With an installment loan, you borrow a set amount of money with the agreement of paying the borrowed amount back in a series of installments, such as monthly payments. Among the more common types of installment loans, you will find student loans, auto loans, and mortgages.
Installment loans are an excellent option for many situations, such as buying a house, paying college fees, and buying a car. Besides, if you are in an urgent situation where you need fast funding, but you can only repay in monthly installments, you should avail installment loan.
What Is An Installment Loan?
The installment loan is a type of loan that allows people with poor credit to borrow a certain amount of money without worrying about their bad credit rating. However, before applying, you will need to fit into the eligibility criteria. Once the application gets approved, the applicant receives the amount on the same day.
After receiving fast cash, the borrower has to repay the borrowed amount over a certain period as agreed by the direct lender and the borrower. The returning period is usually based on monthly installments; however, the lending party can also vary as pre-determined.
Each returned payment is known as a monthly installment, which perfectly explains why this type of loan is an installment loan. The two main categories of installment loans are secured and unsecured.
The secured installment loans typically require collateral, such as a valuable asset or property that the direct lender can get hold of if the borrowing party fails to return the money in time. In the case of unsecured installment loans, the borrower doesn’t have to provide collateral; however, they will have to be eligible to access this type of loan.
What Are The Advantages Of Installment Loans?
You cannot categorize installment loans as essentially good or bad, and their usefulness depends on one’s current financial situation, credit, and borrowing requirements. Amongst the top benefits of bad credit installment loans, you will find the following prospects:
1. Predictable Installments
Suppose you are on a tight financial budget and cannot squeeze in an extra amount to repay a loan. In that case, you can immensely benefit from installment loans as you will know the exact amount that you will have to pay back in regular monthly installments. By knowing the exact amount that you will have to pay back each month, you can have the peace of mind that you won’t be crossing the limits set by the budget. Since installment loans incorporate a set term, such as six months or two years, you will know when you will be completing the payoff.
2. Better Credit Limits
In contrast to credit cards, you can benefit from better credit limits offered by quick installment loans. Depending on the borrower’s circumstances and needs, they can choose the right loan option, such as payday loans, auto loans, etc. When it comes to installment loans, such as mortgages where you need to make a larger purchase, you can benefit from the higher borrowing limit.
3. Fixed Interest Rate
Another benefit of guaranteed installment loans with no credit check is that they ensure predictability since the interest rates of this type of cash advance are fixed. This is beneficial to the borrower in a way that they will know that their interest rate won’t fluctuate as compared to a variable interest rate. Loans with a variable interest rate are only beneficial to borrowers planning on paying off the loans as soon as possible.
Why choose us for installment loans?
We at Micro Enterprise Works don’t take into consideration whether you have a bad credit rating. In other words, no good credit rating is needed to get guaranteed approval from direct lenders in our network. If you tick all boxes for eligibility, we are more than happy to facilitate you and connect you to the lender who can lend you the much-needed amount. Our fast cash loans are available 24/7, and there are no hidden charges involved.
Micro Enterprise Works offers different kinds of bad credit loans, such as personal loans, payday loans, installment loans, tribal loans, and business loans. If you have a bad credit rating, you have nothing to worry about. Given that you fall into the eligibility criteria, you can avail of fast cash any day of the week. With us, you can benefit from a same-day deposit of the amount without the involvement of a broker.
Since no credit-checking process is involved, MicroEnterpriseWorks is the favorite network of direct lenders for many people who need urgent cash. The best part is that you don’t need to provide us with collateral. Once your application is approved, you can borrow up to $5000 and return it later in easy installments. However, the loan amount is determined by the lender, and it depends on the borrower’s monthly income and credit rating.
Once the loan is approved, which doesn’t take more than a few hours, the borrowed amount is deposited in the borrower’s checking account without faxing and the involvement of a third party.
The question remains, how do you know if you are eligible for the quick installment loan? The generally accepted requirements for eligibility include the fact that you are eighteen or above eighteen. Also, you will have to have a steady source of income.
You must be a U.S. citizen and live in the state where you are applying for an installment loan. At the time of application, you must provide your social security number and other identification. Besides, you must have an active bank account.
Now that you know a little bit more about installment loans and how you can benefit from these, you may take some time to think about if you are ready to avail yourself of one.
We are here to help you.