There Are Many Types of Installment Loans
Many borrowers have this misconception that installment loans are just better alternatives to payday loans and nothing more. That is not the whole story. While there are direct lenders like CashAmericaToday that offer emergency cash loans that can be paid back as installment loans through multiple fixed monthly payments, installment loans can also include mortgage loans, business loans and also auto loans. Therefore, installment loans can have terms up to 20 years when it comes to large-scale funding. For emergency cash up to $1,000, however, we offer terms up to 3 months.
Emergency Installment loans are increasingly seen as a better answer to cash shortages before the salary day because payday loans do not give enough time to pay off the debts. Apart from that, these are more affordable as far as the interest rates are concerned, and they can be more friendly towards credit ratings as one gets more time to repay- that also in small amounts.
Is Good Credit Compulsory for an Installment Loan?
Now that you understand the types of installment loans, and know which kind is offered by us, you must be curious if you need a good credit for an installment loan. Since the loan types are different, the credit requirements also vary. It also depends on the lenders. For example, for installment loans like a home loan or car loan you need to have a good credit. Similarly, even for emergency cash some lenders ask for a good credit. However, at CashAmericaToday we offer installment loans between $200 and $1,000 for bad credits too!
Therefore, a poor credit is not an obstacle to getting funded. We offer our installment loans online without any application fee, and considerably lower rates. Apply now to enjoy the flexible repayment terms while injecting instant cash directly into your account!