You want something better than small payday loans? Have you heard about the new long term installment loans? You can borrow up to 5000 dollars and can pay back over 12 months or more. This will be a lot more useful for a wider range of problems.
Since huge sums of money are involved, you want to make sure your lender is legit and there are no hidden fees. Even a small interest rate difference matters a lot here. Do not make mistakes and cause your experience to turn sour.
Let us connect you with a large group of U.S. loan companies. You can get a free loan offer with no upfront fees. It is all right to reject this if you find the terms not satisfactory.
Long term installment loans are often used in the following situations:
- you need a big loan and have bad credit
- you need more time to slowly pay back the loan
- you need an amount above what cash advance lenders can provide
- you want smaller monthly payments to avoid late fees or downgrading your current lifestyle
Actually, we see people with all sorts of income and credit scores wanting to borrow money. for example, someone may earn a lot but have high recurring expenses so he cannot make a lot of payments within a short time.
What Are The Requirements?
Lets do a simple test now. Check whether you meet every single one of the following criteria:
- At least 18 years old
- U.S. citizen or permanent resident
- stable income or employment
- active checking account
- Contact number at home and workplace
Advantages Of Long Term Installment Loans
The maximum loan amount is quite high, so you can even use these for starting a small business, some college courses or major projects you always have in mind. If you can pay on time consistently throughout the entire loan period, it is very good for your credit history. This is one of the benefits of being a responsible borrower.
Unlike normal short term loans, you split the total loan fees over several months. Each installment is smaller and less taxing on your budget. Thus, you still have enough from your income to pay for your usual lifestyle. Of course, do save the leftover money in case something unexpected happens. You can ask to make an early payment if possible with the surplus.
Long term installment loans can used by people with low income because of the smaller regular payments. Many borrowers have various problems at hand. You can get some money first and slowly pay back later. These low income loans can help turn your life around. Use them wisely on worthy pursuits such as going to college or start a small business.
We like such loans for the following reasons:
- your credit score is not the most important criteria
- you pay less each month, within your wage's level
- you can improve your credit score after paying back the entire loan
Disadvantages
It can take a lot of determination and commitment to pay back a long term loan. If you stray midway, things can crumble quickly. One late payments leads to another, and soon you will be in default. Therefore, you need to be conservative and be sure you can afford the fees.
Review the entire loan contract. Do clarify the terms with your lender. Do not make any assumptions.
You do not have to avoid taking the loan if the costs are still better than the consequences of not having any money. This can be subjective, so we let you make your own decision.
Conclusion
A long term installment loan can significantly improve your life or make worse than hell. do your sums careful and be sure after paying all the fees, the loan can still benefit you. Do your own diligence in checking the lenders and loan contract. Control your spending until you have some decent savings. If you want to know whether you qualify for any installment loan, please fill the online form now.
