The refrigerator stops working, the car breaks down, and a pet needs medical attention. Emergencies like these can seem to all pile up at once, depleting savings and forcing the person to figure out how they’re going to get a little bit of cash to make it through. Whenever extra money is needed, one option to consider is an installment loan. This is a great alternative to other ways to get money fast, and it has a lot of benefits that other ways to get the cash may not offer.
No Need to Ask Friends and Family
Probably the first idea anyone has when they need a little extra money is to ask close friends or family members. This can be embarrassing, though, and they may not have the money to loan. Instead, with an installment loan, there’s no need to ask anyone for help or worry about what they’ll think.
No Need to Drive Anywhere
Pawning items may be a fast way to get cash, but it involves driving collateral to the pawnshop. What if the car is what needs to be repaired? There’s no way to get to the pawnshop, so that isn’t going to be an option at all. Plus, the pawnshop will only offer a limited amount of money. Instead, with an installment loan, it’s easy to apply online, without leaving the house, and it’s possible to get more money at once.
No Need to Worry About a Credit Score
Unlike bigger personal loans from banks, there’s no need to worry about having an excellent credit score. Those who obtain an installment loan, also known as a signature loan, don’t have to worry about being denied just because their credit score is a little bit lower than they would like.
No Need for Collateral
Many places, like pawnshops, require collateral for smaller loans. However, it’s always risky to use collateral, as if the loan isn’t repaid on time, the collateral may be forfeit. With an installment loan, no collateral is needed, so there’s a lot less to worry about.
No Need to Wait for the Money
A number of places that will loan smaller amounts of money will make the borrower wait before it’s available. With an installment loan, it is possible to get the money the same day through direct deposit. There’s no need to wait a week or longer, and the emergency can be handled a lot faster.
No Need to Pay it Off All at Once
Many loan options require the full amount to be paid with the borrower’s next pay check or within a month. With an installment loan, the borrower can make payments, so they don’t have to use as much cash to pay it off with their next check and can make sure they have plenty of funds for their typical expenses.
If you need to borrow money to handle an emergency or two, make sure you look into online installment loans today. Take the time to check out more information about how they work and why they’re the best option if you need a small amount of cash right away for any emergency.