It is an unfortunate fact of life that many of us will deal with money problems at one point or another. It would be nice to have a savings account stocked and ready for financial problems, but this isn’t always the case. Many people living from one payday to the other are struggling enough as it is to pay the basic bills that they have every month. An emergency situation can be devastating to someone who barely gets by on what they make at their place of employment.
What are Installment Loans?
An installment loan is a great alternative to a payday loan. Companies that offer monthly installment loans understand the needs of their customers. They are the perfect loan to help you through a rough spot, whether it is because of an emergency situation or simply because you need extra cash. They are a better alternative to taking out a massive loan from your bank or begging money from family and friends. Plus, they can be applied for online and offer a great deal of anonymity.
How Do They Differ From Other Loans?
Some customers tend to confuse monthly installment loans with payday loans, but they are not the same. An installment loan allows you to repay the loan a little bit at a time, in monthly installments. You aren’t required to repay the whole amount the very next time you get paid, as payday loans demand. Their flexibility allows customers to take care of their financial needs without digging themselves deeper in debt.
Installment Loans are Easy to Get
You won’t need to sign a stack of papers or supply all kinds of information when you choose installment loans. You’ll only need to show a source of income that you can verify, your social security number and a checking account. There is no type of collateral necessary to be approved for a loan. If you have poor or no credit, this won’t be a problem either. No credit or background checks are done as part of the loan process!
Money for Everything and Anything
Most customers choose an installment loan because they are having some sort of financial problem. They may be struggling to pay a utility bill, rent, car payment or to put food on the table. They may need money to replace a large home appliance, such as a broken furnace, or to pay a major car repair bill, such as replacing their transmission. However, customers choose installment loans when they need some extra cash for non-emergency situations too. Vacations, clothes, and home remodeling costs are just a few circumstances a loan can help with. Best of all, you will always know exactly what you owe and when it is due. There are no surprises with installment loans!