During tough cash needs, people look for options to get through with their financial difficulties. However, most banks are lending less and the qualifications make it harder for people to qualify. So, many people turn to payday cash advance installment lenders for short term loans. But sometimes these loans come with high interest rates that make them not easy to repay.
Because of this scenario, many people look for options that will provide for their instant cash needs. Loans that are easy to repay and doe not deplete their entire paycheck. This is why payday installment loans are a good option for credit. Payday installment loans help you with your cash needs when you need it the most. If you have been turned down by traditional banks and have been disappointed by how payday loans work, then a payday installment loan could be a good option.
Here are several reasons why Payday Installment Loans are a good option:
1. Most payday installment loans have a high approval rate, as well as a shorter period for loan approval. Most traditional banks take a longer time to be approved, especially when you have less than a desirable credit history.
2. Payday installment loans offer easy to repay options with enough time to repay the loan. Although payday loans offer a quick solution for cash needs, the repayment schedule is usually short-term and additional surcharges and late penalties are added. With a payday installment loan, you have a fixed amount to be paid in a predetermined period of time.
3. When not paid on time, credit cards can increase your debt and may be detrimental to your credit rating. This certainly won’t help further your financial dilemma. Unlike credit cards and other short-term loans, these payday installment loans offer lower APRs (annual percentage rates) and lower EARs (effective annual rates). In addition, payday installment loans are easy to repay with their convenient and flexible options.
4. Compared to other types of short-term loans, with a payday installment loan you have a flexible time to repay your loan. Payday installment loans allow you an extended payback period that provides you enough time to manage your budget. You can even have the option to set your own payment plan. You can have the option to pay in smaller amounts over a longer period of time, or you can also repay the loan quickly.
5. Just like other short-term loans, payday installment loans also offer fast approval, even for customers with bad credit or no credit. You can provide for your immediate cash needs on the same day you that you have applied.
6. With a payday installment loan, it doesn’t take much in order to be approved. You will only need a few documents to comply and then you get your cash needs instantly. Typically, you will need the following:
Current checking account for at least 6 months
Proof of income with a net monthly income of $1000
Proof of residency
Current phone bill (some lenders may not require this)
Valid driver’s license/State ID (some lenders may not require this)
So why suffer from your financial dilemma if payday installment loans are there for you? Ask from an online lender today and get your cash needs right away!