A personal installment loan, for the uninitiated, is a medium-term advance, which is repaid in installments. If you are in financial distress, this form of advance can be handy and advantageous than other short-term loan options. With installment loans, you can borrow as much as $3,000, and the term can be anywhere between a month to 24 months. In this post, we are answering a few questions related to this form of lending.
How to apply for installment loans?
There are online matching services, such as Slick Cash Loan, where you can apply for an installment loan. They will use their network of lenders, and once the loan application is approved, you can expect the money in your bank account in a day or two. The entire process can be completed online and without any delays.
What are the requirements?
To apply for an installment loan, the applicant needs to be a USA resident, must be 18 years of age or older, and must furnish his contact details. The applicant also needs to have a stable job with a decent and steady source of income, and must have an active bank account, where the money will be transferred.
Does credit score matter?
It really depends on the lender, but in general, it is possible to get an installment loan, without a great credit score. However, some lenders do insist on all the relevant details and credit information. The lending terms, amount and other aspects could be influenced by the credit score, although that’s on the discretion of the lender.
Is it possible to renew the loan?
Yes, installment loans can be renewed, but that’s usually an expensive option. Keep in mind that the terms and conditions for such loans and applicable laws can vary in each estate, so do your homework well. You can get in contact with the lender to know more, but generally, an additional interest rate is payable.
Other points to note
When it comes to short and medium-term advances, you would want to be as judicious as possible. Keep in mind that installment loans are expensive than a standard bank loan, and if you don’t repay as per the schedule, the expenses can be even higher. As such, apply for a loan when you need the most. It is never a good idea to take advances to pay for other debts.
Check online and apply for an installment loan now!