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Fix Your Financial Emergency With Installment Loans

One of every consumer's worst fears is getting into a financial situation that they can't get out of.

Financial emergency situations cannot often be predicted and they're usually often devastation. On average, it's recommended by financial experts that you have $3,000 handy for emergency situations. Do you have that? If you answered no, then don't worry, neither do most working Americans today.

We're currently living in an economy that has buckled under financial pressure and a rising cost of goods. Installment loans come in handy to act as a buffer for these hard times and often at times, to completely avoid a financial disaster.

Where Installment Loans Come Into the Picture

If you're an average working citizen, then you're probably barely struggling to get by after the month's bills, groceries and any other necessities such as medication are paid. Forget having enough to cover a financial disaster, you're barely making enough to get by with the essentials.

1) What Exactly Is An Installment Loan?

If you've heard of a payday loan, then you've already heard of the concept. A $5000 installment loan is essentially the same thing as a payday loan. The working concept of the loan is the exact same: You get a loan from a financial company (lender) and then you pay it back on the next payday.

However, installment loans are a more financially secure option because of how you're allowed to pay them back.

Payday loans or cash advances are often paid 100% on return when you get another paycheck or before a certain date while installment loans allow you to pay them back usually in installments or milestones.

This option reduces the stress of paying back an entire loan and worrying about having to pay late interest fees.

2) Fear Over Loan Debts

A lot of consumers will try to avoid these loans because there's a lot of fear of becoming even more in debt with these loans. With payday loans, you might not always be able to pay the full amount back, so people will go to yet another company or the same company and get an additional payday loan. This is to help pay back the previous payday loan using another loan.

This is an unhealthy method to solving a small problem and this is why installment loans offer more safe and healthy alternative. Allowing you to pay your debt over time will often alleviate this issue and remove the need to keep getting loan after loan after loan.

For example: You need money to fix your method of transportation that gets you to and from work. However, you don't have the money and you aren't going to be paid until Friday. You can then get yourself an installment loan for the money needed to fix your vehicle and pay the company you acquired the loan from back in milestones instead of one lump sum payment. This is usually done on a set schedule but some loan agencies might allow you to pay back as you go as long as it's before a set deadline.

Are There Any Credit Checks?

This will often depend on the lender you get connected to. There's some companies that won't require you to complete a credit check but some often will, to cover their own assets. Don't even submit your loan request without some form of proof that you're actually working or making money. Lenders are businesses, they want to make money and they want to be sure that you actually can pay them back.

How Long Is The Wait To Get An Installment Loan?

Again, this depends on the lender but in general they're very quick. These are for emergencies after all and they're not going to make you wait on a check. You won't have to stand in a long line and most of the time, you can get your loan on the next business day after filling out all the necessary paperwork and agreeing to the lender's terms.

All of the above is of course situational and while some companies will demand a credit check, some companies will not. You should always have a plan on how you're going to pay them back though and make sure you leave room for yourself to pay the necessities such as bills, heating, cooling, groceries and other things after your installment for the milestone has been paid off.

It's the most practical solution for anyone in a time of need.

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