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Business Loan Installment Loans in Dogue, Virginia: Everything You Need to Know
Financial needs can sometimes crop up unexpectedly or even when we’re not financially prepared. And in situations like these, quick and reliable access to funds can make all the difference. That is where installment loans come in handy, and thankfully, they are legal and popular in Virginia.
If you’re looking to take out an installment loan in Dogue, Virginia, here is everything you need to know about them:
What are Installment Loans?
An installment loan is basically a type of personal loan that is repaid over a set period of time in equal payments. Unlike traditional payday loans with short repayment periods, installment loans are meant to be paid off in several smaller installments over an extended term.
Installment loans usually come with varying terms and interest rates, but they are generally more flexible and accessible than other types of loans.
The Application Process
To get started, you’ll need to fill out an online application form on TheGuaranteedLoans website. This application form will require personal, financial, and employment information from you. Once you click submit, lenders will then assess your eligibility and make an offer based on your creditworthiness and the information you have provided.
The great thing about installment loans is that they usually have minimal eligibility requirements compared to traditional loans. Depending on the lender, you may be able to apply with poor credit or no credit at all.
Lending Laws in Virginia
Virginia is among several states that have legalized installment loans, but there are still some regulations set forth by the state law that all lenders must follow. Primarily, installment loan lenders in Virginia must be licensed and regulated by The Virginia Bureau of Financial Institutions.
Additionally, the state regulates the interest rate that lenders can charge. As of 2021, the maximum APR in Virginia is 36%, which means lenders cannot charge more than 36% interest on an installment loan. This means that if you borrow $1000, you cannot pay back more than $1360 in total.
The Benefits of Installment Loans
- Flexible Repayment Terms: As mentioned, installment loans have more flexible repayment terms that allow you to make smaller payments over a longer period of time.
- Easy Availability: Installment loans are more accessible than traditional loans. You can apply online, and some lenders will even deposit the funds directly into your bank account within a business day of approval.
- No Collateral Required: Unlike secured loans, installment loans do not require you to put up collateral or assets as security to get them approved.
- Better Credit Score: As you keep making on-time payments on your loan, your credit score will improve over time. This can be beneficial if you’re looking to improve your credit score for future loans.
Interesting Facts and Statistics about Installment Loans in Dogue, Virginia
- The total installment loan complaint rate in Virginia was 11.77% in 2020.
- The average loan amount for all installment loans in Virginia is $5,853.
- As of 2021, the maximum APR in Virginia is 36% for installment loans.
- Approximately 32% of Virginians have a credit score below 660, which is considered fair or poor credit.
Apply Now
If you’re looking to take out an installment loan in Dogue, Virginia, fill out an online application form on TheGuaranteedLoans website today. Our platform acts as a connector service, linking borrowers with potential lenders. By submitting an application, you’ll be opening yourself up to a variety of options and lenders who can help you get the funds you need.
Remember that TheGuaranteedLoans is not a direct lender and is not responsible for any lending decisions made by lenders in our network. We simply facilitate the connection between borrowers and lenders.
Don’t let financial needs derail you – take out an installment loan today with TheGuaranteedLoans and get the funds you need to get back on your feet.