Introduction
When life throws unexpected expenses our way, we sometimes need financial assistance to overcome them. In Howey-in-the-Hills, Florida, installment loans are a legal and popular option for those who require additional funds. If you’re unfamiliar with installment loans, keep reading to learn how they operate, what types of loans are available in Howey-in-the-Hills, and how you can apply for one today.
What Are Installment Loans?
Installment loans are a kind of loan where the borrower agrees to repay the loan in predetermined installments over time. Unlike payday loans, which require payment within two weeks, installment loans may be due over a period of months, typically six months to three years. Installment loans are also available with smaller interest than payday loans, making them a more affordable alternative. Borrowers may apply for installment loans in person at a brick-and-mortar location or online.
Types of Installment Loans in Howey-in-the-Hills, Florida
In Howey-in-the-Hills, Florida, several kinds of installment loans are available. Here are a few examples of the installment loans borrowers may apply for:
- Personal Loans: Personal loans are typically unsecured loans and might be available to individuals regardless of their credit score.
- Car Loans: Car loans are installment loans taken out to purchase a vehicle. In many cases, the car acts as collateral for the loan.
- Mortgages: Mortgages are long-term installment loans taken out to finance the purchase of a property.
How To Qualify for Installment Loans in Howey-in-the-Hills, Florida
To apply for an installment loan in Howey-in-the-Hills, Florida, the borrower typically must be at least 18 years of age, have a valid government-issued ID and a social security number, and have proof of income and a checking account. The lender may review the applicant’s credit score, but this can vary based on the type of installment loan being applied for.
Benefits and Drawbacks of Installment Loans
Benefits
There are several advantages to taking out an installment loan. Here are a few of the most common:
- Long repayment period: Installment loans offer borrowers a longer repayment period, typically stretching over three to five years.
- Quick application process: With online lenders, borrowers may apply quickly and get their funds deposited into their account in a matter of hours or days.
- Lower interest rates: In most instances, installment loans come with smaller interest rates compared to payday loans.
Drawbacks
Before taking out an installment loan, it’s important to understand some of the potential drawbacks that come with them. Below are a few of the most significant:
- Long term repayments: Although long term repayments may appear to be beneficial in the beginning, the borrower may wind up repaying more on interest than they would with a shorter-term loan.
- Higher interest rates for subprime borrowers: Borrowers with a poor credit score may receive larger interest rates.
- Damage to credit score: If a borrower is unable to make their payments on time, it could damage their credit score.
Interesting Facts and Statistics About Installment Loans in Howey-in-the-Hills, Florida
According to the Pew Charitable Trusts, in the United States, installment loans are used more frequently than payday loans, with borrowers taking an average of eight payday loans for every ten installment loans borrowed. Installment loans also have a higher approval rate than payday loans. In Florida, according to the Center for Responsible Lending, 83.3 percent of installment loan borrowers were unable to repay their loans successfully on their first due date in 2019.
Apply Now for Installment Loans in Howey-in-the-Hills, Florida
If you need additional funds in Howey-in-the-Hills, Florida, installment loans may be the appropriate solution for you. Direct lender options can be found by using our connector service, TheGuaranteedLoans. Applying is simple, and you may access the form directly from our website. Please keep in mind that while we will do all we can to match you with a lender, we don’t make direct loans or credit evaluations. Fill out our application online today for quick access to financial relief.