Installment Loans in Hale, Michigan

Introduction

When faced with a financial emergency, sometimes a traditional bank loan isn’t the answer. Installment loans in Hale, Michigan, provide borrowers a popular option for acquiring funds through a series of smaller, more manageable payments.

What Are Installment Loans?

An installment loan is a type of personal loan where the borrower borrows a fixed amount of money upfront and pays it back over a set period of time with regular payments. These payments are known as installments and are typically made on a monthly or bi-weekly basis until the loan is repaid entirely.

Requirements for Installment Loans in Hale, Michigan

To qualify for an installment loan in Hale, Michigan, you must meet the following requirements:

• Be a resident of Michigan
• Be 18 years or older
• Have a government-issued ID
• Have a steady source of income
• Have an active checking account

Pros and Cons of Installment Loans

Pros:

• Available to people with bad credit
• Easy to manage with fixed payments
• Available with longer terms for larger loans

Cons:

• Interest rates can be high
• Fees and penalties for late payments
• May require collateral for larger loans

Interesting Facts and Statistics

According to the Michigan Department of Treasury, installment loans accounted for $3.3 billion in loan volume in Michigan in 2019. The average loan amount was $1,458, with an average term of 23.5 months and an average annual percentage rate (APR) of 139%.

Apply Now

If you’re in need of an installment loan in Hale, Michigan, apply now through TheGuaranteedLoans. Our service connects borrowers with potential lenders and helps facilitate the loan process. Please note that we are not a direct lender, but rather a connector service. Apply now to see if you qualify for an installment loan.