Life rarely goes as planned. Unexpected expenses tend to catch us by surprise, and often at the worst time possible. Whether you need money for car or home repairs, medical expenses, or for unexpected travel, getting cash fast is crucial.
While you could charge the expenses to a credit card or take out a payday loan, the best option for getting the cash you need when you need it is with an installment loan.
Here are the top five reasons to consider this type of loan.
1. Fast Cash (Sometimes Same Day!)
Most lenders offer same day cash, depending on when you apply and are approved for an installment loan. If you need money in a hurry, an installment loan is the best way to quickly receive the funds you need.
Getting the money you need quickly eases the financial burden that you face. With one less thing to worry about, you can focus on getting over this hurdle and moving forward.
2. You Can Apply Online
The days of having to apply for a loan in person are of the past! These days, you can quickly and conveniently apply for an installment loan from the comfort of your own home.
To get started, all you need is an internet connection and a smart device. Most loans are approved the same day, so you don’t have to wait for days or weeks for a decision.
3. Borrowing Amounts Vary
Whether you need a couple hundred dollars or a few thousand, installment loans are available in whatever amount you need. Be aware that most lenders have a maximum loan amount, which is typically around $4,000 to $5,000.
Shop around for an installment loan and choose the lender that offers the lowest rates along with the best repayment terms.
4. Flexible Terms
Not only do you get to choose how much you borrow, you also decide how much time you need to pay back the loan. Flexible terms make it much easier to manage your finances.
This way you can repay the loan without having too high of a payment that leaves you strapped for cash each month.
5. Boost Your Credit Score
While no one likes to borrow money, borrowing wisely can be quite beneficial. An installment loan is a great way to improve your credit score. To give your credit score a boost:
- Pay on time
- Always pay the minimum amount due (or more)
- Pay the loan off early if possible
Use an installment loan to your advantage by getting the money you need while also improving your credit worthiness.