Installment Loans

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Installment Loans

There are instances when you need a bigger amount of cash, tried to borrow in form of a loan, but feel paying it in full but feel that paying it is too challenging for your finances. Installment loans help make such loans more manageable by breaking down the payments into regular and fixed installments. In fact, most of today’s big ticket items like a home, car and college education take the form of installment loans.

What is an Installment Loan and What Does It Do?

An installment loan is any type of loan that you can repay in smaller chunks until the entirety of the loan has been paid off. It allows better flexibility and manageability for the borrower as the cost of the loan per installment has been fixed in the loan agreement. You don’t have to keep guessing how much you have to shell out each due date and you can expect for these payments to be the same all throughout the loan term.

Installment loans are ideal for mid to big-ticket expenses like a vacation, expensive appliances or a lavish event. Basically, the borrower has full discretion how to use the loan. These loans are also offered on longer terms, typically starting from 6 months to a few years and for bigger loan amounts, typically starting from $1000 and up.

The Benefits of Installment Loans

  • Installment Loans are Multi-purpose. Getting an installment loan in the form of cash gives you more flexibility since it can be used for any purpose. You can spend it for major home projects, debt consolidation and to pay off your bigger bills.
  • Installment Loans allow for More Manageable Payments. Instead of making a huge dent on your finances, you get to spread out the payments of installment loans so that each payment is manageable, convenient and affordable for you.
  • Installment Loans are Better than Payday Loans and Credit Cards. If you need immediate funding and the amount required is a few dollars, you will get better deals with installment loans than using your credit card or taking payday loans. Installments are far easier to pay off and they come with lower interest as well.

How to Get Installment Loans

Installment loans also take the form of personal loans and they are available in banks, credit unions and private lenders like King of Kash. 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:

Installment Loan Requirements

  • You must be 18 years old and above and a US resident
  • You must own an active bank account
  • You must be regularly employed and works at least 36 hours a week
  • You must be able to show proof of income or employment
  • Own a mobile number for verification
  • Present a valid ID with photo

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 would be available in your bank account on the next business day.

How Do Installment Loans Work

Installment loans work by providing you with cash and be able to pay it off into manageable installments. This is an unsecured loan which requires no collateral to qualify for, although some traditional lenders may ask for security especially if you desire to borrow a bigger amount.

Most lenders would require that you have a stable job and that you have at least the minimum salary stipulated in their requirement. This will ensure that they will be able to collect the payment each due date without fail.

Payments are usually auto-debited from your account. If there are changes with your employment or if you have a hard time paying off the loan, it is advised to talk to your lender immediately to arrange the best payment option for your situation.

On the other hand, you may off the loan early and incur no penalties for doing so.

You need to pay off the loan promptly each due date to help improve your credit score as well as be able to borrow a bigger amount or negotiate a better interest rate with your lender the next time you file for another loan.

You can post the payment of installment loans through automatic deductions from your bank account, personal handing it out at the store, over the phone or ACH, whichever is more convenient for you.

When to Get Installment Loans

Installment loans allow you to borrow a bigger amount and pay it off into smaller fixed installments. Installment loans are best for mid-range to big-ticket expenses that you can’t afford to pay off in one go. 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.

How you wish to spend your installment loans is a highly personal matter and one that even your lender has no control over. However, you need to remember that taking these loans is a long-term commitment and you need to follow through with the payments promptly and regularly to prevent financial complications.

What to Consider When Getting Installment Loans

A lot of factors come into play when taking installment loans and they are often connected with one another.

First, there’s the loan amount. Installment loans are typically available in several hundred to a few thousand dollars. Work out the amount you need and try not to borrow more to keep your loan as manageable as you can.

Second, there’s the interest rate. Most rates for installment loans are fixed and lenders usually 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 credit score.

Lastly, there’s the term of the loan. Most installment loans can run between 6 months to five years. You must choose the loan term properly depending on your goals and financial circumstances. If you want to be over the loan sooner, you can opt for a short term but expect heavier installments. The longer the loan term, the smaller the amount that you need to pay but the longer you are locked into the said commitment. If you want to opt out of the loan pay it off early, you are welcome to do so without incurring any charges.

Apart from these, you must also determine your financial readiness to take on the loan payments for the next few months or years and your purpose for needing such a loan. Taking a big loan can also be a big decision and you must first determine all your available options and identify the best ones for your situation.

Bad Credit Installment Loans

Some borrowers fear that their credit history will hinder them from getting a large-scale loan with low interests. This isn’t entirely true. Even borrowers with history of bankruptcy and tainted credit can qualify for installment loans. You just need to provide the requirements and satisfy the conditions of your lender, file your application and wait for approval.

The Risks of Installment Loans

Installment loans lock you into a payment schedule. Some borrowers just don’t want to deal with a lengthy payment schedule and would rather be over the debt as soon as possible. If this is the case, installment loans may not be the best option. However, if you take an installment loan and would want to pay it off early, most lenders like King of Kash, will not charge you any fee. In fact, paying your loan off early will even save you more in interests!

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 third party collection agencies.

This will not just result to more stress of collection phone calls and mails, it can also lead to a poorer credit score. Always strive to pay off your loans and all kinds of debt in a timely manner in order to increase and protect your credit score.

Get your Next Installment Loan from King of Kash!

While it’s true that you can get installment loans so easily nowadays, you still need to find a lender that will genuinely care and be understanding of you as borrower. Should you need installment loans, get them from King of Kash.

King of Kash has been providing installment personal loans for decades now, and more than just a business, King of Kash strives to provide the best financing tools and services to their customers. A great and reputable lender works flexibly with your financial circumstances and provides you with the best available options, on top of fast processing, high approval and excellent customer service.