Answering Questions About Installment Loans

Answering Questions About Installment Loans

Everything is going along smoothly, money is tight, but you’re making it. Then, something happens, and suddenly you’re in need of instant cash. What do you do? For many people the answer is a loan, sometimes a payday loan, but better than that, an installment loan.

Why is an installment loan better than a payday loan?

Payday loans have their place. They’re a good solution for a small amount of money that can be paid back instantly on the borrower’s next paycheck. But what about larger amounts? For example, maybe the tires have to be replaced on the car. That’s no small amount and to pay it back instantly on the next paycheck could put a person in dire straits, straining them to make it until yet another payday. With an installment loan such as those offered by Maxlend Loans, individuals can borrow larger amounts of money and have repayment spread over several months to make it easier to payback. Certainly, the borrower can pay back the loan all at once at any time during the loan if it’s convenient, but if it’s not, they can typically take up to six months to pay it all back.

What are the qualifications for a loan?

While all companies have different qualifications, it’s a safe bet that applicants should have a checking account, direct deposit of their paycheck, adequate income to cover the loan, be at least 18 year of age and not be in bankruptcy.

I need the money QUICKLY! How soon can you help me?

Applications are submitted online, and a follow-up phone call comes in shortly thereafter. Then, if the application is approved, the money could be deposited within 24 hours.

How much can I qualify?

The first time you place an application with a company such as Maxlend, expect the approved amount to be no more than $1,000. However, once you’ve become an established customer with a good re-payment record, you’re likely to be approved at higher limits.

A small note of caution: a loan company should not be a way of life, but a helpline in times of emergency. By continuing to request loans, consumers are digging a hole it can be very difficult to get out of. However, in times of emergency, an installment loan could be just the help needed.

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