Put simply, installment loans are cash loans requiring fixed numbers of equal-amount, regular-payment installments to be repaid completely by an agreed-upon date.
One of the most basic types of installment loans are mortgages.
This is one option available to you if you need money right away, need a super-fast response, don’t have perfect credit, and want to improve your credit, while at the same time getting the money you need.
Unfortunately, traditional loans are often characterized by too much paperwork, long periods of time before you get an answer, inconvenient application processes, and a lack of competitive rates, especially if you live in a small town or in a poor community with banks and credit unions that are no longer doing business.
Installment loans, on the other hand, often include smaller monthly payments, fixed interest rates and pre-set amounts which borrowers can comfortably afford each month – more importantly, you can take advantage of the very competitive rates you can only obtain by bringing many lenders into the process.
People who may be most interested in an installment loan are people looking for:
Installment loans can be very handy if you run into unexpected major expenses or needs that you just can’t put off any longer.
You might also just combine several debts into one installment loan (fast payments short) lump sum, including possibly paying off several credit cards most probably charging interest rates higher than you’d be paying with an installment loan.
Here’s a list of things you may take care of with an installment loan:
Some of the advantages to installment loans have already been mentioned; other important advantages to think about include:
An extremely simple and quick, comparatively speaking, application process (sometimes involving “advance rate apply”)
A ridiculously fast approval period & and process
Fewer obstacles (than traditional personal/business loans) in obtaining your money
The incredibly unbeatable convenience of online transactions/processing; that is, not having to get dressed and spend gas to go anywhere
Highly competitive (in your favor) interest rates. One of the bright aspects of a bad economy is the fact that interest rates generally go down; also, the huge amount of competition between many lenders (especially among bad online lenders) also drives down interest rates.
Incredibly quick and a very-limited-bureaucracy approval process. In general, you won’t have to submit as much information as people had to supply in traditional personal/business loan transactions.
In fact, there is usually very little paperwork involved since much of the data collected and considered is electronically gathered, processes and stored.
Because very little paperwork is created or maintained, installment loans are also good for the environment.
It’s not true, as some people believe, that all installment loans (or lenders) are the same.
Just like everything else that you may shop for, it’s in your best interest to do your homework and compare fees charged, interest rates, APR and quality of service/reputation of the lender; you should also keep an eye out for automatic roll-overs and pre-payment penalties.
You can either shop around and do all the comparisons yourself (which would be very time-consuming) or you can find a professional service, like LendGenius, that does the comparisons for you and lets you know, without playing any games, what lender out there is offering the best possible deal for your unique needs.
It’s completely up to you to first of all decide whether installment loans credit is exactly what you need.
If it is, then the next thing is to shop around and compare in order to get the best possible deal.
Apply through our online form to get quickly matched with top installment loan lenders. LendGenius will help you find the right online installment loan to match your needs.
Now that’s genius.
Answer some questions about yourself to see what kind of financing you qualify for - You’ll have options in a matter of minutes.
If you want, we'll walk you through the products you matched with. Your Loan Genius is well-versed in the nuances of financing.
You’ll discover financing options and apply with as many lenders as you want. We don’t waste your time requesting the same information over and over again.
Now the fun part – Shop around for the right product and best rate. When lenders compete, your win big.
You’re free to snatch up that office space you’ve been eyeing, upgrade your technology, or restock more of that hot inventory. With every loan payment, you’ll set yourself up for even better options with LendGenius in the future.