Although grades and report cards are left behind upon graduating from school, adults still worry about one all-important and everlasting grade: the credit score. A credit score is a numerical expression that represents a person’s creditworthiness. It incorporates a variety of financial information, including credit history and personal money management, which means that attempting to raise a credit score can be a frustrating and time-consuming process. This is unfortunate, because a credit score can dramatically affect a person’s ability to complete important tasks, like obtaining a credit card, buying a house, and securing a loan. If your number isn’t as high as you would like, you might wonder how it will affect your future. For example, do you need good credit to get a personal loan?
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Before you apply for a personal loan, you must form a repayment plan. How will you obtain the money you need to pay off the loan? When will you be able to make your first payment? On what sort of schedule would you prefer to pay back the lender? Without a sensible strategy for repayment, you could end up paying far more than you intended in fees and fines. So before jumping in head first, review the personal loan repayment options and emergency alternatives below.
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Small-dollar, short-term loans sometimes get a bad reputation due to the dishonest and unprincipled behavior of a few bad seeds. If it weren’t for the CFSA, consumers might be afraid to trust an online lender. So what is the purpose of the CFSA? The Community of Financial Services Association of America (CFSA) was established to alleviate consumers’ concerns and improve the safety and security of the lending process.
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Unless you’re borrowing money from your mom and dad (or perhaps even then), you can expect your installment loan to come with an interest rate. However, because many interest rates are described in terms of months and neglect to include fees, it can be difficult for borrowers to assess the true cost of the loan. To figure out how much the loan will cost in total, you will need to factor in the annual percentage rate (APR). An installment loan APR communicates the interest rate of the loan for the entire year including any required fees. To better understand the APRs of installment loans, check out the FAQs below.
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When you need an installment loan (stat!), you shouldn’t beat around the bush with just any lending company. Choosing the wrong lender could have terrible consequences—longer waiting times, more expensive loans, pestering lenders, frequent phone calls . . . As you search online for potential installment loans, be vigilant and take your time distinguishing between affiliates, who farm applicants’ information out to hundreds of potential lenders, and direct lending companies, who will process your application directly and provide you with a loan if you are approved. So why use a direct lender? Although we’ve already provided one basic (but essential) reason, let’s dig a little deeper . . .
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Put yourself in the shoes of someone in a desperate financial situation (if you’re not in that role already). You need money fast, perhaps for a car repair or a medical bill, but your paycheck won’t arrive until the end of the month. Asking a friend or family member for help is impossible or simply uncomfortable. And with your atrocious or nonexistent credit score, securing a credit card or certain types of loans is inconceivable. What can you do? To whom can you turn? Direct lenders for installment loans may be the ideal solution.
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No one wants to deal with a middleman. Not only does it delay the process (whatever process that may be), but it also increases the costs. Wouldn’t you rather communicate directly with the company who will be providing the products or services you need? When it comes to installment loans, this advice is especially pertinent. A direct lender will manage every aspect of the lending process—application approval, quick funding, repayment, etc.—instead of passing your information over to a third party. Wondering how to get started? Learning how to find direct lenders is easier than you might have thought . . .
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You can do just about anything online these days: order a pizza, transfer money from your bank account, purchase Christmas gifts, book a vacation, set up a dentist appointment, and even apply for a loan. When you’re short on cash, it’s nice to know that you can request an installment loan with just a few quick clicks of your keyboard. Although it may be intimidating if you’ve never done it before, the application process is actually incredibly simple. Scroll down to learn how to apply for an online installment loan.
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Whether you’re applying for a mortgage, a credit card, or an installment loan, you will come across the term annual percentage rate. But what is an annual percentage rate? Also known by the abbreviation APR, an annual percentage rate describes the interest rate for the entire year as opposed to a monthly rate, and it includes fees charged for the loan. If you’re interested in pursuing a payday loan or installment loan, you will need to factor in the APR when calculating how much the loan will cost.
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Imagine that you need to consult someone for advice. Would you rather talk to a friend or a friend-of-a-friend-of-a-friend? I think we can all agree that the direct option is best. The same is true when it comes to finding a lender for an installment loan. When you work with a direct lender, you are contacted directly by the company and you will work with that same lender throughout the process. Your contact information won’t be farmed out to dozens of lenders, and you won’t have to field phone calls and junk mail from lenders vying for your loan. If you aren’t yet convinced, scroll down to learn more about the benefits of using a direct lender.
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