Installment Loans in Shelley, Idaho

What Are Installment Loans?

Installment loans are a popular type of loan that allows you to borrow a fixed amount of money and repay it over a set period of time in fixed, regular payments. Interest rates for installment loans may differ based on the lender, borrower’s credit score and other factors.

Understanding Installment Loans in Shelley, Idaho

Installment loans are a legal option in the state of Idaho, and they are popular with people in Shelley who need access to cash quickly. They offer several advantages over other types of loans, including:

• The ability to borrow a larger sum of money for important purchases or expenses.
• The option to spread out payments over a fixed period of time instead of making one lump sum payment.
• A predictable payment schedule that takes away the stress of unexpected expenses.

At TheGuaranteedLoans, we facilitate connections between borrowers seeking installment loans in Shelley, Idaho and potential lenders. Our goal is to make the process as easy as possible while providing borrowers with access to a range of lenders to find the right loan that meets your needs.

How Do Installment Loans Work?

When you apply for an installment loan, you’ll be asked to provide information about your financial situation, income, and credit history. Based on this information, the lender may approve or deny your application.

If approved, you’ll receive a fixed amount of money that you’ll pay back over a set period of time in regular payments. Each payment will include both principal and interest, which is the cost of borrowing money. The interest rate you’ll be charged will depend on the lender and your credit history.

Benefits of Installment Loans

There are several benefits to choosing an installment loan over other types of loans

• Flexibility: You can borrow larger amounts of money than with other loans.
• Predictable payments: You’ll know exactly how much you need to pay and when it’s due, allowing you to budget accordingly.
• Convenience: The application process is quick and easy, and you can often receive funds in as little as 24 hours.
• Improving Credit Score: Making timely repayments of an installment loan can help improve your credit score over time.

What You Need to Qualify for an Installment Loan

To qualify for an installment loan in Shelley, you’ll typically need to meet the following requirements:

• Be 18 years of age or older.
• Have a regular source of income.
• Provide proof of income, such as your latest pay stub or bank statement.
• Have a valid ID or Social Security Number.
• Have a checking account in good standing.

Interesting Facts About Installment Loans in Shelley, Idaho

• Installment loans are one of the most popular types of loans in Idaho, with an average interest rate of 15.75% based on a loan term of 12 months.
• In 2020, the Consumer Financial Protection Bureau found that the average borrower takes out eight payday loans per year, with an average loan amount of $375. Installment loans provided a better alternative to payday loans for many borrowers in Shelley.
• While the total amount of debt held by Idahoans has increased over the years, the percentage of overdue debt has remained relatively stable. This suggests that borrowers are able to effectively manage their installment loan repayments.

Apply Now for an Installment Loan in Shelley, Idaho

If you’re in need of extra cash to make important purchases or cover unexpected expenses, consider applying for an installment loan in Shelley through TheGuaranteedLoans. We work with a range of lenders to provide you with a loan that meets your specific needs. Submit an application online today and take the first step towards securing the funds you need to move forward.