A big one-time commitment or payoff of a loan, may not always be the right choice for most of us especially when you are borrowing for an Emergency need.
Fortunately, today’s lending market offers quick and easy solutions for Americans to get the financial assistance they need, especially in situations where paying off a loan in one lump sum is not a feasible option. In these cases, customers have the option to get a quick loan with a fixed interest rate and regular payments for the length of the loan agreement.
Online Installment Loans give access to quick cash as one lump sum of money, similar to a payday loan, but allows you to pay it back over multiple payments rather than all at once like with a Cash Advance loans. Anyone who needs quick cash and can make regular repayments, is a candidate for an installment loan. Most of the lenders offer Direct Deposit so that the funds are available in your checking account as early as next business day.
In most cases, people take out installment loans to meet emergency cash needs, unexpected expenses, to pay off another loan, or for some extra cash to cover a specific event. But the truth is, you can do whatever you want with the funds.
Here are just a few ways you can use a quick cash installment loan:
Payoff Bills Rather than relying on high interest credit cards or depleting a savings account, many people opt to get the money they need to payoff other bills with an installment loan.
|Unexpected Bills||The quick cash proceeds of an installment loan can be used to pay for unexpected expenses like medical bills.|
|Overdraft Fees||Direct Deposit Installment loans can help you avoid expensive Overdraft Fees and Returned Fees when you have a bill payment to be made but your bank account is out of funds.|
|Emergency Repairs||How much ever planning you do, sometimes you will be caught off guard with an emergency cash need. Online quick approval Installment Loans can help you meet the Cash needs as they arise without worrying about lengthy approval process.|
Every financial situation is different and so is their approval process. When shopping for the best installment loan for you, it’s a good idea to compare the interest rate, fees and APR between different lenders. Important things to look out for are prepayment penalties and automatic rollovers. Also it is highly recommended to check the loan’s term and payment schedule beforehand.
Since there are so many lenders, which one is best? It’s hard to tell without doing the research. LoanShop can help you find the perfect lender matching to your requirement.