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There are instances when you need a larger amount of cash. Maybe you even tried to borrow more cash by taking out a loan,, but you felt like paying it in full would be too big of a challenge for your finances. Installment loans help these types of loans be more manageable, since the payments are broken down into a fixed, regular payment schedule.
Installment loans are any type of loan where the total amount is divided into equal amounts that you repay on a monthly basis for the duration of the loan. The loan term continues until it is paid off in full.
Most of today’s big ticket items like homes, cars, and a college education are just long-term installment loans. Other examples of installment loans include car loans, online personal loans, and signature loans.
Installment loans normally have a fixed interest rate so your monthly payment is always the same. This makes the loan much easier to budget for, manage, and pay back since you can simply set up auto-pay to deduct the payment from your bank account on a regular schedule. You’ll know how much the payment is and the day it is coming out of your account every month.
Installment loans are ideal for mid to big-ticket expenses like a vacation, expensive appliances, or paying back an emergency bill you weren’t expecting. Basically, the borrower has full discretion on how to use the loan. An installment loan is also offered with longer terms, typically start at 6 months and lasting up to a few years, and for larger loan amounts, typically starting at $1,000 and above.
Installment loans are available from direct lenders banks, credit unions and private lenders like King of Kash. To get an installment loan, you may visit the loan store or apply online. Either way, you have to prepare the following documents and satisfy the following conditions in order to facilitate the processing of your loan application:
The qualifications for being approved for an online installment loan are simple. Lenders need you to prove that you have a regular income. They’ll require proof that you have a stable job and income coming in on a consistent basis. Meeting the minimum income requirements demonstrates to lenders that you are working and making enough money to be able to make the monthly installment payments each month. Lenders like King of Kash require the following:
Once the requirements are in order, the lender will immediately process your loan application and get back to you with a decision. If you qualify for the loan, the funds will be available in your bank account on the next business day.
Online installment loans work by providing you with cash and then you pay the total amount you borrowed, plus interest and fees, off in manageable installments. Installment loans online are unsecured loans. This means the loan does not require collateral to qualify. However, if you borrow a significantly larger amount, some traditional lenders will ask for you to provide some type of security for the loan.
Lenders require you to prove that you have a stable job. They also have minimum income requirements that need to be met. Their stipulated minimum income requirements ensure that they will be able to collect the payments on each due date.
There are numerous ways to set up your payment plan. The most popular way to pay installments is to have each payment automatically debited from your bank account. You can choose the date for the auto-payment to come out based on your pay schedule. This ensures each payment is made on time each month.
What happens if you have difficulty paying off the installment loan? Life happens to everyone. Your employment status may change, you or a family member may become ill. We all face difficult times in life from time to time. If you find that you are having difficulty making your payments, just talk to your lender about making changes to your payment plan.
If you find that your employment or income changes for the better, you may consider paying the installment loan off early. There are no penalties for paying off the loan in its entirety.
Online installment loans can affect your credit score. It’s important to make each payment promptly on each due date. This can help improve your credit score over time. It can also be beneficial if you need to borrow large amounts later. Improving your credit score can be helpful if you want to negotiate a better interest rate with your lender the next time you file for another loan.
There are numerous ways to make payments on your online installment loan. One option is to post payments by setting up automatic deductions from your bank account. You can also bring your payment into the store, if one is near you, or make them over the phone. If you prefer, you can make an ACH payment. Simply choose which of the payment methods is more convenient for you.
Installment loans online allow you to borrow larger amounts and then pay it off using smaller fixed installments. An installment loan is best used for mid-range to big-ticket expenses that you can’t afford to pay off easily. You may use these loans any way you see fit – help fund your wedding or vacation; to consolidate debts or pay for major home expenses.
Can you use an installment loan for anything? Yes. How you choose to spend your loan is a highly personal matter and one that even your lender has no control over. However, you need to remember that taking out an installment is a long-term commitment and you will need to follow through with the payment plan to prevent financial complications.
There are a lot of factors that come into play when taking out bad credit installment loans. These many factors can often be interconnected with one another.
The first factor you’ll need to consider is the loan amount. Most bad credit installment loans are for at least $1000, but can be for as much as a few thousand dollars. Before applying for an online installment loan, determine how much you will need. Then don’t borrow more than what you’ll need. This will help keep the payment plan manageable.
The second consideration is the interest rate. Most interest rates for small installment loans are fixed. Lenders compute it as a percentage of the principal amount you wish to borrow. Other factors that may be considered would be the cap on interest rates in your state as well as your credit score. Interest rates can vary widely based on the lender and your location, so make sure to check when you are applying.
If you were to go through some of the top lenders, you’d need a credit score of at least 580 to qualify. At King of Kash, our online installment loans are designed for those with less than perfect credit scores. We don’t perform a traditional credit check. Instead, we consider many other factors to determine your eligibility based on your application. King of Kash makes it easy to get a bad credit installment loan for those big expenses or emergencies you didn’t see coming.
Another consideration is the term of the loan. Personal installment loan terms can run between six months and five years. It’s up to you to choose a lender that offers loan term that matches your personal goals and specific financial circumstances. If you want to pay off the loan sooner, you can opt for a shorter term but your payments will be higher. The longer the loan term, the smaller the amount of your payments. However, you will be locked into the financial commitment for longer. f You always have the option of paying off your loan early, without incurring any extra charges.
Along with the other considerations, you must also determine your financial readiness to take on the loan payments for the next few months or years. Weigh the financial obligation against your purpose for needing a loan. Taking on a big loan can be a major decision. Consider all of your available options, then choose which is the best for your current situation.
Many borrowers don’t apply for bad credit installment loans because they think their credit is not good enough. They may think that their credit history will prevent them from getting a larger-scale loan with low interest rates. This isn’t always true. Even borrowers with a history of bankruptcy and tainted credit can qualify for online installment loans. You just need to demonstrate that you meet the requirements and satisfy the conditions of your lender, file your application, and wait for approval.
As long as you make your payments on time, as scheduled, an installment loan is not bad for your credit score. In fact, taking out an online installment loan can help your credit.
Sometimes, it can feel like you are doomed if you have a lower credit score. Maybe you can’t take action to improve some of your past financial decisions, but you can take some actions to help improve your score over time. Taking out an online installment loan may improve your score. While it’s not ideal to take out an installment loan just to improve your credit, if you need emergency help, it can help build your credit score. Here are some ways online installment loans may help build your credit.
There are risks associated with any long-term financial obligation, including online installment loans. It’s important to weigh the risks with the advantages before deciding to get the loan. However, most risks can be managed or eliminated by the borrower. Here are a couple of risks you may consider, and ways to mitigate them.
When you agree to the terms of repayment, you’ll be locked into a payment schedule.. Some borrowers just don’t want to deal with a lengthy payment schedule and would rather pay off the debt as soon as possible. If this is the case, quick installment loans may not be the best option. However, if you take out an installment loan and would want to pay it off early, most lenders like King of Kash, will not charge you any additional early payoff fees. In fact, paying your loan off early can even save you interest fees!
Late and delinquent payments can pull down your credit score. If your payments are severely late or delinquent, the lender may turn your case over to a third party collection agency. Which can result in more stress because of collection phone calls, emails, and postal mail correspondence. If your account becomes delinquent or goes to collections, it can also lead to a lower credit score. Always strive to pay off your loans and all kinds of debt in a timely manner to increase and protect your credit score.
Installment loans simplify the borrowing process. Nothing is hidden behind industry jargon or in the fine print. It’s all out in the open for you to see. You’re approved for a certain amount with a set interest rate and predetermined payments over a specific time frame. You can even get an installment loan just to help build up your credit. Additionally, an online installment loan is incredibly easy to qualify for since they’re unsecured loans. Even if you have bad credit, you can qualify for one of our easy installment loans.
Outside of all that, interest rates keep dropping and loan amounts keep going up. There’s really no reason not to get a loan if you need some extra cash now.
While it’s true that you can get bad credit installment loans easily nowadays, you still need to find a lender that will genuinely care and be understanding of you as a borrower. If you need a same day installment loan, you can get one from King of Kash.
King of Kash has been providing personal installment loans for decades. We are more than just a business! King of Kash strives to provide the best financing tools and services to customers. We are a reputable lender who is flexible and works with your financial circumstances to provide you with the best available options. We offer you fast processing, high approval rates and excellent customer service.
Cary Silverman is a consummate entrepreneur having sold multiple companies during his 20 years of business experience in the financial industry, but for him, it isn’t about the money. His success is rooted in his passion to focus on doing something better today than it was done yesterday. These days, he’s the CEO of Waldo General, Inc. that oversees the operation of King of Kash.