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Business Loan Understanding Installment Loans in East Point, Kentucky
Life is unpredictable, and sometimes you need more cash than you have on hand to cover unexpected expenses. Perhaps your car broke down, or you need a new furnace for the winter. Whatever the reason, if you’re looking for a loan in East Point, Kentucky, you might want to consider an installment loan.
What is an Installment Loan?
An installment loan is a type of loan where the borrower receives a lump sum of money upfront and pays it back over time in regular installments. Unlike payday loans that are typically due in full on your next payday, installment loans give you more time to repay the loan.
Installment loans are typically available in larger amounts than payday loans and may have longer repayment terms that can range from a few months to several years. This makes them a popular choice for individuals needing to borrow larger sums of money or those who need more time to pay back the loan.
Are Installment Loans Legal in Kentucky?
Yes, installment loans are legal and regulated in Kentucky. The state has implemented regulations to protect consumers from predatory lending practices while still allowing access to credit for those who need it.
According to Kentucky law, loans cannot exceed $2,000 and must have repayment terms of at least 60 days. Interest rates on installment loans in Kentucky are also capped at 36% APR, which is lower than the average interest rate for payday loans.
How to Apply for an Installment Loan in East Point, Kentucky
If you need an installment loan in East Point, Kentucky, it’s easy to get started. The first step is to fill out an online application on TheGuaranteedLoans website. As a connector service, we will help connect you with potential lenders who can provide you with an installment loan that meets your needs.
Once you submit your application, a lender will review it and let you know if you’ve been approved for a loan. If you are approved, the lender will send you the money you need, and you’ll make regular payments until the loan is paid off.
The Benefits of Installment Loans
There are several benefits to choosing an installment loan in East Point, Kentucky:
- Larger loan amounts: Compared to payday loans, installment loans allow you to borrow larger sums of money.
- Longer repayment terms: You’ll have more time to pay back the loan, which can make payments more manageable.
- Predictable payments: Since you’ll know exactly how much your payments will be and when they’re due, it can be easier to plan and budget for loan payments.
- No collateral required: Installment loans are typically unsecured, meaning you don’t need to put up collateral like your car or your home to secure the loan.
Interesting Facts and Statistics
- In 2020, the average size of an installment loan in Kentucky was $1,595.
- Installment loans represent 20% of all non-mortgage loans in the United States.
- Installment loans are a growing form of credit in Kentucky, with over $300 million in loans issued in 2020.
Apply Now
Ready to apply for an installment loan in East Point, Kentucky? Fill out our online application now to get started. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of potential lenders who can provide you with the installment loan you need. Apply today and get the money you need to cover unexpected expenses.