subject: Installment-Loans: Great For Emergencies! [print this page] Installment-Loans: Great For Emergencies!
If you need to get a loan right away, perhaps an emergency happened and your credit card can't cover it, an installment loan may be just what you need! Many times your credit is not checked, nor is your credit report even looked at when applying for an installment loan, so the process is very quick. You can have your loan and the money in just a few hours! There are many websites that will allow you to apply on-line, so with just a few clicks of the button and answering a few questions about yourself, you will usually have your money that same day!
Installment loans are generally for a smaller amount of money, usually up to around 1,500 dollars, which is perfect if you find yourself in a pinch and need a larger amount of cash fast! Installment loans are therefore not for expensive items, but generally for just needing some extra cash. Also, with most loans, borrowing an amount that small would require you to pay back the loan in full after a relatively short period of time. With installment loans, however, the term of the loan is extended quite a bit longer so that your payments will be much smaller. This is especially nice if you had not budgeted for large payments from a loan due to an emergency occurring.
As wonderful as installment loans can be, however, keep in mind that if you have good credit, chances are you will be paying a little more in interest than if you had the time to do your homework and get your loan from someplace else. However, it is always nice to have some extra cash after making payments, and it is always wise to be sure you have extra money set aside to put into savings regularly. Installment loans are therefore a great alternative to freeing up some extra cash if a loan is needed.
