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Business Loan Understanding Installment Loans in Dale, Illinois
When life throws unexpected expenses at us, sometimes, we need a little help to cover the costs. That’s where installment loans come in. An installment loan is a type of loan that allows you to borrow a lump sum of money upfront and pay it back over time in set installments.
Installment loans are legal and popular in Illinois, and if you’re a resident of Dale, you have access to a variety of installment loans to choose from. In this article, we’ll take you through everything you need to know about installment loans in Dale, Illinois, and how they can help you if you need financial assistance.
How Installment Loans Work
Installment loans are typically unsecured, meaning you don’t need to put up any collateral to secure the loan. They come in two types: secured and unsecured.
Secured loans require you to put up an asset as collateral for the loan. If you fail to make your payments on a secured loan, the lender has the right to take possession of the collateral. Examples of secured loans include auto loans and home mortgages.
Unsecured loans, on the other hand, don’t require you to put up collateral. Instead, they are based solely on your creditworthiness and ability to repay the loan. Examples of unsecured loans include personal loans, student loans, and credit cards.
Installment loans fall under the category of unsecured loans. When you take out an installment loan, you borrow a lump sum of money that you have to pay back over a set period, usually in monthly installments.
Each installment consists of a portion of the principal amount you borrowed, plus an interest fee. The interest rate on an installment loan varies depending on the lender. However, in Illinois, installment loans are legally capped at 99% APR.
Benefits of Installment Loans
While payday loans have traditionally been the go-to source of borrowing for people in need of quick cash, installment loans have gained popularity in recent years. Here are some of the benefits of taking out an installment loan in Dale, Illinois:
- Quick and easy approval. Compared to traditional loans, the approval process for installment loans is quick and straightforward, and you can even apply online.
- Flexible repayment terms. Installment loans are flexible, and you can choose a repayment term that works for you. This means that you can select a period that allows you to comfortably repay the loan without putting you under too much financial strain.
- No collateral needed. Unlike secured loans, installment loans do not require collateral, which means you don’t have to worry about losing your assets if you default on your loan.
- Improve your credit score. If you take out an installment loan and make your payments on time, it can help improve your credit score, making it easier for you to access credit in the future.
Interesting Facts and Statistics About Installment Loans in Dale, Illinois
- In 2019, the Illinois Department of Financial and Professional Regulation reported that installment loans accounted for over 79% of loans made to Illinois consumers. This shows that installment loans are a popular borrowing option for people in Illinois.
- The average installment loan amount in Illinois is $1,300, and the average loan term is 15 months.
- Installment loans grew by 12.4% in 2018, which shows that more people are turning to this option for their borrowing needs.
- Dale, Illinois is home to several installment loan lenders, including banks, credit unions, and online lenders, offering a variety of options to borrowers.
The Application Process
If you want to take out an installment loan in Dale, Illinois, the first thing you need to do is find a lender that fits your needs. You can either apply online or visit a lender in person.
When applying for an installment loan, you’ll need to provide personal information, such as your name, address, social security number, and employment details. The lender will also check your credit score to determine your creditworthiness and ability to repay the loan.
If you meet the lender’s eligibility criteria, they will offer you a loan amount and a set repayment term. If you accept the loan terms, the lender will transfer the funds to your bank account, which you can then use to cover your expenses.
Apply Now
If you’re in need of a quick cash fix to help you cover unexpected expenses, apply for an installment loan today. At TheGuaranteedLoans, we are a connector service, not a direct lender, giving you access to a network of potential lenders that can offer you competitive loan terms.
Fill out our online application form, and we’ll match you with lenders that fit your needs. The application process is quick and easy, and you can get an offer within minutes. Apply now and take the first step towards securing the financial assistance you need.