Why Consider Borrowing an Installment Loan
There are multiple reasons why borrowers consider taking out installment loans instead of payday advances. The most important among them is the longer repayment term. An installment loan gives the opportunity to pay back the loan in small monthly payments whereas a cash advance gives the maximum window up to the coming payday.
If you are a user of payday loans, you know how difficult it is to get funded first of all- even worse if you have a bad credit. And then, when you finally get funded by a lender, you agree to repay the loan with the interest amount on the due. Given your financial situation, is it not illogical?
Therefore, choosing an installment loan always gives you the extra time –CashAmericaToday gives terms up to 3 months- to recover from the cash crisis but also saves your credit while you pay off the debt slowly. However, there are more to just longer terms that make these funding options good.
What Makes a Good Installment Loan?
Sometimes borrowers do not realize that only having a longer repayment does not make a funding option good. First of all, it must be easy to avail. The application process, and the qualification criteria, therefore, need to be flexible. The approval process must be fast since you need money urgently. Money deposit and repayment process should be user friendly for sure. If you are getting a higher amount of cash or not, if the lender is charging extra hidden fees also needs to be considered. If the loan product passes all these tests, only then it can be said to be good.
If you want a rather compact answer for “what is a good installment loan?”, then just look at what we at CashAmericaToday offer- an installment loan up to $1,000 on the same day of a free online application with the lowest possible rates. Apply now to get this good deal even with a bad credit!