Installment Loans in Marquand, Missouri

Installment Loans in Marquand, Missouri

Installment loans are a popular way to borrow money in Missouri. Unlike payday loans, which require immediate repayment of the loan plus fees on your next payday, installment loans allow you to borrow a larger amount of money and pay it back over time in smaller, more manageable installments. If you’re in need of quick cash in Marquand, Missouri, an installment loan could be the solution you’re looking for.

What is an Installment Loan?

An installment loan is a type of loan that allows you to borrow a fixed amount of money and pay it back in installments over time. Each installment includes a portion of the principal as well as interest and fees. Installment loans can be secured or unsecured, meaning you may or may not need to put up collateral to qualify for a loan. Typically, installment loans have lower interest rates than payday loans and other short-term loans, making them a more affordable option for borrowers.

How to Qualify for an Installment Loan in Marquand, Missouri

To qualify for an installment loan in Marquand, Missouri, you’ll need to meet the following requirements:

• Be at least 18 years old
• Be a US citizen or permanent resident
• Have a valid email address
• Have a checking account in good standing
• Meet the lender’s minimum income requirements
• Provide proof of income and identity

Once you meet these requirements, you can fill out an application for an installment loan online or in-person at a lender’s office. In most cases, lenders will run a credit check to determine if you qualify for a loan and to set your interest rate.

Benefits of Installment Loans

There are several benefits to taking out an installment loan in Marquand, Missouri:

1. More Manageable Repayment Terms

Unlike payday loans and other short-term loans, installment loans give you a longer repayment period. This means you can spread your payments out over several months, making them more manageable and affordable.

2. Lower Interest Rates

Generally, installment loans have lower interest rates than payday loans and other short-term loans. This means you’ll end up paying less in interest over the life of the loan.

3. Access to Larger Amounts of Money

With installment loans, you can typically borrow more money than you could with a payday loan or other short-term loan. This can be helpful if you need to cover a large expense, such as a medical bill or car repair.

Interesting Facts About Installment Loans in Marquand, Missouri

• According to a report by the Missouri Division of Finance, installment loans accounted for over 80% of all loans made by licensed lenders in the state in 2020.
• The average interest rate for a Missouri installment loan in 2020 was 249%, according to the same report.
• Missouri law sets a maximum interest rate of 36% on consumer loans, but allows lenders to charge additional fees and charges that can significantly increase the cost of borrowing.

Apply Now for an Installment Loan in Marquand, Missouri

If you’re in need of quick cash in Marquand, Missouri, TheGuaranteedLoans can help connect you with potential lenders who offer installment loans. Our online application process is simple and easy to use, and we’ll work to match you with a lender who can meet your needs. Keep in mind that TheGuaranteedLoans is a connector service, not a direct lender, and that we don’t make credit decisions or lend money directly. Apply now and get the cash you need to cover your expenses.