If you are dealing with an unexpected financial situation, the only thing you would need is quick cash. From paying for other debts to meeting liabilities, often extra money comes in handy. A personal installment loan is a medium-term advance, which is secured against your income. It may seem similar to that of a payday loan, but personal installment loans are more flexible and allow you to borrow more. Here are some quick facts that you need to know.
The basics of installment loans
An installment loan, as the name indicates, is repaid in installments. This is a medium-term loan and the maximum term is usually 24 months. You can borrow as much as $3,000 depending on the lender, your requirements, and other factors. Unlike payday loans, which must be repaid in 30 days or when your next paycheck is due, installment loans offer the choice to spread your debts, and you have enough time to manage your current financial crisis.
What are the requirements?
Most installment loans are unsecured, but lenders will ask for a few details. Check for matching services like Slick Cash Loan, where you fill up a form and furnish the necessary details to get an approval. The matching service will send your application to lenders, and once approved, the money will be transferred directly to your account. The applicant needs to fulfill the following requirements –
- Must be a USA resident.
- Must be 18 years of age or above
- Must be employed
- Must provide necessary contract details
- Must be legally employed
- Should have a steady source of income
- Must have an active bank account
It is possible to get approved for an installment loan with a bad credit score, but it really depends on the lender. Some lenders may not want to dig deep, as long as the applicant has a respective salary figure, while others may want a positive credit score. Nevertheless, it is possible to get a loan without a great credit score.
Always think of installment loans when required. Any short or medium-term advance comes with a high interest rate, and while you can always ask for renewal, that can be expensive. It is also absolutely important to keep the terms and conditions in mind. Repay your loan in time, and you can always ask for a second one when required. This is the best possible way to manage a financial mess.