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Payday Installment Loans
Pay Day loans are usually small amounts of cash that needs to be repaid on your next payday along with the interest. Although this is a very convenient option for those who need some urgent cash to cover unexpected expenses, it often causes a great deal of stress since you will have to make the entire repayment in a short period of time. But a lot of lenders offer a more relaxed option such as the payday installment loans.
What is a payday installment loan?
In a payday installment loan you can repay the loan over a period of time. Once you have been granted the loan, you can align the date of payments with your payday to make gradual small repayments on that date every month.
Pros of payday installment loan
- You can get the loan within 24 hours
- These are unsecured loans and so you don’t have to provide any collateral security
- There are no long procedures or forms to be filled
- You don’t have to repay immediately
- Great option for emergencies and it saves you money by preventing additional fines that can occur when the payment is not made on time.
- Payday installment loans don’t need any credit score. So if you have poor or no credit rating you don’t have to worry about being denied payday installment loans
- It prevents your credit score from dropping. You can use the payday loan to clear off other debts which would otherwise put a black mark on your credit score.
Cons of a payday installment loan
- Although you need to repay over a period of time, the time period is shorter when compared to a long term installment loan.
- Payday installment loans have a very high interest rate and other additional charges. And if you are not able to repay the loan on the stipulated time period then you will have to pay extra charges.
- You will not be eligible for a payday installment loan if you are on any kind of social assistance or if you are unemployed.
- Payday installment loans are very small amounts, for about a maximum of $1000.
Eligibility for a Payday installment loan
- You must be above 18 years of age
- You should be a permanent resident
- You need to be employed and should have adequate monthly income
- You need to have a current account
- You should not be a member of the US army and neither should you be dependent on someone in the US army
- You need to possess a permanent phone number and email address
There are a lot of sham money lenders online who can use your personal details and bank details for fraudulent purposes. Make sure you do the right research, make comparisons and read customer reviews before providing your personal info to anyone or any company.
If you have a steady income and need some emergency cash then Payday installment loan is the best option for you.