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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The Good: Flexible repayment options, easy to apply, fast funding.

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.

The Bad: Higher fees than commercial banks.

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.

The Not-So-Ugly: Set lifespan that allows easy debt pay-off

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 $2,000 in your account as soon as the next business day. Apply now for your installment loan.

Hummingbird Funds, LLC is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Lac Courte Oreilles Band of Lake Superior Chippewa Indians (the “Tribe”), a federally-recognized sovereign American Indian Tribe. This means that the Hummingbird Funds’ installment loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that Hummingbird Funds is not subject to suit or service of process. Rather, Hummingbird Funds is regulated by the Tribe. If you do business with Hummingbird Funds, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in Hummingbird Funds’ contracts, these forums include informal, but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, Hummingbird Funds is not subject to suit or service of process. Neither Hummingbird Funds nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this mobile site. If you are not comfortable doing business with a sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.