If you live on a standard, fixed income, you may at some point encounter a credit or cash flow problem. These things happen and as much as we know we should keep money aside for this, this often isn’t possible. Sometimes, however, this need is so acute that you need money immediately, and this is where cash advance installment loans may be of interest to you.
When a Loan Is the Only Option
You may not be able to ask your family or friend to borrow some money. Perhaps you do not have any collateral or equity that you can offer for a loan. In this case, you will need to look into another lending option. You do, however, always have to be sure that you can pay it back.
Easy Repayment Options
With cash advance loans, you will generally be able to pay your loan back in just one or two lump sums. However, there are now also lenders who offer an even more flexible repayment schedule, allowing you more time with fixed payments to pay the money back. These are cash advance installment loans.
Relief for People in Trouble
If you are in financial distress, the last thing you want is to find yourself in the exact same situation two weeks later when you have to pay a huge sum of money, plus interest, back. With cash advance installment loans, however, this burden is not placed on you. Rather, you will make pre-determined, small payments are regular set intervals. You can determine how often you want to pay as well, be that weekly, bi-weekly, monthly and so on.
Easy to Qualify for
These types of loans are very easy to apply for, particularly if you go online. However, there are a number of minimum requirements that you have to meet. Exact requirements will vary depending on geographical location and your lender, but they tend to include at least:
· Being 18 years old with proof of ID.
· Having proof of residency and being a legal resident of this country.
· You must have an active bank account that has a direct deposit facility.
· You must be employed and have held the same job for at least three months.
· You must earn at least $1,000 per year.
The Advantages of Installment Loans
There are many advantages to these types of loans. The first is obviously their easy repayment schedule. Secondly, they are easy to apply for and can be found online. Because of this, you also have the opportunity to compare the market and find the lender with the best fees and rates.
The one downside is that the interest rates on these loans are often slightly higher, mainly because there is no collateral against them and the borrower is usually classed as “subprime”. However, as competition between lenders starts to rise, interest rates are dropping with it. This is why it is so important that you shop around and get the best deal.