There are many situations where a payday loan online won’t do, where you need to resort to installment loans in order to meet an immediate financial need. You may not have the ability to repay in full in one lump sum. It may be a large enough expenditure that it will take several months to several years to repay.
But there is no need to rush into a loan not knowing exactly what you are getting into. By using the right tools and the right approach, you can “customize” your loan as much as possible to fit your precise needs and preferences.
Why Use Online Installment Loans?
Installment loans are many times the loan of choice, and the best place to search for them is online. There are many situations where other loan options just won’t work.
The most obvious reason to use an installment loan is that you have more time to repay. With payday loans no credit check, you have only 2 to 4 weeks to repay or face a late fee. With installment (personal) loans, you have anywhere from a few months to several years. This makes repaying the loan more bearable so it won’t bust your monthly budget.
Second, you need no collateral for most online personal loans. You don’t have to risk equity in your home, your vehicle (as in a title loan), or anything at all. Approval is based on your verifiable income and ability to repay and not on collateral.
Third, the direct lenders that provide most online personal loans do not usually require you have good credit (or any credit) to get the loan. They practically guarantee approval to all who apply. As long as you are an adult, have a US bank account, have enough income to repay the loan, and don’t have other outstanding or defaulted-on fast cash loans, you should be approved.
Fourth, this kind of loan is much more flexible in terms than most other loan-types. You can tinker with your loan within the parameters allowable by the lender. And you can find another lender if the one you are looking at seems to restrictive.
We Help You Customize Your Installment Loan!
One of the best things about an installment loan is that you have greater freedom to select the features you want to include in your bad credit loan. You can decide how much to borrow, up to the limit the lender sets based on your income level. Your monthly payment size also is gauged to your income level, but up to that limit, it’s up to you.
Now, you can increase your loan term in order to borrow a larger amount with lower monthly payments. This expands your options so that you can find the best way to balance regular installment size with number of installments, while still getting the full amount you want to borrow.
You may see higher interest based on credit score, but approval is normally not with most online personal loans lenders. You may also get lower interest and fees with a larger loan size in some cases. These and other elements of your overall loan package can have a huge impact on how affordable the personal loan no credit check is to you, so it pays to “tinker” with them on a loan calculator provided by most lenders on their website.
You can also utilize the loan-search tools of Bonsai Finance to help you experiment with different loan scenarios. Search based on various, slightly different loan terms to see which options populate the screen. Write down the best results, and then try again with another set up.
This is a quicker way to determine both desired loan terms and desired lender in one single swoop instead of visiting numerous lenders’ websites. We at Bonsai Finance make searching for installment loans maximally efficient! Here are some other articles you might find helpful:
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