What are installment loans? 

Installment loans are very much like conventional loans. Auto loans, mortgages, and personal loans are some examples of installment loans. In an installment loan, the borrower gets a certain amount of money and then repays back that money over a period of time via regular monthly installments. The amount of the monthly installment is generally fixed. The interest rate and APR is also fixed in most cases. This is very different from credit card debt or any similar revolving debt where the monthly payment amount can change with time.

The good thing with Pluslend’s installment loans is that it can be customized to fit the borrower’s financial situation and ability to repay the loan. An appropriate monthly installment ensures that the borrower does not face cash flow issues and is able to pay for regular expenses as well as the monthly installment.

 

installment loans

 

Why is Pluslend a great option for installment loans? 

FIrstly, Pluslend has an established track record of working with borrowers of all backgrounds and credit profiles. Reaching out to Pluslend is easy and our helpful representatives are here to answer all your queries. Pluslend’s installment loans also have clear cut terms and conditions. You will know exactly how much your monthly installment will be and that amount won’t change as with revolving debt.

Pluslend knows how to work with good credit borrowers and bad credit borrowers. We specialize in structuring installment loans that are safe and affordable for the borrower. Our mission is to meet the financial needs of every borrower that approaches us.

 

Find out if you qualify 

If you are interested in finding out whether you qualify for a personal installment loan with Pluslend, you can simply fill out a loan request form (insert link). It takes only a few minutes and the decision is instant as well. The loan request process is safe and you can do it from the comfort of your living room. Plus, there is no hard check either so your credit scores are also safe.

If you do qualify, then the further procedure is also quite quick. You will be offered the loan amount as well as the terms for the loan via email. If any documents are needed from your end, then those can be scanned and sent electronically as well. Finally, the loan document will also be sent online for you to sign. Once the formalities are concluded, your loan will be sent straight to your bank account electronically. You basically never have to leave your house or your office for requesting a loan with Pluslend.

 

What are the benefits of an installment loan? 

Opting for an installment loan has some important benefits. It is the reason why many borrowers opt for an installment loan. Such loans are popular across many demographics.

 

Greater visibility

Firstly, planning your finances is quite straightforward with an installment loan. You will know exactly how much you have to pay each month and can, hence, plan out your cash flows well in advance. An installment loan gives you greater control over your budget and greater stability to your finances. There is an element of predictability with installment loans which is very unlike some other types of loans. For example, payday loans or revolving credit can be less predictable because the monthly payments with those loans can fluctuate.

 

No debt trap

Installment loans won’t throw borrowers into a spiral or entrap them. Some other types of loans can inadvertently have such an effect because if interest rates change and go up, the monthly payments suddenly balloon. Such developments can put a serious strain on cash flows and throw borrowers into a debt cycle from which it becomes very difficult to come out.

Installment loans are quite transparent. There is a monthly amount to be paid and there is a fixed duration for which those payments are to be made. Once that period is over, the loan is closed out. The borrowers know in advance exactly what they are getting into.

In some cases, the lender of an installment loan takes on greater risk by not asking for collateral. In return though, the interest rates on such loans tend to be higher. Borrowers that may be struggling to avail of loans at traditional institutions like banks can consider opting for such installment loans.

 

Ease of access

Online installment loans are very easy to access. As outlined above, you can go from loan request to loan disbursal from the comfort of your home without ever stepping a foot outside. The online loan request process moves fast and the decisions are also given out without much delay.

Online installment loans do not involve driving to a physical branch and exchanging piles of documents. The interest rates also tend to be quite competitive. Additionally, there are certain situations in which you can have a say in some of the terms of the loan.

 

What are the most common types of installment loans? 

If you are feeling convinced about installment loans by knowing the various benefits that they offer over other types of loans, the next thing you might be wondering would be about the types of installment loans. Who borrows installment loans and for what purposes?

Installment loans can be borrowed for multiple reasons. As pointed out above, installment loans are like a conventional loan that involves fixed monthly repayments. Some of the most popular types of installment loans are:

Personal installment loans

Countless personal loans are borrowed every year for multiple reasons. Some may require a personal loan to consolidate debt, some may need it to pay for emergency medical expenses, while some may need it to fix their vehicle due to an unexpected breakdown. There are a whole host of reasons as to why someone would want a personal loan which is then repaid back via fixed monthly installments.

 

Home renovation loans

Sometimes, the area where you live faced a weather-related event and your house might need urgent repairs. Or perhaps you have wanted to redo the basement for a couple of years and will finally have the time to do so this summer. Whatever the reason, home improvement is something that many of us have to work on at some point or the other.

Home improvement can also cost a lot of money. So, there are situations where an installment loan is taken out to pay for the renovation and upgrade work. The great thing about getting an installment loan is that it allows you to start the work right away. The rates can also be cheaper than credit card APRs.

 

Holiday loans

Believe it or not but going on vacation can also be financed. There is no need to perpetually delay that dream holiday which you need to disconnect mentally from work and rejuvenate yourself. Sometimes, life forces us to keep putting off a much-needed break. However, you can use an installment loan to pay for a much deserved holiday while also avoiding high credit card interest payments.

With an installment loan, the repayment plan is also quite predictable. There is no need to worry about getting trapped in a debt cycle or watching your debt skyrocket.

 

Making down payments

Another interesting use-case for installment loans is making down payments on large purchases. Whether it involves buying a car or a vehicle, the down payment amount on such purchases can be quite large. An installment loan can be used to help make that down payment. That way, you get to make important life-changing purchases right away rather than waiting for years.

 

Making down payments

How can I get started for an installment loan with Pluslend? 

The first thing you need to do is fill out the online loan request form (insert link). You will be asked for some basic personal information and it will only take a few minutes to submit the form. Since the form is online, you can submit it from wherever you are and what whatever time you want to.

Once you send us the request, we will evaluate your eligibility and give you an instant decision as to whether you qualify for Pluslend’s installment loan. If you do qualify, then we will give you the best interest rates and put together a loan offer. Our rates and terms will depend on your profile and the information that you submit. Our loan specialist may also go over your financial requirements and your current situation to put together a loan that is affordable for you. We place the borrower’s needs and ability to repay at the center of our process.

Once everything is worked out, you will receive a loan offer along with the terms and conditions. You can choose to accept the offer via email and sign the documents electronically. Once all the formalities are done, your loan amount gets disbursed and you should see the money in your account shortly thereafter.

As you can tell, we are completely transparent in how we work and are here to answer any queries that you may have. Contact us or simply fill out the loan request form to get started.