About monthly Installment Loans
Repaying your loan in small installments makes borrowing much more affordable. Monthly installment loans makes borrowing easier because of:Low monthly installments; 36 month repayment term; Max. Amount of $5,000.
Personal loans can vary from lender to lender but there are only two main types: secured and unsecured personal loans. The difference between them is that secured loans require the borrower to provide a guarantor in exchange for the lending service, while unsecured loans do not. In the case of unsecured loans, the major deciding factor for the approval of the loan is the borrower's credit score.
Benefits of monthly installment loans:
There are many different types of loans one can use to get financing. Out of all the types of loans available online the most advantageous and affordable is the monthly installment loans, also known as personal installment loan. These types of loans have various benefits but the one that stands out most is the financial breathing room you get by being able to repay a large sum of money in small installments each month.
With one loan you can borrow up to $5,000 and have a monthly payment of just a few hundred dollars. The exact amount you will need to pay will be based on several factors, including the interest rate and amount of money you borrow. There are other benefits to monthly installment loans as well, such as:
- You can apply with co-signer;
This will improve your chances of getting a loan if you have less than perfect credit or low income.
- You can use the loan for any reason;
Unlike student loans or home loans you can use the money for any purpose.
- Available to anyone
Employed (full time, part time, military), unemployed, retired, on benefits or unemployed.
Common uses for personal loans:
As mentioned before the money you get through one of our personal loans can be used for various reasons including: vacation costs, wedding expenses, covering the cost of education for a loved one, home improvements and many more. Here are some of the reasons that our customers apply for a loan with us.
Consolidate other loans or high interest credit cards into a single low-interest loan.
Start up a new business or expand/improve your existing business.
Anything can be included in major expenses from a new car to medical expenses.
Improve or extend your house and raise its market value.
Your credit score is very important when it comes to unsecured loans. Because there is no need for a guarantor the lender will approve a customer based on his/hers credit score. The better your credit score, the better your chances and the lower your interest will be.
This however doesn't mean that you cannot apply for a monthly installment loan with bad credit, it just means that your chances of approval will be lower. Your credit score will also affect the interest rate and the amount of money you will be allowed to get.
One way to get an installment loan if you have a bad credit score is to apply with a co-signer. A co-applicant with a good credit score will act as a safety net for you and can improve your chances of getting approved for a loan with a lower interest rate.
A monthly installment loan is a good choice if you are in need of financial assistance, just remember to never borrow more than you can afford and always repay your loan on time so you don't incur penalties and keep a nice clean credit record.