Not all loans are created equal. Many believe installment loans are better than payday loans, title loans or any other type of fast cash loans.
Could you use a few hundred bucks to cover a last-minute expense that just popped up? If so, taking out a small loan is usually your best bet to tackle those bills that need to be taken care of right away. But not all loan types are created equal. If it's a small loan you're after, installment loans could be the right option for you.
Why? Here are just a few reasons.
Installment Loans Can Be Quickly Available
When times are tough and you find yourself in a tight financial position, having access to quick money can prove to be a real life-saver. Whether you've experienced an unexpected health crisis that requires an expensive medical procedure, your home is in need of immediate repair, or your car needs to be fixed right away because of a collision, you'll need to have the money readily available to cover those expenses.
Online installment loans can be quick and for the most part, easy to apply for, and most of the time they are approved within a day, allowing you to have access to the approved loan funds fast. The ability to get quick access to these funds is critical in times of financial distress.
Installment Loans Do Not Have to Be Obtained Through a Traditional Bank
Rather than depending on a Bank to get a traditional personal loan, an installment loan can be obtained easily and quickly through a direct online lender or installment loan company. Banks typically offer their own loan products, but may also be as acting as a broker, reselling loans from other firms with a fee in order to make a profit.
Installment Loans Don't Have to Be Paid Back By Your Next Payday
Some short-term loan options require full repayment by the time you get your next paycheck. Installment loans, on the other hand, don't require such quick repayment. Instead, you'll have much more time to pay them back and can actually set up a specific period of time after which the loan will have to be repaid. Establishing a repayment plan that better suits your financial situation makes the entire process much simpler.
Installment Loans Don't Require a Lump Sum Repayment
Installment loans don't require the entire loan to be paid back in one lump sum. They allow borrowers to repay in smaller amounts at regular intervals. Not only does this alleviate the burden of repayment for the borrower, the payments are scheduled in advance, making it easier to manage repayment.
Installment Loans Are Not Title Loans
Many of the things on your lists will be small items such as pencils, pens, and notebooks that could be found at the dollar store. Shopping at the dollar store may only cost you a dollar or two for each item, so you can save a lot of money. If you don't find what you need at first, check back in a week or two, or visit another store. These stores tend to have a high volume of inventory turnover, so each time you visit you increase your chances of finding a new deal.