Installment Loans in Washburn, Missouri

Installment Loans in Washburn, Missouri

Overview

When it comes to financial emergencies, installment loans are a popular and reliable solution for those who are struggling to make ends meet. While they may have a higher interest rate than traditional loans, the upside of installment loans is that they offer a longer repayment period and are often more flexible with credit scores. In Missouri, installment loans are legal, and so you won’t need to worry about falling afoul of any state laws. In this article, we will provide you with a comprehensive guide to installment loans in Washburn, Missouri.

What are installment loans?

Installment loans are a type of loan that gets repaid in installments, which are regular payments that are made over time. Installment loans typically offer a higher loan amount than payday loans, with a more extended repayment period, and often a more agreeable interest rate. Installment loans are popular because they allow borrowers to repay the loan without taking out another loan, and the repayment period is manageable.

How to Get an Installment Loan

To obtain an installment loan in Washburn, Missouri, you first need to find a lender. TheGuaranteedLoans is a connector service that can help connect you with lenders that offer installment loans in your area. When you find an appropriate lender, they will ask you for some necessary information such as your employment and personal information. Once your information is verified, you will receive an offer for an installment loan that meets your needs.

Interest Rates and Fees

The interest rates and fees for installment loans in Washburn, Missouri, may vary depending on the lender. You should always look for lenders who provide transparent and clear rates and fees with no hidden costs or fees. The interest rates can range from 6% to 36%, and you will need to pay an origination fee that can range from 1% to 10% of the loan amount.

Benefits of Installment Loans

– Longer repayment periods
– A more extensive range of loan amounts
– More flexible credit score requirements
– The interest rate can be lower compared to other loans

Disadvantages of Installment Loans

– Higher interest rates compared to traditional loans
– Fees with the loan
– Some installment loans require collateral for the loan

Who Qualifies for Installment Loans in Washburn, Missouri?

Installment loans are available to individuals who are 18 years or older and have a steady income. Lenders will assess your credit score, but some lenders may be lenient if you have a less-than-perfect credit score. Additionally, you will need a checking account, and you will need to go through identity verification.

Interesting Facts and Statistics about Installment Loans in Washburn, Missouri

• Missouri residents borrowed over $1 billion in payday and installment loans in 2018.
• In 2019, over 75% of Missouri installment loans were used to cover daily expenses, paying bills, and medical expenses.
• The average installment loan repayment period is 12 months.

Apply Now

If you are interested in applying for an installment loan in Washburn, Missouri, you can apply on our website for free. Remember that TheGuaranteedLoans is a connector service that will help you connect with lenders that offer installment loans that meet your needs.

The Bottom Line
Installment loans are a great solution for individuals who are facing financial emergencies. Unlike traditional loans, installment loans offer a more flexible repayment period, more extensive loan amounts, and lenient credit score requirements. If you are interested in finding an installment loan in Washburn, Missouri, you can begin by contacting TheGuaranteedLoans and applying online today.