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A Small Installment Loan allows you to borrow money even if you have a bad credit history. Here’s how it works: With a Small Installment Loan, each month, your loan payments will be automatically deducted from your checking or savings account.
Small Installment Loans Process
The process of filing for a Small Installment Loan is fairly straight forward. The borrower must fill out the application to apply for the Small Installment Loan. This loan application will cover personal information such as social security number, employer, and of course, income. If approved, this application will be sent to the insurance company, at which point the borrower can enjoy his small installment loans.
Small Installment Loans Rates and Terms
Here are some basic rates and terms that apply to the Small Installment Loan: The interest rate can be anywhere from 25% – 35%. Then, the loan may require a $20 – $50 non-refundable application fee. This fee is usually due on the borrower’s bank account 2 -4 weeks after the application has been approved. You also have to pay interest for the full term of the Small Installment Loan. In most cases, you will be paying monthly payments of $0.00 – $2,250.
Characteristics of Small Installment Loans
Here are some things about the Small Loan:
- You can qualify even if you have a bad credit rating.
- Small Loans are simple and quick to apply for.
It would help if you considered getting a Small Installment Loan because they are easier to get than a bank loan or another traditional loan. After all, private individuals offer them instead of lending institutions such as banks, credit unions, or savings and loans. There are really no disadvantages or risks attached to the Small Installment Loan, making it even better than most other types of loans. If you receive a Too Small Loan, there’s no contention whether you need to pay it back with interest. Also, since you’re borrowing money from a private individual, there’s no need to be concerned about getting a bank involved.
Pros of Small Installment Loans
Here are many benefits of Small Installment Loans: Small Installment Loans can help you get quick cash when you’re in a bind. There really aren’t any disadvantages of getting a Small installment loan as far as loans go since it’s better to have some loan with no penalties or repairs than have nothing at all. One benefit that many people enjoy with small installment loans is that the loan comes directly from the person who borrowed it, which saves them from going through a more conventional entity such as a bank or financial institution.
Cons of Small Installment Loans
Here are some potential disadvantages of Small Installment Loans: If you want to get one of the smaller installment loans, it will take a longer time to process. Also, if you already have a loan that has a low balance, you can’t borrow any more money from the person until you pay off your current loan in full. If you get into trouble with your small installment loan, it might not be worth your while to take action because you may be unable to get compensation from the person who issued the loan.
How to Apply for a Small Installment Loans?
The application process is straightforward. To be eligible for a Small installment loan, you will need to provide the following information:
- your name;
- phone number;
- employment status;
- bank account information;
- pay stubs or a W-2 form.
Also, some people need an income amount of $8,000 or more in annual income. After you fill out the application electronically (it should take less than 5 minutes), the lender will review it 24 hours. If you are approved for a loan, you should expect to receive your money within 2 – 4 days after your loan has been approved. You can borrow anything from $200 up to $1,000 – even if you have bad credit! Fill out the easy application now and get approved within one hour! You can apply for a Small Loan with several lenders at once online! So as you can see, getting approved for these loans is extremely easy and straightforward.
Best Tips for Taking Out Small Installment Loans
Here are some excellent tips to remember when you take out Small installment loans: If you have any questions about the application, you can send us an email, and we’ll respond within 12 hours. It is also best for you to get your necessary documents approved before you apply for a Small installment loan because some of these can delay your loan process. It is also important for you to make sure that the lender has all of the information they need before sending in your application because this will reduce the time it takes for approval.