A short term loan is useful for those days when you can’t stretch till the following payday or when you need a little bit of extra cash for emergency use. But the problem is that sometimes you may not be left with much after paying for the lender when the payment is due. What happens next is that by the middle of the month, you are cash-strapped again and then you go on a cycle of getting an online payday loan every month. Would it help that there are long term payday loans that you can borrow 1000 dollars and pay back every month? Sure it does.
I think people do appreciate if there are 90 day direct installment loans for people with bad credit. I know I do, because if I need a 3500 dollar loan today, it would be easier for me to pay over several months. Something like returning 300 dollars every month for 180 days, which is much more affordable even if I accept that I have to pay more in the interest fee.
It turns out I am not alone in thinking of that. As of recent, there are installment payday loans which you can borrow more than 2000 dollars over 90 days and more. It appears that these short term installment loans do not come under the same regulations that governs payday loan lending so it is possible to get more than a 1000 dollar loan.
A quick check on these unsecured installment loans showed that they are indeed offered by online providers and here are some features to look for if you need a quick personal loan with easy approval.
By and large, it makes sense to apply for short term installment loans if you know you need a longer period of time to pay back a loan but at the same time, you must also consider whether you can afford them as the longer a loan is held, the more you have to pay.
For more information, check these websites for installment and payday loans:
Community Financial Services Association of America CFSA