Installment Loans in Matthews, Missouri

What Are Installment Loans in Matthews, Missouri?

Installment loans are a type of loan that allows borrowers to borrow a lump sum of money and repay it in regular installments over a set period of time, typically between six months and three years. These loans can be a useful financial tool for people who need to pay for a large expense, such as a medical bill or car repair, but cannot afford to pay the full amount upfront.

How Do Installment Loans Work?

In Missouri, installment loans are a legal and popular form of borrowing. The application process typically involves filling out an online form or visiting a storefront lender in person and providing proof of income, identification, and residence. Once approved, the borrower receives a lump sum of money and agrees to repay it in installments over a set period of time. The interest rate and repayment schedule are determined by the lender and based on factors such as the borrower’s credit score, income, and the amount borrowed.

Pros and Cons of Installment Loans

• Pros:
  • Flexible repayment terms make it easier for borrowers to manage their finances.
  • Predictable monthly payments make it easier to budget.
  • Can be easier to qualify for than traditional bank loans.
• Cons:
  • Interest rates and fees can be relatively high, especially for borrowers with poor credit.
  • Defaulting on an installment loan can damage your credit score.
  • The total cost of the loan may be higher than anticipated due to fees and interest.

Interesting Facts and Statistics About Installment Loans in Matthews, Missouri

• The average installment loan amount in Missouri is $1,476.
• In 2019, Missourians took out more than 750,000 payday and installment loans, totaling more than $1.6 billion.
• Missouri has some of the most permissive laws in the country when it comes to payday and installment lending, leading some to worry that borrowers are not sufficiently protected.

TheGuaranteedLoans Connects You with Lenders in Matthews, Missouri

If you’re considering taking out an installment loan in Matthews, Missouri, TheGuaranteedLoans can help. We are a connector service, which means that we work with a network of lenders to find borrowers the best loan options for their needs. We will connect you with potential lenders and provide you with the information you need to make an informed borrowing decision. Apply now to get started!

Note that TheGuaranteedLoans is not a direct lender and does not make lending decisions. We are not responsible for the actions or inactions of any lender we work with, including whether they approve or deny your loan application, the terms of any loan offered, or any other aspect of the lending process.