Most of us have experienced being short on cash at some point. It can create a sense of panic and fear. In this situation, what can you do to obtain money to address immediate needs?
First, don’t panic. There are options.
An installment loan may help.
What is an Installment Loan?
Installment loans can take different forms, from mortgages to car loans and even online quick-cash installment loans. The main requirement for an installment loan is that it is paid back in installments, usually over time.
Taking out an installment loan to cover unexpected expenses can provide you with a cushion of cash to take care of immediate needs while giving you some breathing room to pay back your loan over time.
Key Features of an Installment Loan
There are different ways to borrow money. The more appealing aspects of an installment loan include:
- Predictable Payments – Your payments are typically the same amount every time, with the possible exceptions of the first and last payments. You also know how many payments you’ll have and when each is due. You can figure them into your budget.
- Flexibility – Because these loans are paid back in installments over time, there is less immediate impact to your budget. You can pay back the installment loan gradually, while also keeping up with your regular expenses.
Taking out a quick-cash online installment loan from a direct lender like MaxLend can be simpler and easier than trying to borrow from a traditional bank or credit union, particularly if your credit history isn’t the greatest.
What’s the Difference: Installment Loan vs. Payday Loan
Sometimes people may mix up payday loans and installment loans or think they’re the same thing.
They are different in ways that may make installment loans superior to payday loans for some borrowers.
Payday loans typically require repayment in full – with interest – on your next payday. So the immediate impact to your budget on your next payday may be harsh. After paying back the loan with fees, will you be able to cover your regular expenses?
When the due date comes, some payday loans may allow you to “roll over” your loan to the following payday if you can’t make the payment – but that also comes with additional fees and interest. And you may find yourself in the same situation on your next payday.
Installment loans like MaxLend offers give you more time to repay the loan, with smaller payments that extend over nine or 10 months. Repaying the loan gradually can also give you the breathing room to stay current with your regular expenses.Installment loans may also allow you to borrow more than payday loans do.
No matter what type of loan you choose, always be sure that you fully understand the terms of the loan. And make sure that you are able to afford the payments.
Consider Your Installment Loan Options Today
MaxLend specializes in quick online installment loans for people with all kinds of credit histories.
We feature a simple, user-friendly online loan application, quick approval decisions and free Same Day Funding.*
If you’ve got questions, check out our FAQs and How it Works pages. Still have questions? Contact us.
*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.