Installment Loans | 3 Reasons to Get a Short Term Loan
Installment loans are short-term loans that you can get automatically deposited in your account. You’ll start paying back your installment loan when you get your next paycheck, but you don’t have to pay back the full amount all at once. Installment loans allow you to make a few separate payments.
Here are three common reasons people use short-term loans, such as payday loans, installment loans and bad credit car loans.
1. To Save Money
The fee on a small payday loan or installment loan — $100 to $200 — is lower than a bank overdraft charge. And that’s for one overdraft charge, and most banks charge a fee of up to $35 each time you make a purchase on an overdrawn account. You could get a payday loan or installment loan of up to $600 for less than it would cost to make three purchases of any amount on an overdrawn account.
If your car gets towed, leaving it at the tow yard overnight is extremely expensive. If you take out a small short-term loan to get your car back just one day earlier than you could otherwise, you’ll save a lot of money. There are a lot of other ways payday loans and installment loans can save you money, but you can also use them…
2. To Protect Your Credit
If you have a very good credit score and you want to keep it that way, installment loans and payday loans can keep you from making a late payment at getting a black mark on your credit. You can apply online and get cash automatically deposited into your account today and use that money to avoid missing a payment.
3. Emergency necessity expenses
If you have an emergency expense that needs to be taken care of right away and you don’t have the cash, payday loans and installment loans can help. If your heater breaks in the winter or your power is going to be shut off, you can use payday loans or installment loans. If an expensive appliance breaks, such as your fridge or washing machine, don’t suffer without it. Get an installment loan to repair or replace it right away.
You can get payday loans and installment loans online, and you can pay them back electronically, too. APPLY NOW.