Installment loans are a common option for Americans in need of some quick cash, with 10 million people using them each year.
Last year, personal loans accounted for almost $20 million, a 12.5% increase from 2017. So, what exactly are installment loans and which companies can you trust?
Keep reading for a King of Kash review, an installment loan provider operating in Missouri, Delaware, Kansas, Mississippi, New Mexico, Utah, and Wisconsin.
What is an Installment Loan?
An installment loan is a type of lending service where the customer borrows a pre-determined amount of money at one time. The loan is then paid back over an agreed-upon amount of time over a set number of payments.
These set payments are called installments. Most installment loan lenders provide their loans with both fixed installment dates and fixed payment amounts.
This means the amount of the installment will remain stable and won’t fluctuate over time.
Installment loans differ from credit cards, lines of credit and other types of borrowing because the borrower has to determine the exact amount they require before applying. Plus, they must commit to an exact repayment schedule.
Common types of installments loans are auto loans, mortgages, student loans, and personal loans.
King of Kash Review
King of Kash is a lending company that’s been in business in Missouri for almost 40 years. They’ve recently expanded their services to include six other states – mentioned above.
The company offers affordable rates on installment loans that can be used for any purpose. They don’t need to know what you’re spending the loan money on.
As long as you pay it back within the specified timeframe, you can spend it on home renovations, debt consolidation – whatever you want.
The nature of installment loans makes borrowing and paying back money easier, with fixed, non-fluctuating monthly payments.
To borrow from King of Kash, you must meet a few basic requirements. You must be at least 18 years old, be a US resident and have your own bank account. You must provide proof of regular employment, a mobile number, and valid photo ID.
Pros & Cons
King of Kash installment loans are generally a better option than using your credit card or taking out a payday loan for large purchases. They are easier to pay back and have lower interest rates.
The payment schedule is pre-determined and predictable, making it easier for borrowers to budget for their payments. Many people also find it easier to pay back loans when there is a specific end-date determined.
Like any type of lending, there are potential risks involved. Firstly, you can’t change or add to the amount you’ve borrowed on an installment loan. If you find you require more than you initially asked for, you’ll have to take out another loan.
Some installment loans require application fees or origination fees, prepayment penalties or credit check fees. Like all types of lending, defaulting on payment can negatively impact your credit score.
Overall, our King of Kash review is positive. They’re a trusted, affordable and longstanding company in the ending industry.
As always with borrowing money, make sure you can afford the installment payments so you don’t damage your credit. Check out our loan options for more information.