What are Installment Loans in Merton, Wisconsin?
If you are in need of quick cash in Merton, Wisconsin and don’t have the credit score for a traditional bank loan, an installment loan might be an option for you. These are loans where you borrow a set amount of money and make payments back over time in increments or “installments.”
The repayment term for installment loans is typically anywhere from a few months to a few years, depending on the loan amount and the lender’s terms. The amount of interest you pay on an installment loan is also dependent on the lender and can vary based on factors such as your credit score and other financial information. One of the most significant advantages of installment loans is that the terms of the loan are usually more flexible than those of a traditional loan.
Benefits of Installment Loans in Merton, Wisconsin
It’s essential to know all of the benefits of installment loans before deciding whether or not to seek out such an unsecured loan. Here are some of the benefits of using installment loans:
- Repayments- With installment loans, repayments are made in installments over a period. This means you will be able to budget for the repayments before committing to the loan. In addition, the loan terms are typically more flexible than those of a traditional loan.
- Quick turnaround- The process of applying and receiving an installment loan can be quick, with funds being granted to you within a few days. This feature makes installment loans an excellent option for those who need money immediately.
- No collateral- One of the main benefits of installment loans is that they are unsecured, meaning there is no need to provide collateral to secure the loan. This makes installment loans an excellent option for people with poor credit or those who do not have enough assets to provide as collateral.
- Online Application – In today’s digital age, installment loan lenders are providing prospective borrowers with an online loan application process, making it easy to apply and get approved from anywhere with an internet connection.
- Interest rates – Installment loans have relatively lower interest rates compared to other short-term loans such as payday and title loans.
How to Apply for an Installment Loan in Merton, Wisconsin?
The application process for installment loans can differ from lender to lender, but most of them typically follow the same basic steps. Here’s how to apply for an installment loan in Merton, Wisconsin:
- Find a reputable lender online – The Guaranteed Loans help to connect you with Wisconsin lenders who can provide you with an installment loan.
- Fill out the online application – This requires you to provide basic information like your name, contact information, and proof of income. With most lenders, you can complete this step within minutes.
- Underwriting process – Lenders will review your application and pull your credit. This helps them determine whether or not you are eligible for the loan and what your interest rate will be.
- Receive your funds – Once you have been approved, the funds will be deposited directly into your bank account. Typically, the funds will be available to you within a few business days.
Interesting Facts About Installment Loans in Merton, Wisconsin
- Wisconsin is one of just a few states to have no cap on interest rates for installment loans, leaving lenders free to charge whatever they feel reasonable.
- It’s legal to get an installment loan in Wisconsin even if you have bad or no credit history.
- The maximum amount of money that can be borrowed for installment loans is $25,000.
- Installment loan lenders in Wisconsin are not allowed to garnish wages, levy bank accounts, seize property, or take legal action against a borrower for loan default.
- As of 2019, there were over 400 licensed lenders of installment loans in Wisconsin.
Apply Now with The Guaranteed Loans!
The Guaranteed Loans can help you find reliable installment loan lenders in Merton, Wisconsin. As a connector service, not a direct lender, our mission is to make the process of acquiring an installment loan simple and stress-free. If you need quick cash, apply now, and we’ll connect you to one of our lending partners.