Installment Loans: The Good, The Bad & The Not-So-Ugly
If you're like most of us, your pay check is spread pretty thin just tackling everyday expenses that come up. There's no way you have enough left over to cover unexpected financial jams that seem to pop at the worse possible times like a car that won't start or your son's broken leg.
So what do you do when you are faced with one of these unpleasant surprises? Fortunately for us, there's short-term installment loans that are designed just for folks like you and me, who sometimes need that extra cash fast.
Interested in learning more about how installment loans can help you out of a jam? Read on for the good, bad and not-so-ugly details about installment loans.
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Short term installment loans are readily available online. These loans are a great alternative to regular payday loans because they offer a simplified repayment schedule that doesn't require you to immediately cough up a huge lump sum.
With an installment loan, you'll have the option to repay the loan early and save on interest, or you can choose to carry out a set number of payments for the life of the loan -- whichever's more affordable to you. Because your repayment schedule is fixed, you can easily budget to ensure that you make your payments when they're due to avoid any unnecessary fees for defaulting.
The eligibility requirements of an online installment loan are normally very basic and only require you to be employed, have a valid Social Security number and have an active checking account. The application process is normally brief after which you're given a credit decision. If you're approved, you can have the cash you need as soon as the same business day.
Installment loans tend to carry a much higher APR than you'd normally get from a commercial bank. This is the case because installment loan lenders assume a greater risk by lending to customers without requiring any collateral. However, this higher APR does not mean that your payments will be exorbitant; and if you repay early, you can save tons on interest.
Unlike payday loans, installment loans are not designed to be extended with an additional fee if the loan cannot be repaid all at once. Installment loans provide borrowers with a fixed set of affordable payments making it easier to afford paying of the loan without getting trapped in an endless cycle of debt by only "extending" payments.
Don't stress over where extra money will come from when you're in a financial jam. Applying for an installment loan is an easy way to get the cash you need without the hassle.
Blue Trust Loans provides installment loans of up to $1,250 in your account as soon as the next business day. Apply now for your installment loan.