MaxLend provides quick approval, short-term installment loans as an alternative solution to payday loans to help everyday people keep their heads above the water and their bank accounts in the green. But what is an installment loan, and how do installment loans work?
What Is an Installment Loan?
An installment loan is a type of loan where you receive one lump sum of money and sign an agreement stating you will pay it back in scheduled payments over a fixed amount of time until your debt is paid off. The repayment schedule is predictable, allowing borrowers to have control over their budget and providing them an easier way to plan a better financial future.
What Can Installment Loans Be Used For?
These money loans can be used for unexpected personal expenses, as well as a wide variety of things, if the money in your savings account is insufficient.
Types of Installment Loans
There are two types of installment loans: collateralized and non-collateralized. Between mortgages, auto loans, personal loans, and student loans, mortgages and auto loans are collateralized, while personal loans and student loans are non-collateralized.
Collateralized
Mortgages are collateralized with the house that the loan is being used to purchase. This is the same for auto loans, where the lender uses the vehicle as security against the sum of the loan. If you fail to make payments for a collateralized loan, you risk losing the item being used for collateral.
Non-Collateralized
Loans that do not require collateral are usually based on the borrower’s credit score and the ability to make payments based on credit history. Compared to the eligibility criteria for most banks and other traditional lenders, MaxLend’s loan requirements are minimal. Non-collateralized installment loans usually have a higher interest rate, reflecting the higher risk of non-repayment due to the fact that no collateral was offered up.
Should I Get an Installment Loan?
If unexpected expenses have come your way – home repairs, auto repairs, emergency legal fees, etc. – and you need emergency funding, an installment loan could help you get back on your feet and give you time to get your finances under control. When you apply for cash online and opt for an installment loan, you know exactly how much you have to repay each month.
An Alternative Solution to Payday Loans
Installment loans are popular money options for those in need of emergency funding. At MaxLend, we offer cash loans online in a short-term installment plan for those in a financial emergency. This type of loan is an alternative solution to payday loans. For more information on how to get an installment loan, contact MaxLend today. We’re available 24/7 at 877-936-4336.
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.
