An installment loan is a lending arrangement that allows a borrower to collect a lump sum of money with an agreement to pay back in scheduled periods, usually monthly. Installment loans typically have a fixed interest rate, and a failure to honor the payment schedule would attract penalties. Unlike revolving loans, an installment loan does not allow you to take on more debt from the lender, and you do not get to determine when you’ll pay back.
Installment loans come in handy if you have a major project or expense at hand, and you’re strapped for cash. If you’ve tried searching for ‘installment loans online’ on any search engine, you would have seen multiple lenders looking to pitch their business to you. But how do you know the one that will give you the best rates? Extra Loans.us is a company that’s dedicated to helping people do the hard work by connecting potential borrowers with the best lenders near them.
What are the advantages of installment loans?
There are several reasons why people may consider choosing installment loans online over other kinds of personal loans. Below is a summary of some of the most important ones:
Higher borrowing limit
Installment loans offer an organized repayment schedule. Thus, lenders can give out a higher amount as loans. Borrowers enjoy this advantage when they need a lump sum, especially for a big project or an emergency. Furthermore, you would not have to apply for multiple loans with short limits that would ultimately be inconvenient to pay back.
If you need an installment loan, all you have to do is search for ‘installment loans online,’ and you’ll be spoilt for choice. The application process is usually smooth and easy and you can complete it without leaving the comfort of your home.
Accommodates all kinds of credit rating
Installment lenders usually have a provision for everyone. Even if your credit score makes you ineligible for other kinds of loans, an installment loan will always remain a viable option. As long as you have proof that you are gainfully employed, lenders are likely to favorable consider your application.
Friendly repayment terms
As mentioned earlier, installment loans usually have fixed interest rates and friendlier repayment terms. When you apply for an installment loan online, you do not have to pay a lump sum when it’s time for repayment. You enjoy the flexibility of paying small amounts monthly or according to the agreed schedule with your lender. Usually, most people opt for schedules that correspond with their payday.
Contact us for convenient installment loans online
If you need a convenient and affordable installment loan, Extra loans.us is the company you should get in touch with. We have a credible network of borrowers that offer low-interest loans with the most flexible payment terms. Rather than doing the hard work yourself by searching for ‘installment loans online,’ why not get in touch with us and let’s link you with trusted lenders?