When your wallet is empty, you may think of loans to cope from this temporary financial hurdle. But make sure you have a legitimate loan lender, which will not drag you deeper into debts. Let EmergencyLoanLenders.com help you find a loan today.
So What Are Installment Loans?
These loans allow you to borrow $100 to $5000 dollars. Since you can borrow more than what you earn each month, you are allowed to pay back a fixed amount monthly. The payment dates are also set on your paydays, and can be automatically deducted from your bank account so that you do not need to remember the dates. Many people tend to borrow 3 month loans, so they have to make 3 small payments. This is a good midpoint, between short term payday loans and long term loans that can span years.
If you have credit or income problems, chances are you will be declined at traditional loan places. Do not approach payday loan stores either, since the amount you can borrow is quite limited and the deadline is too tight. Try online lenders first. You can get a free loan quote on EmergencyLoanLenders.com and study the fees and rates.
How To Get Installment Loans Online?
To qualify, you need to be of legal age (18 years old for most states), have a stable income and checking account. Your credit will be checked but that does not mean it is the most important criteria. There are various other requirements specific to each lender, so we will not list them here:
- U.S. identification papers
- proof of stable income
- in current job for at least three months
- active checking account with direct deposit enabled
Many people are not aware of the differences between an installment loan versus a payday loan:
|Installment loan||Payday loan|
|Small monthly payments||Pay back fully on your next payday|
|Useful for building credit scores||Some lenders do not report to credit bureaus|
|Useful for larger expenses||Short term money problems|
It is not possible to directly compare the loan costs since they are not similar. You use them in different situations. For borrowing small amounts of money, use payday loans. If you need more time to pay back, go for installment loans instead.
Benefits Of Installment Loans
Once you used one, you will not look back again. It is that useful for many situations. You can borrow up to 5000 dollars, most friends will not lend you this amount of money. You do not need to pay a lot of fees each month, so the impact on your lifestyle is minimal. You can build up a good record of timely payments, this can boost your credit score. Lenders like responsible borrowers, so your credit limit can be increased as well.
You can use the borrowed money anyway you want. Nobody is going to restrict you. If you can wait until you get your wages, it is better to forgo any high interest loans and the costs involved. Unless the consequences of not having the money is grave, such as medical conditions that can worsen rapidly.
Why use EmergencyLoanLenders.com
We have been showing U.S. consumers how to get online loans for years. There are more and more established lenders joining our network. This improves your chance of getting a loan offer. We keep up with the changes and evolution of the lending industry and know the concerns of borrowers. Our mission is to everybody to get access to credit conveniently and solve their money troubles.
We see installment loans as a good way to relieve financial stress when used correctly. Do not borrow more than you can afford. Do not use the money on unimportant purchases. If you are not careful, these can damage your financial health. When you have a valid reason and need a loan, your credit score may not be as big a hinder as you imagine. EmergencyLoanLenders.com can help you get a free loan quote where possible.