Personal Installment Loans: Is This A Better Option Than Short-Term Loans?
When you have too many dues, bills, unpaid debts, and unforeseen expenses at hand, the first thing you would need is quick money. While you can always ask from others, how about sorting your financial mess without relying on a regular bank or a friend? We are talking about personal installment loan. As the name indicates, this is an advance that’s paid in installments. In this post, we are discussing every aspect worth knowing about personal installment loans.
Is this same as payday or short-term loans?
No, a personal installment loan is not same as payday or short-term advances, although there are a few similarities. For example, you can apply for a personal loan and payday cash loan online and can get approval within a day. Both these types of loans are expensive as far as lending rates are concerned, and it is possible to get an advance, even when you don’t have the best credit standing. However, the similarities are limited to these aspects only.
With personal installment loans, you can borrow as much as $3,000, depending in your state, financial situation and lender. Services like Slick Cash Loan can ensure that one of their network lenders approve your application in just a day, and the payment must be done in installments. The term could be anywhere between one month and 24 months. Payday loans don’t usually offer more than $1,000, and the money must be repaid on your next payday. To be more precise, you get to borrow more with online installment loans and can repay over a period of time, which further allows enough scope to plan the financial situation.
Be responsible with personal installment loans
Just because a lending option is easy to get doesn’t always mean that you should exercise it. In simpler words, you have to be cautious as how you use personal installment loans. The loan can be renewed if required, but that can be expensive. Most short and medium-term advances have a higher interest rate, and that can affect your credit ratings. It is also important to ensure that you manage by cutting costs, because taking one personal loan after another is never a good idea for anyone.
There are online services that can ensure you get a quick approval for personal installment loan, but do read the terms and conditions in detail. Your job details and salary will matter to the lender, and state laws can vary, so bear that in mind. Check online and apply now for immediate approval!