If you just need a few bucks to tide you over, you are probably going to get a product that gets paid back in a single payment. But if you need a few dollars more, then the reality is we are talking about installment loans.
What Are Installment Loans?
These are loans for too much money to paid back out of your next paycheck. They get paid off a little at a time.
For example, a 100 dollar loan is almost always going to be a payday loan. You don’t need to break it up into smaller chunks.
But a 1500 dollar loan is probably one you will need to pay back in smaller chunks. This is where installment loans come in. They take payments over time, usually on a monthly basis.
Let’s Talk A Little More About Installment Loans.
They may be for a short term, such as just three months. Or they may be for a long term, such 5 years loans.
They may be unsecured. These also get called personal loans or signature loans.
They may be secured with collateral, such as a title loan. If you own a car that is fully paid off, you may qualify for such.
The exact terms of the agreement will depend on your details. These will include:
- How much do you need or want?
- How much do you earn?
- What are your assets?
- How much can you afford each month?
The more you borrow, the longer the term will be. This helps make sure you can cover it and both sides end up satisfied in the end.
What Are The Basics?
As with any other product, you will need to be a legal adult and a citizen or legal resident of the US. You will also need identification, such as:
- A driver’s license.
- A tribal ID card.
- A military ID card.
- A state-issued ID card.
Generally speaking, installment loans will ask a bit more about your financial situation than payday loans will. They will want to be able to check you out a bit more thoroughly, in most cases.
You should expect to start with a pay stub or recent bank statement, but be prepared to provide a little more paperwork beyond that. This is because it’s for more money and for a longer period of time.
Find Installment Loans Now.
TheGuaranteedLoans is a loan matching service. We keep information on a variety of lenders and their products and we help consumers like you find what you need.
You fill out our online application. We compare your details to what we know about multiple possible products. When we find a match, we contact the lender and they get back to you.
This saves both sides time and money. It helps streamline the process.