Payday Loan 
Title Loan 
Personal Loan 
Business Loan What are Installment Loans?
When you’re struggling to make ends meet, a lump sum of cash can be the difference between covering expenses and falling behind on bills. Installment loans provide borrowers with this cash, letting them pay it off in smaller, more manageable chunks over a longer period of time. In Exeter, Missouri, installment loans are a legal and popular way to get the cash you need.
How Do Installment Loans Work?
Installment loans are typically offered by banks or credit unions, but alternative lenders also offer them. These loans provide borrowers with a lump sum of cash upfront, which they must then pay back in installments over a set period of time. Each installment includes part of the principal amount borrowed, plus interest and fees.
The repayment period for installment loans varies, but it can range from a few months up to several years. The repayment frequency might also vary, with some loans requiring weekly, bi-weekly, or monthly payments.
Installment Loans vs. Payday Loans
While installment loans and payday loans both offer access to quick cash, they are not the same thing. Payday loans typically require borrowers to repay the full amount borrowed (plus fees and interest) in a single payment, usually on their next payday. Installment loans, on the other hand, allow borrowers to pay the loan back over a longer period of time, which can make it easier to manage.
What Are the Benefits of Installment Loans?
- Installment loans provide borrowers with a lump sum of cash upfront, which can be helpful if you’re facing an unexpected expense.
- Repayment period of installment loans could be longer than payday loans making payments more manageable for borrowers.
- Installment loans can come with lower interest rates than other types of loans if the borrower has good credit history.
- Borrowers can use installment loans for various purposes, like repairing their car, covering medical expenses, or consolidating debts.
Things to Consider Before Taking Out an Installment Loan
While installment loans can be a practical solution for those who need funds, it’s essential to consider the following before taking one out:
- Interest rates and fees – Before signing up for an installment loan, make sure you understand the fees and interest rates that come with it. Compare rates of multiple lenders to choose the best one.
- Repayment period – Understand the repayment period and frequency before borrowing the loan. Make sure you’ll be able to afford the payments.
- Credit score – Some lenders have a credit score requirement, so it’s essential to check whether you’re eligible for the loan. Lenders may also check your creditworthiness before approving your loan.
- Payment due dates – Make sure you keep track of when your payment is due, so you avoid late fees or defaulting on your loan.
Why Choose TheGuaranteedLoans?
At TheGuaranteedLoans, we work with a team of reputable lenders in Exeter, Missouri, who can offer you installment loans, regardless of your credit history. We’re a connector service, not a direct lender, which means we act as a mediator between borrowers and lenders. Our goal is to help you find the right lender for your needs, quickly and efficiently.
Apply Now
If you’re a resident of Exeter, Missouri, and need a loan, start your application today. You can apply online by filling out a simple form on our website. The form will be sent to our lenders, who’ll review your application. You’ll receive the approval decision shortly with different loan options. We ensure confidentially and safety of your personal and banking information.
Interesting Facts and Statistics
- In 2020, the average installment loan amount in Missouri was $1,554.
- In Missouri, the maximum loan amount for installment loans is $5,000.
- An estimated 35% of Missourians have subprime credit scores, which can make it challenging for them to get approved for traditional loans. Installment loans are popular among this group.
- Installment loans make up 11.5% of all consumer loans in Missouri, according to the Missouri Division of Finance.
Conclusion
Installment loans can be a helpful tool when you need quick access to cash. The extended repayment period allows you more time to pay off the loan, which is why they are popular in Missouri. However, it’s essential to choose the installment loan lender that suits you the best and understand the terms and conditions of the loan before applying.