Ideally, you would have $500 or $1,000 laying around for when the car breaks down or when your refrigerator decides to stop keeping your food cold. However, there may come a time when an unplanned event forces you to come up with money that you may not have at the moment. The good news is that you can get the money you need quickly from a trusted lender without worrying about your credit getting in the way.
You Know What You Owe Each Month
The best part about a short-term installment loan is that you know how much you will pay every month. If your monthly payment is $150 a month, you will have several weeks to come up with the payment, which means that you can budget in a flexible and convenient manner. Interest rates and other fees are affordable and reasonable to ensure that you can keep your borrowing costs as low as possible and put more each month toward your principal balance.
No Collateral Needed
Unsecured quick installment loans are generally available without the need to put up collateral. This means that you can receive a loan with no obligation to give the lender anything in the event that you fail to repay that balance. While the lender may still have legal recourse if you don’t make a payment, you won’t lose your house, car or other valuable items because you can’t afford to repay your loan.
The Loan Has a Fixed Repayment Period
With a revolving line of credit, you can never be sure exactly when you will have repaid everything that you owe. This is because your monthly payment is based on your balance at the time a given billing cycle ends. However, the amount that you pay each month toward an installment loan never changes, which means that you know exactly how many payments you have left until the debt goes away for good. In some cases, you may be able to make more than one payment each month to reduce the amount of interest paid on the loan.
The Money Will Be In Your Account the Next Day
The best part about fast approval installment loans is that you get your money the next day. Depending on when you apply for the loan, you could have the money in your account the same day or within a couple of hours. This allows you to get those repairs made to your car today or pay the light bill now before the power is shut off.
If you need money fast, an online installment loan may be your best option. You will get the money in a matter of hours with either a cursory or no credit check at all, which gives you easier access to the credit that you need.