Installment Loans in Memphis, Missouri

The Ins and Outs of Installment Loans in Memphis, Missouri

Are you struggling with financial issues and need some extra cash in Memphis, Missouri? You’re not alone. Life can throw some curveballs that we did not expect, and those curveballs often come with a hefty price tag attached. Sometimes, we need to borrow some money to navigate these unexpected costs. Installment loans are a popular, legal, and effective solution in Missouri. In this article, we will break down everything you need to know about installment loans in Memphis, Missouri.

What Are Installment Loans?

Installment loans are a type of loan that is repaid in installments over a set period of time. Installment loans typically have a higher principal amount than payday loans, and as such, they are usually repaid over a longer period. In most states, installment loans are legal, regulated, and considered a safe and reliable way to borrow money.

What Are the Benefits of Installment Loans?

There are several benefits to taking out installment loans, including:

• Convenient and Fast Application Process: Applying for an installment loan is typically a quick and straightforward process. You can apply for one online, and you usually get a decision on your application within a few minutes.
• No Collateral Needed: Installment loans do not typically require collateral, such as a car or home, as with some other loan types.
• Predictable Payments: The repayment plans for installment loans are usually fixed, so you know precisely what you owe and when you need to pay it back.
• Flexible Use of Funds: Unlike some other loan types, Installment loans usually don’t have restrictions on how you use the funds.
• Improve Your Credit Score: If you make payments on time and pay off the installment loan, it can positively impact your credit score.

How Do Installment Loans Work in Memphis, Missouri?

In Memphis, Missouri, installment loans work similarly to other states. You borrow a sum of money from a lender and agree to pay it back over a predetermined period with interest and fees. In Missouri, lenders can charge up to 75% in interest per year and a borrowing fee of 10% of the principal amount per loan.

It’s important to note that if you don’t pay on time and default on the loan, it can result in additional fees and negative marks on your credit report. As such, it’s essential to ensure that you can meet the repayment plan before taking out an installment loan.

Interesting Facts and Statistics About Installment Loans in Memphis, Missouri:

• In 2018, there were over 1.5 million installment loans taken out in Missouri, which totaled over $1 billion in loan volume.
• The average installment loan amount in Missouri is $1,176.
• According to the Consumer Financial Protection Bureau, in 2020, 46% of borrowers took out installment loans to cover unexpected expenses such as car repairs and medical expenses.
• In Missouri, there is no limit to how many loans a borrower can take out at one time or how much total borrowing they can do.
• Missouri has the 3rd highest APR cap for installment loans in the United States, only behind Texas and Utah.

Apply Now

If you’re considering taking out an installment loan in Memphis, Missouri, TheGuaranteedLoans can help. We are a connector service that can help connect you with potential lenders. Fill out our online application, and we’ll do our best to assist you in finding a lender to suit your needs. Remember, TheGuaranteedLoans is not a direct lender, and we do not make credit decisions.

Conclusion

Installment loans can be an excellent solution for those looking to navigate unexpected expenses and financial emergencies. However, it’s essential to ensure that you can meet the repayment plan before taking out a loan. Always be sure to research the lender before borrowing, and never borrow more than you need. With TheGuaranteedLoans, you can find lenders in Memphis, Missouri that offer installment loans with reasonable interest rates and repayment plans to suit your needs.