If you’re looking for a small sum to deal with a sudden expense, it’s in this type of situation that installment loans can provide a helping hand. So let’s take a closer look at what installment loan is all about and how it can help you get out of a financial bind.
What Is an Installment Loan, And How Does It Work?
An installment loan is a type of short-term loan in which you make monthly payments for a certain period of time instead of paying it all upfront. This type of loan is offered by non-traditional financial institutions and is available in different forms.
Installment loans are generally more expensive than other types of loans, but they are more flexible in terms of how much you can borrow and when you can pay back the loan.
Benefits and Drawback of Installment Loans
Installment loans have some clear benefits over other types of credit. It is designed to help people with limited financial resources, but they are not without their share of drawbacks. Here are some of the benefits and drawbacks of applying for installment loans:
Benefits
- Flexible payment schedule
- Fixed payment terms
- Fixed interest rate
- The quick and easy application process
- Fast fund transfer
Drawbacks
- High-interest rate
- Financial strain
- High chance of getting scammed
Companies that Offer 3 Months Installment Loans
If you are looking for a quick and easy solution to your financial problems, you may want to consider applying for a 3-month installment loan on any of the following companies:
Eastern Loans
Eastern Loans offers installment loans ranging from $500 to $1,000, with an interest rate of 23%. Their payment term is from 3 months to 5 months.
Captain Cash
Captain Cash offers installment loans ranging from $500 to $750, with an APR of 22%. Their payment term is from 3 months to 4 months.
Go Loans Canada
Go Loans Canada offers installment loans ranging from $500 to $1,000, with an interest rate of 32%. Their payment term is from 3 months to 4 months.
Teka Loan
Teka Loan offers installment loans ranging from $500 to $1,000, with an APR of 23%. Their payment term is 3 months to 5 months.
Frequently asked questions
What are the requirements needed to apply for a 3 months installment loan?
What are the factors to consider in choosing a lending institution?
Conclusion
Installment loans may be easy to access, but you really have to think long and hard before going into debt. It can be tempting to borrow some money to take that dream vacation, but make sure not to bite off more than you can chew. As long as you have a reliable income and trust that you can adhere to a payment plan, installment loans might just be the solution for you.
Piggyy
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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