An installment loan is a lending arrangement that allows a borrower to collect a lump sum of money with an agreement to pay over a scheduled period. Installment loans typically have a fixed interest rate, and a failure to honor the payment schedule would attract penalties. Unlike revolving loans, an installment loan does not allow you to take on more debt from the lender, and you do not get to determine when you’ll pay back. The higher borrowing threshold and flexible repayment plan make installment loans more appealing than most other personal loans.
If you wish to get an installment loan, you have the option of borrowing from your local bank/credit union or looking for direct lenders for installment loans. Below is a summary of the three options and why we think direct lenders for installment loans are your best bet.
Personal loans from your local bank
Local banks and credit unions are known to offer their customers personal installment loans. However, a lot of people refrain from exploring this option because they do not exactly trust these institutions. Asides the waning trust people have with banks, organized financial institutions are known to turn down people with bad credit ratings. Thus, going to direct lenders for installment loans appear to be the only available option for these people.
Direct lenders for installment loans
Online direct lenders have become a popular option among people looking for a convenient means of borrowing installment loans. Direct lenders for installment loans operate in a competitive market and are more likely to lend to everyone, including those with a bad credit rating. The only caveat is that this category of borrowers often has to pay higher interest rates, as with any other kind of loan. Below are some other advantages of borrowing from direct lenders:
Zero broker fees
Sometimes, lenders at banks act as brokers, and borrowers will have to pay broker fees, one way or the other. If you patronize direct lenders for installment loans, you can rest assured you won’t be paying a dime as broker fees.
Quick access to money
When you work with direct lenders for installment loans, you can have your cash within the next day or two. As long as you’re able to complete your application and satisfactorily meet all the desired criteria, the lender would be quick to give you the money.
Wide range of choices
Working with direct lenders for installment loans leaves you spoilt for choice. A simple online search would reveal hundreds of lenders you can borrow from, and you may also choose to look for one in a physical location near you. Whichever you prefer, there’s never a shortage of lenders willing to help.
Contact us for direct lenders for installment loans
If you need a convenient and affordable installment loan, Extra loans.us is the company you should get in touch with. We have a credible network of borrowers that offer low-interest loans with the most flexible payment terms. Rather than doing the hard work yourself by searching for ‘installment loans online,’ why not get in touch with us and let’s link you with trusted lenders?