
- Car down payment
Owning a car is very convenient because you will be able to go from one point to another with less hassle. An installment loan comes in handy when you need to pay the downpayment for your car.
- Consolidate or pay off debt
If you are struggling with high-interest debt or multiple personal loans, you can use the money from an installment loan to pay off the debt. This means you will be left with only one debt (and deadlines) to worry about.
- Unseen expenses
Even if you are smart in managing your money, some unexpected circumstances can disrupt your budget. You can use the money from an installment loan to pay off any emergency and unseen expenses and be free from further worry.
How can I benefit from online installment loans?
Applying for an installment loan online is a hassle-free way to obtain the extra funds that you need. Unlike other loan products, online installment loans provide:
- Reasonable rates
It is easy to find an online installment loan that offers reasonable rates because of the number of lenders competing for customers.
- Quick loan approval
Unlike traditional loans where you have to complete a ton of paperwork and submit so many documents, an online installment loan has fewer requirements. Online installment loan providers provide quick feedback on your application so you can immediately get the funds that you need.
- Privacy and convenience
Because the loan application and approval process are done 100% online, your privacy is protected and your convenience is guaranteed.
What are the rates and terms of online installment loans?
An installment loan is characterized by fixed maturity date and interest rates. Terms will vary depending on the lender providing the installment loan. Typically, installment loans with amounts of $500 to $5,000 can be paid back within two years. The lender will assess your affordability and credit history before computing the applicable interest rates on your installment loan. The better the credit score you have, the lower your interest rates will be.
Anything else that I need to know before I take out an online installment loan?
Before applying for an installment loan online, take the time to do research. Some lenders entice desperate borrowers with no credit check loan products and bad credit personal loans. However, loans that do not require credit checks usually have exorbitant rates, penalties, and terms – so be careful.