When you are in need of an additional financial resource before payday, an installment loan is a timely option you should get. In recent years, installment loans have become the popular financial resource that many turn to when their budget is not enough to suffice their needs before payday.
Unlike other personal short term loans, installment loans are more appealing since you can borrow a large amount of instant cash and repay it in installments for several months depending on the agreement. You will be able to use the money where you intend to with the advantage of repaying it at terms that are stress-free.
You can even repay installment loans earlier than the established loan agreement provided that there will be no prepayment issues. However, whether you repay in advance or in the normal monthly installments, the amount you will repay remains the same. The benefit you will get is the time you take to pay off your loan. This advantage makes installment loans the best payday advance and timely financial resource for financially stressed people.
Applying for an installment loan is convenient and fast. Even at home, you can apply for these loans since many loan lenders are available online. No paper work is needed. No faxing of documents is required from you. You can also apply any time of the day, any day of the week. The online application is simple to use and easy to answer. The processing and approval of your loan application will only take you less than an hour. Once approved, the fund transfer will take effect in less than one business day. Most of all, the information you submit to the online lender is kept private and confidential. Installment loans are truly a timely financial resource when you need it.
If your credit scores are poor, you can still qualify for an installment loan. You only need to have a regular job or a steady financial resource that will show the lender your ability to repay the loan. The only problem when applying for an installment loan with bad credit is that you will be required to repay the loan at a higher interest rate because of your poor credit history.
The requirements for installment loan borrowers are the following:
- Their age should not be less than 18 years old.
- They should be US citizens.
- They should be working for 6 months with a monthly net income of at least $1000.
- They have a valid bank checking account.
Installment loans can provide you with instant money before your payday. This loan is a timely financial resource that can be repaid over time.