Installment Loans in Sullivan, Wisconsin

Understanding Installment Loans in Sullivan, Wisconsin

Living in Sullivan, Wisconsin, you may face unexpected expenses that require an immediate solution. In situations like this, an installment loan can be a helpful option to deal with urgent needs.

What is an Installment Loan?

An installment loan is a type of loan where the borrower receives a lump sum amount that they repay to the lender over time with interest. The repayment is made in fixed monthly or bi-weekly installments until the loan is fully repaid. Installment loans differ from payday loans in that payday loans usually require full repayment on the next payday.

Installment loans are legal and popular in Wisconsin. Moreover, the state introduced some caps on interest rates, terms, and loan amounts to protect borrowers from unscrupulous lenders. This means you can get safe and affordable installment loans in Wisconsin without worrying about any hidden costs or fees.

How Can You Get an Installment Loan in Sullivan, Wisconsin?

Most lenders require the following criteria before approving your installment loan application:

• You must be 18 years or older
• You must have a valid state-issued ID or driver’s license
• You must provide proof of income
• You must have an active checking account

If you meet these requirements, you can apply for installment loans in Sullivan, Wisconsin, either online or in-person at a lender’s storefront. Online applications are convenient and fast as you can apply from the comfort of your home. Whereas, storefronts offer the advantage of in-person consultations if you prefer a more hands-on approach.

Advantages of Installment Loans

There are multiple advantages to obtaining an installment loan:

• Predetermined payments – The monthly payments are predetermined so you can plan your budget accordingly, unlike credit cards, where the minimum payment can fluctuate each month.
• Better credit – If you make scheduled payments on time, it can improve your credit score.
• Longer repayment period – The repayment period for an installment loan is longer than a payday loan, giving you enough time to repay the loan without feeling overwhelmed.
• Lower interest rates – Interest rates for installment loans are generally lower because the lender receives a return on a more extended loan period, unlike payday loans, where the lender must receive a return within one or two weeks.

Interesting Facts and Statistics About Installment Loans in Sullivan, Wisconsin

• Wisconsin caps the interest rate on installment loans for amounts less than $2000 at 36% APR.
• According to a 2019 report, 34% of all Wisconsin residents have relied on non-bank lenders for credit in the past five years.
• In 2019, Wisconsin passed legislation that explicitly regulated the installment loan industry, providing consumer protections including interest rate caps and maximum loan amounts.
• Installment loans are available to Wisconsin residents for up to $10,000 with repayment terms of up to 36 months.

Apply Now for an Installment Loan at TheGuaranteedLoans

At TheGuaranteedLoans, we offer a simple and secure online application process to help connect you with potential lenders who can offer you installment loans in Sullivan, Wisconsin. Remember, we are not lenders ourselves but a connector service, facilitating your connection with legitimate and reputable lenders.

Fill out the online application form on our website, and we will match you with a lender that meets your needs and requirements. Applying for an installment loan in Sullivan, Wisconsin, has never been easier.

Are you in Sullivan, Wisconsin, and in need of an installment loan? Don’t hesitate. Apply now at TheGuaranteedLoans.