If you have bad credit, if you have no collateral like a house or a car to put up, you might think that your only option for cash is to apply for a payday loan. You may think there is no better choice. Payday loans are custom-made for people who the big banks won’t work with, and everyone knows that when your back is against the financial wall, you can always get a fast payday loan.
But like Yoda said, “…there is another.”
He might have been talking about Jedi warriors, but its also true of loans –
There is another option. A better choice loan. A kind of loan with all of the benefits of a payday loan with none of the drawbacks.
An Installment Loan may be just the kind of help you need.
What makes an installment loan the better choice for borrowers?
No Rush
With other kinds of loans, repayment is time sensitive. Every week you don’t pay back the entire loan, your interest rises. Every week you don’t pay back the loan, it gets bigger and bigger and harder and harder to pay back. How can you pull yourself out of a hole if the hole keeps getting deeper?
With an Installment Loan, your entire payment schedule is decided on – and agreed upon by all parties – before the loan is finalized. That means you know when each and every payment will be due, and how much it will be.
No surprises! No hidden fees or balloon payments! A simple loan, with a simple repayment window.
A Better Choice for Locked-In Installment Rates:
Every loan is different, every customer is different, every lender is also different. So the length of your loan, and the specific terms of it will be decided privately between you and your lender.
But no matter who you borrow from, when you sign a contract for an installment loan, you are assured those rates for the life of the loan. That contract you signed was also signed by the lender, and it’s a legal and binding contract.
The rates of your loan cannot change unless you sign a new contract. So you never have to worry about the terms of the deal changing, because they can’t!
A Better Choice for Fast Turnaround Time:
Even though installment loans are structured to give you ample time to repay them, they are incredibly fast when it comes to loan approval and delivery of funds.
These lenders understand that very few people takes out these loans because they want to; its because they have an urgent and unforeseen expense that requires more money than they have. And in this situation, no one can afford to just sit around and wait the days or weeks it would take for a bank loan.
Installment loans are usually verified and approved within minutes, and your money is wired directly into your account within hours.