01 Jun The Power of Online Installment Loans
The Power of Online Installment Loans
Online installment loans are a powerful product when you are in need of cash. They allow you access to the cash you need without trapping you in a cycle of debt.
An installment loan is a loan in which there are a set number of scheduled payments which are agreed to over time. These are excellent options for repairing your credit as well as receiving online loans over traditional payday loans simply because they allow you some emergency money without having to pay out the full loan and interest within a short period of time.
With traditional payday loans it’s very difficult for you to repair your credit as well as pay back the full amount of your loan and interest over such a short term. As a result of the shorter duration on the loan quite often more interest is charged on the loan and this is especially bad if you have difficulty paying back the first lump sum payment.
With a payday loan or single payment loan you quite often have to pay as much as 400% APR or more and usually within a 2 week to one month period. This could mean paying out one massive payment from your next paycheck which will only leave you in more financial trouble in the long run.
Online loans and repairing credit using installment loans can be much easier. This process is usually full of advantages because you could instead pay out a loan in regular monthly payments that won’t cause your finances to go into ruin. Paying around $70 a month for 6 months on a $375 loan vs having to pay close to $450 in one payment in two weeks’ time can seem like a no-brainer for someone that is experiencing a financial emergency.
The best part about installment loans is that they can quite often be taken out by people with bad credit as well. Many people with poor credit histories think that they have to resort to high-interest payday loans whereas they can look into a variety of different installment loans through multiple lenders. There are many credit companies willing to charge a medium to high interest rate on these installment loans to help give people with bad credit a break in their finances.
We know that payday loans can be crippling to finances. Rather than having to change your lifestyle in order to pay off an emergency loan consider installment loans for emergencies and quick cash when you need it. Although they can take some time to pay off it’s much easier to manage when you are on a fixed income. We would love to hear your thoughts and/or experiences with payday loans or installment loans.