These days, there is no need for a borrower to stay stuck on the typical bank financing solutions. Gone are the days when people thought that not being eligible for the bank loans brought the end of their credit road. Now, there are a number of alternative financing options that will be ensuring that you get the best credit solutions, no matter your eligibility and repayment capacity. Everyone can get a loan these days. The installment loans are playing a major role in providing people the freedom to get their loans and meet all their financial needs with ease. These loans can be available by you online. There is no need of a collateral or a security. You can simply visit the website of the installment loans company, fill up a form and get approved for the loan amount that you need.
You will get to save more time and money in getting the loan. Moreover, it is highly likely that you will be getting a loan for the amount that you need. As the credit score of the person is not checked, you will get to save more time and get the money faster. In the case of installment loans, the process of applying for the loan is extremely simple. You don’t need to talk to an expert in order to get these loans. Simply fill up a few simple details in the application form and you will be able to make the most of your time. Applications can be sent at any time, as long as you have an internet connection and a PC. Just log on to the site of your choice and fill the form. Chances are high that your loan will be approved shortly and you shall get the amount credited to your bank on the very same day.
In order to minimize the risk of theft of personal data, you must never use public computers for accessing these websites. Moreover, you should be making sure that you fulfill the eligibility criteria of these installment loans and read all their terms and conditions fully. Researching a little about the installment loans websites prior to sending the application will also help you in getting a better loan. The conditions for being eligible for these loans are not very difficult. You have to be citizen who is at least 18 years old. You must also have a bank account and must be employed for a specific period of time before getting this loan.
All the loans that we review or recommend all have:
- Minimum period of repayment: 6 months. We do NOT recommend taking any loan with repayment period of less than 6 months, as you will have difficulties paying back
- Maximum period of repayment: 3 years
- Annual Percentage Rate (APR): less than 12%. Any rate higher than this will negatively impact your finance
- Below is an example of the loan mentioned in this article, with a loan amount of $20,000
|Flat Interest Rate||7.50% p.a. (Effective Interest Rate of 14.39% p.a.)|
|Total Interest Charged for the Loan||$20,000 x 7.50% p.a. x 3 years = $4,500|
|Loan amount + Total Interest||$20,000 + $4,500 = $24,500|
|Monthly Instalment||$24,500 / 36 = $680.56|