There is no way to know what life holds for a person. Individuals can plan for the future, only to have those plans thrown to the wind by an emergency. The problem many encounter when this occurs is they don’t have the funds to deal with the emergency, so they must turn to others for help. Friends and family may not be able to provide the money they need, conventional lenders can be slow when it comes to processing a loan and a person with bad credit won’t qualify. Thankfully, there is a way to obtain help in a time of need.
Why an Installment Loan?
A great deal of negative press surrounds payday loans. One reason this type of loan is not favored by financial experts is the short repayment term. People who take out a payday loan often find paying the loan as agreed leads to new financial difficulties. With the help of an installment loan, the money can be repaid over a period of time, months instead of days or weeks. This reduces the risk of the borrower overextending him or herself to pay off the loan.
Who Can Apply for This Type of Loan?
One reason …