What Are Installment Loans?

Installment loans are some of the better personal loan alternatives compared to the very short termed payday advances. Direct lenders like CashAmericaToday offer repayment term up to 3 months when you borrow an installment loan which can give you cash up to $1,000. The other benefits of installment loans include lower interest rates, lower income level to qualify, and even bad or no credit histories to be acceptable for funding.
Since the payday loans give a very short repayment period, most borrowers find it very difficult to pay back on due. Which primarily results in a penalty fee. And in extreme cases, if the lender reports the late repayment to the rating agencies, debtor’s credit score becomes bad. Since installment loans give a better solution to this -apart from the cash shortage issue, people are going for them to help their credit scores.

Does Paying Off Installment Loans Help Credit Score?

So, apparently, now you know that just by borrowing a loan with a longer term can save your credit from getting “bad”. But how about when you make the scheduled payments? Does paying off installment loans help credit score too? It does! If your lender reports your timely repayments to the credit bureaus, then your credit score can improve really fast. If the lender does not report, it still does not have any negative impact on your credit rating.
Apart from the rating improvement of credit status, installment loans also give you a chance to save a little money. First of all, you will be paying less interest, and that means some saving. Secondly, since the single payments are going to be small, you also get to save more from your income. On the long run, if you have some savings, you don’t have to go for a payday advance in an emergency. So installment loans help your credit in more than one ways!

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We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

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Approval time depends on the authenticity and verifiability of your documents. You might be requested to provide further information if required. Note that we do not approve all the loan requests. On the basis of state laws and your repayment ability, the terms and rates may vary. Any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.

Should you have any doubts, please call our customer support at (855) 840-5688, Monday-Friday: 8:00 AM to 7:00 PM (EST) or email to support@cashamericatoday.com.

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