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Business Loan Understanding Installment Loans in Bonnyman, KY
For people in need of extra funds, installment loans can be a viable solution. Installment loans in Bonnyman, KY, are legal and popular among residents.
What Are Installment Loans?
Installment loans are a type of personal loan where borrowers pay off the borrowed amount over time in fixed payments. This is in contrast to payday loans, where the borrower must repay the loan in full on their next payday.
Installment loans are used for a variety of reasons, including emergency expenses, debt consolidation, and home improvements. They are especially useful when borrowers need a larger amount of money than they can borrow through a payday loan.
Legal Regulations in Bonnyman, KY
Before applying for an installment loan in Bonnyman, it’s important to understand the laws surrounding them. Kentucky has specific laws in place to regulate installment loans.
The state allows loans with interest rates up to 36%, making installment loans a more affordable option than payday loans, which can have interest rates as high as 400%.
Borrowers should also keep in mind that no lender can charge more than $15 for every $100 borrowed. This fee cannot be charged on loans over $400 and can only be charged once per loan.
Benefits of Installment Loans
One significant benefit of installment loans is the length of time borrowers have to pay back the loan. Instead of having to repay the full amount on their next payday, borrowers can spread the repayment over a more extended period, making it easier to manage. This makes installment loans an excellent option for those who need to borrow larger amounts of money but want to avoid payday loans’ higher interest rates.
Another benefit of installment loans is that they are often more accessible than other types of credit. Borrowers can usually qualify for an installment loan even if they have a poor credit score, making them an option for those who might not qualify for other types of loans.
Applying for Installment Loans
If you’re considering applying for an installment loan in Bonnyman, KY, it’s essential to do your research and make sure you understand the terms of the loan before applying.
Here at TheGuaranteedLoans, we can help you connect with lenders in your area who offer installment loans. Fill out our secure online application, and we’ll match you with potential lenders who can provide the funds you need.
It’s important to note that TheGuaranteedLoans is not a direct lender. Instead, we act as a connector service, helping you connect with lenders in your area who can provide you with the loan you need.
Interesting Facts About Installment Loans in Bonnyman, KY
- According to a report by Credit Karma, the average installment loan in Kentucky is $3,361, with an average interest rate of 161%.
- Kentucky has the highest percentage of non-prime borrowers in the country, with 47% of residents having a credit score below 700.
- Installment loans in Kentucky increased by 50% between 2012 and 2015.
Conclusion
If you’re looking for a way to borrow funds over an extended period, installment loans can be an excellent option. However, it’s essential to understand the regulations surrounding installment loans and to ensure you’re working with a reputable lender.
At TheGuaranteedLoans, we work hard to connect our customers with trustworthy lenders who can offer them the funds they need. Fill out our secure online application today to get started.
Apply Now
Ready to apply for an installment loan in Bonnyman, KY? Fill out our secure online application now to get started. Remember, TheGuaranteedLoans is not a direct lender, but we can connect you with lenders in your area who can provide you with the funds you need.
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