What is an Installment Loan, and Reasons why you would want one
What is an installment loan? In short, it’s a small amount of quick cash intended for use during a short-term financial crisis, repaid over a short period time, typically over your next couple of paydays. But to truly answer the question, consider the following scenario.
You’ve been living from one paycheck to the next, but a monthly increase in budget suddenly allows you to break out of that spending pattern. Or perhaps it works the other way around. Your budget tightens up due to an unexpected problem like car repairs or medical bills. You may be saving for the holidays or back-to-school shopping, so you set money from your paycheck aside for a while.
Emergency Cash When You Need It most
Now imagine summer is almost over, and on top of your regular expenses, you just picked up the tab on school gear and clothes for the kids. Once wardrobes are updated, lunches are readied and your young ones are comfy on the school bus with fresh gear in tow, your budget is tapped out for the week. What if the kids come home from the first day of classes and need a big list of additional school stuff in only two days? Payday’s not for another week and buying additional art and science supplies will bring your checking account to its knees. This mini financial horror story is the exact situation where the question of what is an installment loan becomes very relevant.
An Installment Loan Can Help When You Need Cash Fast
The installment loan, which is synonymous with terms like cash advance, payroll advance, payday loan, or no credit check loans, can help you navigate away from rough financial seas when the money you require is more than what can be remedied with the funds in your bank account. It won’t finance a car, home or college education – it’s typically a loan of just a few hundred dollars. Installment loans are just enough cash to keep your budget afloat between paydays without any excessive waiting hassle or negative consequences. If you have an installment loan, you may not need to apply for money from more time-consuming sources, take advances from a credit card, overdraft your bank account or incur penalties by paying bills late.
Using an Installment Loan Responsibly
It is important to use installment loans responsibly. When used properly for short-term needs, you just might put your mind at ease when you discover that you’re in the clear and the money problems have subsided. So long as you make sure that you do not borrow more than you can repay and carefully stick to a long-term personal budget, an installment loan can be a very useful tool in a tight spot. If your financial problems persist, it is advisable to consult with a credit counselor.
What is an installment loan? In times of trouble, it can be a financial saving grace. If you need some short-term assistance, an installment loan application is here for you. Apply today and you may find your quick cash solution!