Sometimes situations arise where you need cash quickly to take care of an emergency but find yourself without available funds, and furthermore, realize you won’t have the funds on hand for a long time unless you get some immediate help.
Perhaps you’re in a position where your job pays only once a month and that day has just come and gone, with your paycheck essentially gone as well after you spent it all on routine living expenses such as rent, monthly bills and groceries to last a while.
Or maybe you’ve had to take a pay cut, and even though you enjoy a regular payday every week or two, the amount you take home just isn’t enough to keep your bank account consistently full.
In scenarios like these, loans can be helpful in that they will provide you with the money you need rapidly, but can also pose a potential problem if they need to be repaid almost right away.
However, there is a sensible solution to this dilemma. If you’re looking for hassle-free financial assistance that can be paid back in parts over time, installment loans may be the answer. Websites like www.badcreditloans.com can connect you with reputable lenders offering installment loans, which you can repay in a gradual but timely fashion.
What exactly are installment loans?
The basic definition of an installment loan is a loan that a borrower can slowly repay with a predetermined number of regularly scheduled payments. The payments usually follow a set monthly schedule, and they consist of both principal and interest. This type of loan may come with a term as brief as a few months or as long as several years, and it is generally considered to be one of the safest and most affordable forms of credit available to consumers.
Although a number of different types of financial assistance, including home mortgage loans and auto loans, can fall under the umbrella of installment loans, normally these loans are given out as general consumer loans. Although the loans can be used for whatever purposes borrowers deem necessary, many people use them for expenses that must be taken care of immediately, such as auto repairs, emergency medical care and old, outstanding debts that are doing damage to individuals’ credit ratings.
Qualifying and applying for a loan
Installment loans, which come in both unsecured and secured varieties, are easy to acquire and call for prospective borrowers to only meet a few basic requirements — including being at least 18-years-old and either a U.S. citizen or legal resident — in order to be eligible for them. An individual’s credit history may be taken into account when they apply for one of these loans, but it is possible to qualify for help even if you have poor credit.
The application process for an installment loan is exceedingly easy. To get started, all you have to do is take a few minutes to input some basic personal and financial information into a simple, brief application form here on our website. Once you submit the form, it generally only takes a few more minutes for you to get pre-approved for a loan.
Getting the loan
After you are pre-approved, you will be connected to lenders in your area who will have loan offers to present. You then can peruse the offers at your convenience. Once you settle on a particular offer, you simply need to sign the lender’s contract, and following a brief processing period that is standard for installment loans, you will receive your funds quite quickly. Then you can get started on the business of handling those important expenses that require your immediate attention.
Repaying your loan
When the time comes for you to repay your installment loan, you will definitely appreciate what is perhaps the most singular benefit of this form of financial help. You won’t have to repay your loan all at once, but rather, will be able to spread your payment installments out over a generous period of time.
Plus, you’ll be following a predictable, manageable monthly payment agreement. This will give you plenty of breathing room, allow you to comfortably stay within what may be a tight monthly budget, and make repaying your loan as painless as it possibly can be.