3 Benefits of Installment Loans that You May Not Know About
Have you recently experienced a financial emergency? Perhaps you need to pay for home improvement costs? Or a large bill? An installment loan can help cover a shortfall in funds, and you can spread your repayments over time. Unlike a payday loan – where you will need to make your repayment in one lump sum when your salary next gets paid – an installment loan allows you to borrow an amount for a longer period of time, helping you to budget more efficiently and control your finances. Here are just a few of the benefits of taking out an installment loan today.
1. Easy to apply
You will be able to get an installment loan up to $5000 by applying online. The process is straight-forward and simple – just supply a few personal details. No paperwork is required in the majority of cases, and the application process can take as little as a few minutes. You will receive all your documents via email and will be provided with a personal repayment schedule electronically where you will be able to make affordable repayments over a set period of time.
2. Quick decision
Applying for an installment loan is relatively easy – especially when compared to other types of finance. Unlike personal loans or homeowner’s loans where you will need to wait several weeks for your application to be approved, an installment loan is much quicker, and you will receive an instant decision as to whether your application is successful in most cases. You are also more likely to be improved when compared to other types of credit, which means you can apply for an installment loan even if you have a weak credit history – or no credit at all.
3. Instant cash
After being accepted for an installment loan, you could receive your cash in as little as 24 hours – providing you with the funds you need. This is significantly less than other types of finance, and your loan is paid directly into a bank account of your choice.