Online Installment Loans
For most individuals, needing a few extra dollars from time to time is a reality. This includes those moments when they're caught a bit short when it comes time to pick up the check in a restaurant or when a sought after pair of shoes goes on sale at the mall. At those times, it is perfectly acceptable to ask a friend or relative for a small loan to help out and save you from utter embarrassment.
Then again, there are those instances when a larger sum of money is needed to make everything alright. You might require home improvements that just can not wait another day. Or there could be relocation expenses like hiring a moving company, transportation invoices or a security deposit on a new apartment. Finally there are major expenses that save lives, like medical bills and unexpected emergency expenses.
The benefits of online installment loans for most consumers
Consumers who need to borrow a larger sum of money, need to figure out the best method of repayment. Unless you are expecting a lump sum payment from your employer or other benefactor, paying off a loan in a single payment is unrealistic. You still need to continue keeping up with standard monthly expenses. If you don't, your household finances, credit rating and FICO score will suffer. This only creates further fiscal problems.
This is precisely where installment loans have a direct advantage, allowing the borrower to make ongoing payments over a longer period of time. Interest is incorporated into each monthly payment, allowing the loan to repaid over a series of weeks or months. In the meantime, immediate and emergencies situations are easily remedied by the given loan amount.
Seeking an installment loan from a bank, credit union or other traditional lending institution seems like the right solution
When in need of cash, most people go for “tried and true” solutions. They enter their local bank or credit union to apply for a loan. While the Customer Service Representative at your local bank may be polite, it is quite possible that they will not be able to work with you at all.
At best, meeting with a representative of the bank is intimidating for many people. They worry that they will be judged on their appearance, income or interview. Which most applicants are, to a great extent. You'll be asked to fill out an application and then submit to what might feel like a barrage of rather prying questions.
These include questions about your job, living situation, finances and spending habits. The bank is also required to pull a copy of your credit report and seek out your FICO score. This is the way they do business, whether they're offering a customer an installment loan or a major credit card.
Many lending institutions also have policies where they provide loans primarily for their own customers. In addition, they rarely offer loans to customers who do not or cannot meet a preset list of strict requirements. As personable as your banking representative may be, they are simply not in a position to bend the rules.
Do you have what banks and credit unions want?
Depending upon the lender, banks inquire as to how many forms of collateral an applicant has. They look for forms of “major collateral” like homes, condominiums, pieces of property and automobiles. This information is used to qualify giving out money. In the event a borrower is not able to payback their loan in full or on time, the lender therefore has objects of value to take in return.
For this reason, lending institutions generally prefer homeowners to renters and older more secure consumers to younger individuals who are just starting out. Married couples have a better chance to obtain funds than singles or couples who merely live together. Well established business owners have the edge over would-be borrowers who run newer “start up” companies.
Do you have time for an interview or pre-scheduled appointment?
Banks and credit unions prefer to lend out money to those individuals who have a long-time work history. It consistently helps if the applicant has a FICO score way above 750, a solid financial history and impressive credit reports that goes back decades. Unfortunately few banks or credit unions offer installment loans for bad credit and would-be borrowers simply going through a “bad patch” of luck.
Many financial lenders also insist that applicants find the time to meet with them in person at their bank or credit union. These companies do not offer online installment loans. Ironically both of these scenarios represent a loss of revenue that could be catastrophic for someone already low on funds.
For the average employee, leaving work ahead of schedule must be carefully scheduled and is not always possible. If you own or manage your own business, off-site appointments take up your valuable time. Unlike applying for installment loans over the Internet, the very act of asking for money is likely to cost you money.
Internet based installment loans are the answer
Shopping for food, clothing and household goods can now be done entirely online. So it stands to reason, consumers should be able to find installment loans online too. It is not hard to think of the myriad of advantages online installment loans represent for most consumers.
- You can apply for installment loans in the comfort of your own home or office.
- There is no need to leave your place of employment to make an appointment.
- Applicants are not under any pressure or time restraints when seeking loans online.
- Online loan websites allow would-be borrowers to apply day or night.
- Applicants have the benefit of complete privacy when answering personal questions.
- Online lenders offer the benefits of borrowing sans intimidation.
Installment loans for would-be borrowers with difficult financial backgrounds
Perhaps one of the finest things about online installment loans is the fact that Internet lenders are more likely to offer installment loans for borrowers with varying degrees of credit. This means they understand that not everyone has a stellar credit report or upper level FICO score. However this is exactly where the finances of most consumers fall and the need for online installment loans is the greatest.
Online lenders work with a far more lenient set of requirements when it comes to dealing with borrowers. They know that today's borrower is more likely to be a renter or does not possess a long standing financial history. When offering installment loans for emerging borrowers, they realize that these consumers are serious in their efforts to repay. In some cases, receiving a loan is fundamental to their very existence.
Applying for an online loan is as easy as sitting at your home computer
Whether you've maintained a perfect credit record or find yourself searching for installment loans for bad credit, shopping over the Internet is definitely a worthwhile venture. You're more likely to find a loan that meets your personal requirements, while giving you the consumer a chance to work through any financial difficulties along the way.
Along with the convenience and privacy granted when applying for installment loans online, there is a greater chance that would-be borrowers with bad credit are given a fair chance. Internet lenders do not judge a person's financial circumstances in the way that traditional banks and credit unions do. This factor alone means that much of the stress and anxiety borrowers face is quietly eliminated.
What if I have still have unanswered questions?
Just because you are applying for a loan online, this doesn't mean that your questions go unanswered or ignored. On the contrary, online lenders make a point of providing a list of “Frequently Asked Questions” on their web pages. They do this, because most would-be borrowers generally have the same issues in mind before making out applications for online installment loans.
If you still have questions, there are Customer Service Representatives available on toll free phone lines. These individuals have been trained to answer questions about new loans. Representatives also work with customers who have questions about loans currently undergoing repayment.
Once your application has been filled out, you will be contacted as to the status of your loan. Your internet sign-in functions as an ongoing online portal with your lender. Borrowers may continue to ask questions, address issues or check on how much of their installment loan they've already repaid. If you have a change of address or telephone number, this can be corrected online as well.
Turning around a bad financial situation
Online loans for bad credit allow individuals to cope with emergency situations. These loans permit men and women to better provide for their families during temporary hard times that would otherwise break them financially. Because online lenders provide real alternatives to a wide variety of borrowers, people who would otherwise be turned away by big banks have a chance to literally find a brighter day.