If you have been considering getting a small loan to pay off some debts, or bills, but your bank wants you to fill out a lengthy application and get a credit check, online installment loans may be a better option for your financial situation. Banks can have a lot of requirements and stipulations when it comes to taking out a small personal loan, and it can be incredibly difficult to get your loan application approved. Here are a few reasons why you may want to skip the application for a small personal loan with a bank, and get an online installment loan instead.
When you apply for online installment loans you can often pick what day you want to make the payments to pay the money back, making it easy for you to set the date around when you get paid. This means you’ll have the money to make the payment responsibly and on time. You can even make payments on dates when your payments aren’t due, to cut down the amount of principal you owe.
Monitored Interest Rate
Many states have laws that regulate the interest rates and the fees that can be charged to those that take out online installment loans, so you don’t have to worry about being charged an interest rate that is unaffordable. Instead, you know that you are paying a rate that is fair in regards to your current credit rating, and you can get a better interest rate on your next loan if you make your payments on time.
When you use a secured site, you can have the money directly deposited into your checking account without hassles, and this is the easiest way to pay back the loan. You can trust that your personal credit or identity information won’t be shared with anyone illegally, and that you won’t have to worry about identity theft in the future.
Fast Funds Availability
It can take days or several weeks to get approved for any type of bank loan, because the loan has to get approved by several chains of people and underwriters. With online installment options you can get the funds on the day that you apply, or within hours after that, so you don’t have go long without the cash that you were approved to receive.
If you are worried that getting a personal loan from your bank will take too long, or that you won’t have good enough credit to get approved, you’ll want to find a secured online provider that can help. This is one of the best ways to get fast money, and paying it back should be manageable.