When you need to make a big ticket purchase or fund a major bill that goes beyond what you expect to earn in a month, you can count on online installment loans to help. These types of loans enable you to borrow a big amount, usually between $500 to $5,000, and then spread out the payments over a pre-set period. There are lending agencies on the Internet that provide assistance to those who have a large financial need without needing to make a personal appearance during the application process.
Benefits of Installment Loans
Whether it’s for an emergency, an unexpected expense, or other personal reason, an installment loan gives borrowers the chance to borrow a large sum and then split payments over several months.
Unlike a payday loan, which is usually under $1,000 and is only set against your actual salary, installment loans can be spread out for much longer, depending on your agreement with the lender. This gives you more time to pay it back in full, so you can use the rest of your monthly earnings in other essentials. With online installment loans for bad credit no payday loans, there is reduced pressure on your part to raise the money needed to pay it back.
Another advantage to an installment loan is that you are typically given the freedom to choose your payment terms. Most lending agencies allow up to 24 months to pay back your loan—and you can certainly take advantage of this extended period. However, some people do not want to be tied to a loan for that long and normally take the 6 to 12-month agreements. Again, it all depends on what you are comfortable paying.
Installment loans also do not require a collateral, so you don’t have to put your assets at risk. Because online installment loans are unsecured, there is no risk of losing your car or your house if you get in a bind of the repayments. In addition, all types of credit are welcome. This means that lenders will not bother with your credit history in assessing your records for approval. An online Purple installment loan, for instance, will only look are your ability to make payments now.
How to Apply for Online Installment Loans
The application process for online installment loans is very simple and everything is conducted over the Internet. There’s no need to make an appearance at a brick-and-mortar office and be subjected to a stressful interview. Just fill in the application form correctly, provide your employment details, and enter your account information. The entire thing takes only about 5 minutes.
Similarly, an approval can also happen within minutes to a few hours. If there is a huge influx of loan applications to the lending agency, the longest wait for an approval would be in 24 hours. The same can also be said of the money you need. Once your loan is approved, the cash will immediately be sent to your bank account as soon as the next day. With the instant availability of funds through an online installment loan agency, you can immediately solve your financial issues and move forward with your life.