Installment loans are becoming more popular by the day. They are quickly beginning to replace payday loans as the preferred form of emergency lending.
Many more people are now turning to installment loans for their emergency borrowing needs instead of settling for payday loans like they would have done in the past.
There are several reasons for this new development. The chief of which is the fact that installment loans are much cheaper than payday loans.
The average payday loan costs around 300% in interest payments monthly. The number is 30% for the average installment loan. That is about a hundred times cheaper than payday loans.
What this means is that installment loans actually help borrowers save money…money that they would otherwise have wasted on payday loans.
Installment loans are way cheaper than payday loans.
And like payday loans you can get an installment loan even if you have a bad credit score. In fact there are a host of lenders who offer you Installment loans for bad credit…installment loans for people who have a bad credit scores.
This is almost a “micro” industry in itself.
What this means is that installment loans are quite easy to get…as easy to get as payday loans. Many installment loan lenders don’t even require a credit score to give you a loan.
They give you a loan even if your credit score is nonexistent.
So there is really no need to be afraid to apply for an installment loan if you have a bad credit score or no credit score at all.
There are many lenders who will gladly give you an installment loan nonetheless…who will gladly give you an installment loan for bad credit.
But apart from the ease involved in getting an installment loan, perhaps what makes these loans stand out even further is the ease with which you repay them.
You are allowed to pay back installment loans well, in installments… in tiny manageable chunks that make them very easy to pay.
This is a very important benefit because it makes it hard for people to get into debt when they choose to get an installment loan.
Installment loans are safe emergency loans…and that’s really their greatest benefit. So if you are thinking about getting a loan to take care of an emergency…an installment loan should be your first choice.
And if you have a poor credit score simply apply for an installment loan for bad credit and you will be well on your way towards getting the loan you need.
Installment loans are the best form of emergency lending at the moment.