Where Can I Get an Installment Loan?
Installment loans are available from varying lenders, and in varying formats. Typically, the truest characteristics of an installment loan are that it is indeed a short-term loan, has a set payment amortization schedule with a set payoff date, usually has lower rates than other short-term products (like payday loans), and often allows you to borrow more than you could with other loan types. The key is finding lenders that offer this type of product.
Local banks sometimes offer short-term installment loans, including credit unions. Title loan providers are essentially providing an installment loan, but may have higher rates and fees than a local bank. Some payday loan companies also offer true installment loan products as well. As with Title loans, rates and fees are often a little higher than a local bank may charge. However, local banks and credit unions often utilize more stringent underwriting, making it more difficult to get these types of loans.
The best practice is to take your time and do your research. In a financial pinch, it may be tempting to take the first option that prevents itself. If you are able to take the extra time to look at all of your installment loan options, be sure to evaluate all available options. Compare payment terms, finance charges, available loan amounts, etc.
If you’d like assistance in locating an installment loan provider and would like one to contact you, please feel out the form to the right and that will get you started.
Find out more about Title Loans.