Monthly Installment Loans
Monthly Installment Loans
In today’s world of tightened credit and lending restrictions at most traditional banking institutions many of those looking for monthly installment loans are seeking alternative lending sources. This is particularly true if the perspective borrower has a bad credit history, foreclosure or bankruptcy in their past.
Today online lenders are an increasing popular alternative to the traditional brick and mortar Main Street banks.
Finding Monthly Installment Loans Online
You can find monthly installment lenders that fit your needs and budget on the internet. There are many lenders with online web pages. You should, however, do your homework before applying for monthly installment loans online. There are unscrupulous lenders out there waiting to take advantage of the uninformed.
You should check with the Better Business Bureau and online customer references and reviews to ensure the online lenders with whom you are considering applying for monthly installment loans are honest, reliable and have taken precautions to ensure their web pages and processes are secure. Make sure the lenders’ application and email systems are encrypted and that the lender has security measures in place to ensure the safety of your financial and personal information.
To find monthly installment loans with the lowest interest rates, and payback terms that best fit your unique needs you will want to do some comparison shopping to discover which lender is able to give you the best terms.
If you are looking to borrow more than a few hundred dollars, do not have the collateral to obtain a secured loan and have a poor credit history this is particularly true. Some online lenders may have a credit limit for unsecured loans other may only make short term loans – generally to be repaid in full plus interest at the end of the month. So, the trick is to shop around until you find a reputable lender with the monthly installment loan terms you can live with.
Online Monthly Installment Loans Application and Approval Process
The online lenders’ applications and approval processes are relatively simple. No waiting in long lines or for bank loan officers to meet with you. The applications can typically be completed from the comfort of your home online in a few minutes. Since most online lenders do not require a credit check these loans are perfect for folks with a bad credit history. The only requirements for most online monthly installment loans are that you are over 18, a resident of the United States, have a bank account and a verifiable monthly income.The applications are often approved within hours and once the application is approved and if you determine the terms will meet your needs you are able to sign the loan documents electronically and the funds will be directly deposited into your bank account - usually the next business day.
Another advantage of an online monthly installment loans is the monthly payment will be automatically deducted from your bank account. No need to mail checks.
Secured Monthly Installment Loans
Secured monthly installment loans may take a little longer to close as the lender will have to perfect liens against the personal or real property to establish their interest in the collateral but the better interest rates and payback terms will be worth the extra time and effort.
The major consideration in deciding to take a secured monthly installment loan is your confidence that you will be able to meet the monthly payments. Failure to repay a secured loan will result in the lender taking the personal property or real estate you offered as collateral for the loan. You definitely do not want to find yourself in the situation of not being able to pay back a secured loan. Not only will a default on a secured loan hurt your credit standing even more you will have lost a valuable asset.
Advantages of Monthly Installment Loans Over Short Term Payday Loans
Short term payday loans are typically for small amounts of less than $1000 and are generally required to be paid back in one payment at the end of the month. If your needs are for an amount of more than $1000 or you are looking for terms that allow you to pay back the loan over several months or longer in smaller monthly payment a monthly installment loan may bettermeet your needs.
A monthly installment loan will avoid multiple origination fees incurred if you have to secure more than one short term payday loan. Monthly installment loans allow you to take care of your immediate financial obligations whatever they may be and spread the payments out in over a term that fits your monthly budget with one application and one origination fee.
Online monthly installment loans are quick and convenient way to obtain the funds you need to meet your financial needs. The funds will typically be deposited into your bank account within a day of the approval of your loan application. The approval process is simple. There are no credit checks making these loans a viable option for those with a bad credit history. The monthly payments are generally set to fit your monthly income and are electronically withdrawn from your bank account.
While a monthly installment loan is not the answer for everyone if you are confident you can repay a loan monthly installment loans are a good way to get through a difficult financial situation without defaulting on existing debts, incurring late fees or overdraft charges.