What are Installment Loans in Livingston, Wisconsin?
Installment loans are a type of loan that is repaid in a set of scheduled payments, or installments, over a specified period. This type of loan is generally larger than a payday loan, with more time to repay, and may be secured or unsecured.
The Legality of Installment Loans in Wisconsin
Installment loans are legal and popular in Wisconsin. The Wisconsin Department of Financial Institutions (DFI) regulates the installment loan industry and places limits on loan amounts, fees, and rates.
How do Installment Loans Work?
If you need to borrow money, installment loans may be an option for you. You can apply online or in-store at a lender that offers installment loans. The lender will ask for personal information and financial details to evaluate your creditworthiness and determine the loan amount and interest rate.
If you are approved, the lender will give you the loan amount and schedule your installment payments. The payment amount will include both the principal and interest owed, which will be spread out over the installment period. This allows you to make smaller, more manageable payments over time instead of having to pay back the loan in one lump sum.
Benefits of Installment Loans
- Flexible repayment terms: Installment loans come with a set repayment schedule that is easier to manage than a payday loan that requires full repayment in one lump sum. This makes it easier for borrowers to budget and plan their finances.
- Lower interest rates: Installment loans generally have lower interest rates than payday loans, which can make them more affordable and easier to repay.
- Bigger loan amounts: Installment loans can provide larger loan amounts than payday loans, which makes them more suitable for major expenses such as car repairs or medical bills.
- Improved credit scores: Making on-time payments on installment loans can significantly improve your credit scores over time, making it easier to qualify for other types of credit.
Statistics on Installment Loans in Livingston, Wisconsin
According to data from the Wisconsin Department of Financial Institutions, there were 95,269 installment loans made to Wisconsin borrowers with a total loan volume of $62.9 million in 2019. The average loan amount was $661, and the average interest rate was 120%.
TheGuaranteedLoans Can Connect You with Lenders for Installment Loans in Livingston, Wisconsin
At TheGuaranteedLoans, we understand that unexpected expenses can happen at any time. That’s why we offer a free service that connects borrowers with potential lenders for installment loans in Livingston, Wisconsin.
We are not a direct lender, but we work with a network of trusted lenders who can offer installment loans to help you cover your financial needs. Applying through our website is easy and hassle-free, and you can have the funds you need deposited into your account as soon as the next business day.
Don’t let unexpected expenses stress you out – apply for an installment loan in Livingston, Wisconsin today with TheGuaranteedLoans.
Apply Now to get started.