Wouldn't it be great to live in a world where everything goes according to plan? One where we always expect the unexpected and a "rainy day fund" is always available to help when things go awry? Unfortunately, life doesn't work that way.
Unexpected events could mean significant financial burdens with devastating implications to people who hardly make enough for an "everyday fund" much less a "rainy day fund." That's why companies like MaxLend provide quick approval installment loans as a payday loan alternative, to help everyday people keep their heads above water and their bank accounts in the green.
But is an installment loan the best option for you to get fast cash during hard times? Check out the benefits below to help you decide if it would be an affordable option for your household.
One of the main benefits of an installment loan, and a major advantage over a payday loan, is that the repayment schedule is predictable. This predictability gives the borrower total control over their budget, making it easier to get out of debt and plan for a better financial future.
The installment loans offered at MaxLend are all collateral free, making them easy to access when you're in need. All you need to be approved for an installment loan are a verifiable source of income with steady pay checks, an open checking account and a valid Social Security number.
Because installment loans have a predictable repayment schedule, the borrower won't be trapped in a never-ending debt cycle like what often is the case with payday loans. MaxLend's installment loans are fixed to last only six months. By this time, all outstanding principal and interest should be repaid allowing borrowers to see the light at the end of the debt tunnel.
Short-term installment loans, although their lifespan is less than a year, have a clear repayment schedule and APR to help borrowers calculate the true cost of their loan. The APR on short-term loans might seem a bit high compared to your local bank, but that's because short-term lenders take on a higher risk to be able to lend to borrowers in need without collecting any collateral.
When used responsibly, installment loans can be an excellent option to get fast cash if you're in a financial emergency.
Get an installment loan of up to $1,250 in your account as soon as the next business day from MaxLend. Apply now.