What are Installment Loans?
Installment loans are types of loans that allow borrowers to repay funds in regular installments over a specific period, often ranging from six months to several years. These loans are becoming increasingly popular in Burlington, New Jersey, as borrowers can receive funding for larger expense items, such as home renovations, car purchases, or medical emergencies, without having to provide upfront collateral.
Unlike traditional payday loans, installment loans provide borrowers with more flexibility on repayment terms and often have lower interest rates over time. Borrowers can select the repayment term that fits the individual needs, budget and choose the option that fits their financial situation.
Benefits of Installment Loans in Burlington, New Jersey
Individuals who require a larger sum of money can benefit from installment loans in Burlington. Installment loans in Burlington, New Jersey are highly regulated to ensure that borrowers are protected from scam lenders and predatory lending. Additionally, the New Jersey government demands that lenders be licensed and approved, and that they follow strict guidelines and regulations related to loan size, credit checks, and interest rates.
Here are some additional benefits to consider before applying for an installment loan:
- Flexible payments: Borrowers can repay their loan in installments according to their financial plan and needs.
- Lower Interest Rates: Compared to other loans, installment loans offer lower interest rates, translating to more affordable total repayment expenses.
- No Collateral Required: Installment loans are Unsecured loans that do not require collateral, meaning that they do not risk losing valuable property such as cars, homes or other property types.
- Fast Processing: Loan requests are processed fast, and individuals can receive funds in as little as one business day.
Interesting Facts and Statistics
According to New Jersey’s Department of Banking and Insurance, over 325,000 New Jersey residents took out installment loans in 2020. The total amount borrowed in the state exceeded $900 million, indicating the high demand for this type of loan across the state.
In Burlington, the average loan size was approximately $2,500, with most borrowers using the funds to cover emergency expenses and consolidate debt. Approximately 50% of the borrowers had a credit score below 600, demonstrating that installment loans provide an important option for people with poor credit or limited borrowing alternatives.
How to Apply for an Installment Loan in Burlington through TheGuaranteedLoans
Getting an installment loan for a larger expense may seem daunting, but the process is straightforward. If you’re considering borrowing money through an installment loan, you can quickly apply for a loan online through TheGuaranteedLoans.
TheGuaranteedLoans is a lending connector service that connects borrowers with potential lenders. The process is simple and can be completed in just a few steps:
- Fill out TheGuaranteedLoans online application with your personal and loan information.
- Wait for one of our representative lenders to evaluate your request.
- Review different offers provided by potential lenders.
- Read and agree to loan terms and repayment agreements offered by your chosen lender.
- Get funds as soon as the next business day.
It should be noted that TheGuaranteedLoans is not a direct lender. Instead, we offer a convenient connector service to potential borrowers and vetted lenders. We make it easy for you to find a lender that will meet your needs and get the funds you need to cover your expenses.
Conclusion
Installment loans are a convenient way to borrow larger sums of money without having to provide upfront collateral. They offer borrowers more control over their repayment terms with lower interest rates compared to traditional payday loans. Apply for an installment loan through TheGuaranteedLoans to take advantage of our streamlined loan application process.