It is indeed stressful to find yourself in a situation where you unexpectedly need cash, and you don’t know where to turn to. An installment loan can be the solution you are looking for. Unlike payday loans that require lump sum payment for the loan, installment loans offer more flexible payment terms.
An installment loan allows you to borrow a certain amount of money that you get at once and then repay it in fixed monthly installments. Every repayment that you make covers a portion of the principal that you borrowed and the monthly interest. This type of loan includes personal or commercial loans.
What Should You Consider Installment Loans?
There are many reasons people choose to take installment loans. Here are some of them:
Application Is Quick and Easy
Applying for a loan has never been easier. It can even be done online, or if you wish, in person. Unlike how it was years ago when it was difficult to take loans, it only takes a day to process an application and get approved. Most of the time, funds are released in an hour. You don’t have to lose sleep thinking about whether you’ll get approved or not!
Repayment Is Flexible
As mentioned above, installment loans allow longer tenure, so the borrower can choose to either pay higher for a shorter period or pay smaller for a longer term. Whichever you choose, it’s still going to be easier to pay compared to payday loans or others that require lump-sum payments.
Rebuilding Credit Is Possible
Even if you have perfect credit, you can be eligible for an installment loan. In fact, you can even use this type of loan to rebuild your credit and prove your financial responsibility. You may be required to submit proof of financial capability when you apply, like a payslip, a bank statement, and more.
Higher Loan Amount Can Be Taken
It doesn’t matter if you only need a couple of hundreds or thousands of dollars. You can get a higher amount because you are going to pay in installments. Of course, it would be wise to figure out how much you need exactly and how much you’re capable of paying every month. After all, you don’t want to hurt your credit by missing payments.
Cash Is Available in a Day
That’s right. You don’t have to wait for days or weeks to get your hands on the funds that you need. As soon as you get approved by the lender, the cash will be transferred to your bank within one business day.
Less Stressful Option
Because of the fact that it will be repaid in smaller chunks and that the application process is relatively easy, you don’t get stressed when you take an installment loan. As long as you know that you can pay the monthly installment amount, there should be no reason for you to worry about the loan you are taking.
Now that you know the benefits of an installment loan, you can tell why so many people turn to this solution when they are in need of urgent funds. Installment loans offer an easy application process, speedy approvals, and most importantly, easy payment terms. Now all you need to do is find the right lender that can provide you with the amount that you need at fair interest rates.
First Finance is here to provide you with same-day installment loan approval so you can get the money that you need when you need it. The simple application process, our transparency when it comes to fees and rates, and the flexibility we offer for the repayment will surely meet your needs. Contact us today and start your application!