Emergency installment loans are a type of personal loan designed to provide quick financial assistance in urgent situations. At MaxLend, we offer installment loans online, including emergency installment loans. These loans, ranging from $100 to $3,750, can sometimes be funded as soon as the same day.*
To learn more about loans like these, including answers to popular questions such as “What are good reasons to get a personal loan?” continue reading below.
What Is a Closed-End Installment Loan?
A closed-end installment loan refers to a type of loan where the borrowed amount is provided upfront, and the repayment occurs over a set period with fixed monthly payments. Once the borrower receives the loan amount, the agreement is closed. This means they cannot borrow more money from the same loan. With these loans, a specific amount is borrowed, and the repayment schedule is established at the outset.
Good Reasons to Get a Personal Loan
These loans are typically characterized by a few key features, which might be why you opt for a personal loan. We explain some of these characteristics below.
Quick Processing
Loans like these are designed to be processed rapidly, allowing borrowers to access funds quickly. In some cases, funds may be deposited into the borrower’s account on the same day.
Installment Repayment
Unlike payday loans, which usually require full repayment on the next payday, installment loans allow borrowers to repay the borrowed amount over a series of fixed payments. This can make repayment more manageable for borrowers.
Online Application
Many lenders that offer emergency installment loans operate online, allowing borrowers to apply conveniently from their homes. The online application process is often streamlined for efficiency.
Credit History Consideration
While some lenders may perform credit checks, there are also options for installment loans that consider other factors besides credit history. This can be beneficial for individuals with less-than-perfect credit.
Flexibility
You can use an emergency installment loan for various purposes, such as covering medical expenses, car repairs, home repairs, or other unforeseen financial needs. It’s up to you.
Key Difference Between Payday Loan and Installment Loan
The primary difference between a payday loan and an installment loan is the repayment structure. Payday loans typically require the borrower to repay the entire loan amount, along with fees and interest, on their next payday. In contrast, installment loans allow borrowers to repay the loan over a set period in multiple installments.
Installment loans generally have longer terms and may even have lower interest rates than shorter and often higher-cost payday loans. This structure may make installment loans more manageable for borrowers who need to spread payments over time.
What Other Differences Are There? Payday Loan vs. Installment Loan
When you look at installment loans vs. payday loans, you can see these are both types of personal loans. However, they differ in various aspects, including repayment terms, loan amounts, and the overall structure of the loan. Below are some notable differences in payday loans vs. installment loans.
Repayment Structure
- Payday Loan: Payday loans are short-term loans designed to be repaid in full on the borrower’s next payday. The repayment is typically a lump sum, including the principal amount plus fees.
- Installment Loan: Installment loans have a more extended repayment period. Borrowers make regular, fixed payments (installments) over a specified period, ranging from a few months to several years.
Loan Amounts
- Payday Loan: Payday loans may be for small amounts, often a few hundred dollars. The loan amount is typically based on the borrower’s income and repayment ability.
- Installment Loan: Installment loans can be for larger amounts, depending on the lender. They are suitable for both small and large expenses.
Interest Rates
- Payday Loan: Payday loans often have very high annual percentage rates (APRs), making them an expensive form of borrowing.
- Installment Loan: As with payday loans, installment loans may have higher interest rates than traditional loans.
Approval Process
- Payday Loan: Payday loans often have a quick approval process with minimal documentation. Lenders may focus more on the borrower’s income and employment status.
- Installment Loan: The approval process for installment loans may involve a more comprehensive review of the borrower’s financial situation, including credit history and income.
Cycle of Debt
- Payday Loan: Payday loans are associated with a cycle of debt, as borrowers may find it challenging to repay the entire amount on their next payday, leading to refinancing or rollovers.
- Installment Loan: Installment loans provide a more structured repayment plan, reducing the risk of a debt cycle.
Can You Have More Than One Installment Loan?
Yes, it’s possible to have more than one installment loan simultaneously. However, securing multiple installment loans depends on various factors, including your creditworthiness, income, and the lender’s policies. It’s crucial to carefully manage multiple loans, considering your financial capacity to meet repayment obligations for each installment loan to avoid potential financial strain. Some lenders, including MaxLend, will not allow borrowers to take out more than one loan at a time.
Insufficient Installment Loan Information
It can be frustrating if you receive insufficient information about your installment loan from your lender. You can, however, take proactive steps to clarify the terms and conditions.
Start by contacting your lender directly and asking for detailed loan information, including interest rates, repayment schedule, fees, and other relevant terms. Ensure that you fully understand the loan agreement before proceeding. If the lender is unable or unwilling to provide the necessary information, consider seeking advice from financial counselors or legal professionals to ensure you make informed decisions.
Remember, transparency and clear communication are crucial when dealing with financial matters, and you have the right to understand the terms of any loan you are considering. If you have any issues with a consumer financial product or service, you can contact the Consumer Financial Protection Bureau, a U.S. government agency.
MaxLend Might Have the Help You Need in an Emergency
It’s essential for borrowers to carefully review the terms and conditions of any loan, including interest rates, fees, and repayment schedules, before agreeing to the loan terms. Additionally, reputable lenders, like MaxLend, provide transparent information about their loan products and work to ensure borrowers clearly understand the borrowing process.
At MaxLend, we are your online installment loan direct lender. We know you might need to pay for many types of emergencies. Whether you have a pet emergency, a house emergency, or any type of emergency, they all have one thing in common. That is: You need help fast. MaxLend offers online unsecured installment loans that might be the emergency help you need.
If you are looking at emergency installment loans and want to apply for an unsecured installment loan, you’ve come to the right place. MaxLend offers cash installment loans online to get you the funding you need fast – sometimes as soon as the same day.* We offer direct online installment loans up to $3,750. You can easily apply online now to find out if you qualify.
To find out how the process for applying for a MaxLend loan works or to read our frequently asked questions, visit our website. You can call us 24 hours a day, 7 days a week, at 877-936-4336. Another benefit that MaxLend offers is when you take out your first loan with us, you become a part of MaxLend Preferred Rewards.
Visit us online or call us today and let us help you. By choosing MaxLend, you empower yourself with a reliable solution for unexpected financial challenges. Apply confidently and efficiently, ensuring your preparedness for whatever nature may bring.
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*Same Day Funding is available on business days where pre-approval, eSignature of the loan agreement and completion of the confirmation call, if a call is required, have occurred by 11:45 a.m. Eastern Time and a customer elects ACH as payment method. Customers who complete this process by 1:30 p.m. Eastern on business days may still receive funds on the same day, but some banks may not disburse the funds until the next business day. Other restrictions may apply. Certain financial institutions do not support same day funded transactions. When Same Day Funding is not available, funding will occur the next business day.
The content on this site is for informational purposes only and is not professional financial advice. MaxLend does not assume responsibility for information given. All information should be weighed against your own abilities and circumstances and applied accordingly. It is up to readers to determine if this information is safe and suitable for their own situations.
MaxLend, is a sovereign enterprise, an economic development arm and instrumentality of, and wholly-owned and controlled by, the Mandan, Hidatsa, and Arikara Nation, a federally-recognized sovereign American Indian Tribe. (the “Tribe”). This means that MaxLend’s loan products are provided by a sovereign government and the proceeds of our business fund governmental services for Tribe citizens. This also means that MaxLend is not subject to suit or service of process. Rather, MaxLend is regulated by the Tribe. If you do business with MaxLend, your potential forums for dispute resolution will be limited to those available under Tribal law and your loan agreement. As more specifically set forth in MaxLend’s contracts, these forums include an informal but affordable and efficient Tribal dispute resolution, or individual arbitration before a neutral arbitrator. Otherwise, MaxLend is not subject to suit or service of process. Nothing in this website is intended to waive or otherwise prejudice MaxLend’s entitlement to these protections. Neither MaxLend nor the Tribe has waived its sovereign immunity in connection with any claims relative to use of this website. If you are not comfortable doing business with sovereign instrumentality that cannot be sued in court, you should discontinue use of this website.
