Why An Installment Plan Is Your Best Choice When You Need A Personal Loan
Are you struggling right now to make ends meet? Perhaps you have an emergency situation that needs to be taken care of right away but you are short on funds? If this sounds like you, you might be seeking out options for one or more personal loans. While there are certainly multiple ways to go about this, it might be to your benefit to consider a personal loan that can be paid back through an installment plan. Here's why installment loans might be the right choice for you and your family.
It's Not Another Credit Card
When you need additional funds fast, your first thought might be to sign up for a new credit card or to try to get an extension of credit on the ones you already have. But doing this across the board or even attempting to could cause your credit score to plummet quite fast. Simply applying for just one installment loan for the exact amount you need to feel OK is likely a better idea that won't torpedo your credit score.
Once the installment loan is paid off, you won't have to think about it again, unlike a credit card, which pretty much always stays open unless you cancel or fail to use it for a long period of time. Are you worried that simply having another credit card might cause you to be irresponsible in the future? Go with an installment loan instead.
It's Not a Payday Loan
The other unfortunately popular option among some people who need funds fast is a payday loan. This can get you funds quickly, but it often comes at the cost of having to pay a very high interest rate. Installment loans are not payday loans. They are based on your credit history and not just your current paycheck. As such, the interest rate for the average installment loan is generally going to be much lower than the interest rate for the typical payday loan. You can get the funds you need quickly without having to pay off crazy interest charges in the months ahead.
More Time to Pay It Off and Lower Payments Each Month
Payday loans can require that you pay in full within a relatively short amount of time, sometimes 6 months or less. An installment loan will likely still have a limit to the amount of time you have to pay it off, but you'll likely be given a lot more time to take care of things. Because you can stretch out the payments for much longer, each monthly payment can be much lower than what you would pay for a payday loan or perhaps even for a credit card.
Contact a company like Ardmore Finance today for more information.
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