Installment Loans Options at Nation21
Installment loans are among several ways through which consumers can get reliable credit. To get revolving credit, consumers usually turn to credit card companies and payday lenders are well positioned to offer short-term loans. Traditionally, banks, as well as most credit unions, have been in the business of offering installment funds.
In the past, consumers have experienced hardships in the process of getting online loans from banks. As a result, most people getting installment loans direct from banks and credit unions have dedicated their use to home and automobile purchases. However, with the emergence of service providers like Nation 21, a high number of individuals are getting the installment loans and they can spend the proceeds towards different things.
How Online Installment Loans Work
Normally, the installment loans come with fixed terms that are stipulated in the loan agreement. When you are given the loans, the money is expected to be paid back in installments spread regularly across a defined period. Part of the regular payments includes some interest as well as a proportion of the principal. For instance, you can get a loan designed to be paid monthly for the next 12 months in equal payments.
Flipside of Online Secured and Unsecured Loans
Also popularly known as signature loans, the only security for unsecured loans is your good will to pay. This is normally represented by the loan contract which you’ll sign.
On the flip side, secured loans require collateral that a direct lender can seize to recover their money. But this will only happen if the borrower is not in a position to make the payments as agreed. However, secured money is a great way of getting low-interest financing. A good example of secured loan is an auto loan which is secured by the vehicle in question.
Getting a direct installment loan
To most people, banks come to mind naturally whenever they think of getting money online. Most banks offer installment loans directly that you can use towards getting a mortgage, buying a car, and much more. However, they have strict credit requirements for their customers particularly if you seek unsecured installment loans. If your credit score doesn’t meet the required threshold, you’ll be required to provide a co-signer with good credit scores.
In addition, banks usually have lengthy and slow application and approval processes. Assuming you meet all the application requirements, the process could take weeks before finally getting the money. Evidently, this is not a good option if you are in a tight situation and need money fast.
Avoid Short-term Loan Lenders
After being frustrated by most banks, people tend to run to payday lenders for a quick fix. Unfortunately, not all payday loans lenders are genuine and the promise of getting the money on the same day comes at a price. You need to be on the lookout for lenders who say they are offering you an installment loan only to demand payment a few days later. Normally, their repayment program won’t be flexible and the rates are also unbelievably high.
The better option for an installment loan at Nation21
With the service at Nation 21, you’ll forget about long waiting periods before getting the money. The application process is not only easy but also quick and the online platform ensures you can apply from the comfort of your home. We understand that you don’t have the luxury of time, especially when faced with a financial emergency. Therefore, we make sure the applications are processed as fast as possible to get you the money you seek.
Don’t worry about low credit scores
Most banks judge their customers on the basis of their current credit scores. At Nation 21, we consider more than just the FICO scores and are more likely to give money to people who have been turned down by banks.
Although credit scores take a long time to build, you should always focus on making timely payments towards your installment loans while having bad credit. This will go a long way in improving your history and within no time, you could end up with a strong credit score.
The terms are quite flexible and are designed to be easy on borrowers when working towards their financial situation. The number one reason for cyclic debts among borrowers is unrealistic repayment terms. As such, the best online loans come with manageable terms and you can anticipate how much and when you are required to pay. As a result, it is easy to budget your finances to safely cover the payments.
Sometimes, you get caught in a financial turmoil that you didn’t see coming. When you are in that state, it’s normal for your mind to react impulsively to get the nearest financial assistance. Most people turn to payday loans or a third party lender without doing the necessary background checks.
As a responsible borrower, it is important to always look for some background information about your online lender. Also, it is recommended that you take some time to read the terms and conditions in the agreement before signing. Lastly, remember that your financial well-being is important and you should try to safeguard it by becoming more responsible with loans.