Since the world in which we are living is not stable, we can face emergencies requiring quick cash. The need may be so immediate that we are unable to wait for the payday even if it is just in two weeks. In that case, installment loan may be useful.
Perhaps you do not have a friend or a family to ask for a loan or you do not have a property to provide as collateral for a loan. In that case, the only way to meet your need is an installment lending. If it may be easy to borrow money, paying it back may be tougher. Some lenders can offer the option or repaying the loan only in one lump sum or maybe two. Other lenders want to meet the demands of the borrower for easier terms of repayment. These lenders are offering special loans withy flexible schedule of payment. These special loans are installment loans.
Since you are already in distress, you do not need to add stress of being under obligation of paying back a large amount of money in a short period. Installment loan may be a relief for you. Installment loans allow for repayment in small steps. In many cases, the lenders can ask you set up the amount of the payment you will pay back and the schedule that can be weekly, biweekly, or monthly. You determine the amount and the frequency without pressure.
It is easy to qualify for an installment loan. However, before to approve your application, most lenders have some requirements such as a valid ID with evidence of age (18-21 years old depending to the state), evidence of residence (an utility bill with a matched address to the one on your ID), a bank statement proving a valid bank account with direct deposit, evidence of employment, and a salary of at least $1,000 per month.
Since installment loans are unsecured loans, the lenders can face a risk of non-payment. This is why the interest rates may be high. However, due to the high demand of consumers for personal loans, many lenders entered the market. The results of such competitions are lower interest rates. Therefore, it is wise to shop around in order to find the best interest rates and the suitable repayment terms for you. Keep in mind that even a difference of one percent can save you a lot of money over the repayment period.