Research shows that the majority of working-class Americans do not have enough saved in their bank accounts to spend on a rainy day. That’s why when an emergency or an unexpected expense happens, people are left scrambling to find sources of quick cash. Online installment loans instant approval have been a popular choice for funding big-ticket needs, particularly those that a typical payday loan cannot finance.
Unlike payday loans, which usually amount to below $1,000, installment loans can go as high as $5,000 and the repayment terms can range from 6 to 24 months. If you need quick cash but cannot afford to pay it in one lump sum, this type of loan is a practical option.
Benefits of Installment Loans
This type of loan is repaid over a pre-agreed extended period and the principal amount is broken down into smaller, scheduled payments with a specific interest rate added on. Direct lender online installment loans instant approval is preferred over going through third-party bridging agencies to reduce the amount paid in service fees and administration costs. Plus, you are assured that your personal details will stay with one company only.
There are three key benefits of installment loans:
Similar to payday loans, online installment loans can be approved in just minutes and the cash can be sent to your account as early as the next business day. This incredibly quick access to money allows you to cover whatever emergency need instantly while having the convenience of paying it back gradually and in budget-friendly sums.
There are plenty of lenders online that offer this service, but do look for a state license first just to be sure you are transacting with a legitimate firm. You can get instantly approved online at Purple payday loans and similar agencies.
While payday loans are typically due in full on your next salary date, you are not under pressure to do the same with an installment loan. Depending on your approved loan amount and your lender’s policies, you can choose to spread it out for as long as two years. This long-term repayment schedule works well for many because it makes it easier to meet commitments. Because the monthly dues are smaller, you also get to keep a part of your regular salary to spend on living essentials. In short, you are not working just to pay off your loan.
3.Higher loan amount
Because of the longer repayment terms, borrowers can enjoy a higher loanable amount. In addition, to providing enough (or more than enough) to tide you over or fund an emergency expense, it also prevents you from having to apply for multiple small loans just to achieve the amount you need. This means you will only have to monitor payment schedules for one account and not have to juggle several at the same time—which could lead to so much stress in the long run.