What are Installment Loans in Bixby, Missouri?
Installment loans are a type of loan that allows borrowers to pay back the loan in installments over time. These loans are legal and popular in Missouri, including Bixby.
How Do Installment Loans Work?
Installment loans in Bixby, Missouri work by providing borrowers with a lump sum of money that they can use for a variety of purposes. The borrower then repays the loan over a set period of time, typically in monthly payments with interest. The loan amount and repayment period are agreed upon in advance, and borrowers usually receive the funds in their bank account within 24 to 48 hours of approval.
What Are the Benefits of Installment Loans?
- Flexible repayment terms: With installment loans, borrowers have the option to borrow money over a longer period of time and repay the loan in smaller, more manageable payments.
- No collateral required: Unlike secured loans, such as car loans or mortgages, installment loans are unsecured, meaning that borrowers don’t have to put up any collateral to secure the loan.
- Fast and easy application process: The application process for installment loans is typically quick, simple, and can be done online.
Are There Any Drawbacks to Installment Loans?
As with any loan, there are potential drawbacks to installment loans in Bixby, Missouri. These include:
- Higher interest rates: Installment loans often come with higher interest rates than other types of loans due to their longer repayment terms.
- Additional fees and charges: Some lenders may charge additional fees or penalties for missed or late payments, making the overall cost of the loan more expensive.
- Risk of default: If a borrower is unable to repay their loan on time, they may default on the loan, which could negatively impact their credit score.
Interesting Facts and Statistics About Installment Loans in Bixby, Missouri
In 2019, the total amount of outstanding installment loans in Missouri was over $5 billion, with over 900,000 loans issued in the state.
Among borrowers, the most common reasons for taking out an installment loan are debt consolidation, unexpected expenses, and car repairs.
Missouri has some of the most lenient payday loan laws in the country, with payday lenders charging an average interest rate of 450%, compared to the national average of 400%.
Apply Now
If you’re interested in applying for an installment loan in Bixby, Missouri, TheGuaranteedLoans can help you connect with potential lenders. Our online application process is simple and fast, and we work with a large network of lenders to help you find the best loan options for your needs.
Please note that TheGuaranteedLoans is a connector service and not a direct lender. Your loan terms and conditions, including interest rates and repayment periods, will be determined by the lender you are connected with.