If you get an installment loan, you get a single lump sum and pay it back at monthly intervals at a fixed interest rate over the course of an agreed period. This type of loan can be short-term or long-term. A short-term installment loan must be paid back within a few weeks or months. This loan option is often preferred to fix a simple financial issue after which the borrower just moves on. When it comes to getting short-term installment loans, timing is a significant factor to take into account. Getting this loan doesn’t come with any collateral.
The Simple Application Process
When applying for a short-term installment loan, take advantage of the internet. Your chosen lender will ask you to provide basic information and a loan in writing. If the lender approves your loan amount, chosen repayment date and the fee, they will deposit your money in your checking account. A lot of lenders of this type of loan approve even those with poor credit. Check out your qualification at slickcashloan.com.
Average Amounts and Fees Involved
In general, short-term loans range between $100 and $1000. Make sure you take into account the amount of your loan carefully and request for what you can afford to pay back. Lenders of this type of loan may extend the payment terms up to four weeks. But because most lenders don’t consider extensions, it might be best to keep your loan’s term as short as possible. On average, lenders will charge between $15 and $30 per $100 you borrow. Know how much you can get at Slickcashloan.
Finding the Right Lender
Banks, credit unions and online lenders can give you installment loans. While your bank may be able to provide you this loan at a low interest rate or under favorable repayment terms, online lenders exist to make the entire process as easy as possible for you. Online lenders can give you these loans quickly and in a convenient way. A lot of them promise to give you the loan in just one business day. Take note that the interest rates can be higher than your bank. Just make sure you that you find a reputable lender so that you can get the best deal. Also, since the lender will be asking for your basic and personal information, ensure you are cautious about your choice so that your data won’t end up in wrong hands.