3 Questions When Considering a Short-Term Installment Loan
Over the years, there have been many conversations with people regarding short-term installment loans. Each situation is unique. Some support short-term installment loans while others feel they are very expensive.
Here are three questions to help you decide if a short-term loan is right for you:
1) How much do you need to borrow?
Along with the daily interest rate, borrowers should find out how much they can expect to receive and then compare that amount to their immediate financial needs – whether it be car repairs or medical expenses. Loan sizes for this type of loan usually are $300-$1500.
2) Is early repayment an option?
Even though some installment loans require full repayment at the end of the loan period, others allow some flexibility. These options may include: payouts in installments rather than one lump sum; early pay out before the end of the period.
3) Will a bigger loan save you money?
Installment loans are typically structured with higher daily interest rates than traditional bank loans and credit cards, but these types of loans can become even more expensive when borrowing large amounts. For this reason, borrowers should consider whether they will be able to repay their loan according to their payment schedule by obtaining a smaller installment loan that better fits their needs.
What is a Short-Term Installment Loan?
A short-term installment loan is a type of personal debt that requires repayment in regular installments over a set period. Because they offer higher interest rates than traditional bank loans and credit cards, these types of loans are most often used for emergency purposes such as unexpected medical expenses or car repairs.
Where Can I Get a Short-Term Installment Loan?
In today’s online world there are many online short-term installment loans available. They are usually easier and faster to apply for than other types of loans. One such company is MyFundingChoices.com, a highly reputable company.
How Much Will My Short-Term Installment Loan Cost Me?
One of the benefits to an installment loan is that your schedule payments are often lower than other types of loans available today. This means that borrowers can make well-planned budgeting decisions knowing exactly how much they need to repay each scheduled payment. How much interest you owe will depend on how much money you borrow.
How Quickly Can I Receive My money?
After receiving approval, the funds can be deposited into your bank account same day or by next business day depending on the time of approval. Borrowers make payments over a set period. We offer short-term installment loans to be repaid back in 3-, 6-, or 9-months depending on the size of the loan.
Determining Whether This is the Best Choice for You
Our qualified staff are here to answer any questions and concerns you may have when it comes to the terms of the agreement as well as payment amounts, payment frequencies and interest rates. Before agreeing to any type of loan it is important that you have all the facts prior to signing an agreement.
Let our staff fully give you the answer to the three questions as well as walk you through the process and ensuring that you fully understand not only the process but what you are agreeing to.
It is important to remember being a responsible borrower is the key to the success of repayment of a short-term installment loan. Our staff is not only here for the process of the loan but we are here to help you if you are struggling to repay the loan. We can offer you some flexible payment options to prevent default.
Providing high quality customer service from the beginning of the process to the end of the process is what we do at MyFundingChoices.com. We want to keep you satisfied and be available for you not only now but in the future.
Give us a chance to help meet your cash needs whenever they are needed.