Instant Installment Loans

An instant installment loan or instant payday loan is a type of financing that has recently been offered as an alternative to the standard payday loan. This type of instant loan is not limited to working as how most payday loans do. Typically, with a payday loan, you will be required to repay the loan when your next paycheck comes in. However, the instant installment loan is designed to take installments from your paycheck to work towards paying off the balance of the loan.

The instant installment loan is very appealing to borrowers as it does not require you to pay the full amount of the loan on your next paycheck. This can prevent you from falling into payday loan debt as you do not get stuck in the devastating cycle of borrowing from a payday loan provider. The main downfall of setting up an installment payment plan is that the total that you end up paying on the loan will be substantially higher. Therefore, it is not a great option if you are already able to comfortably pay off the payday loan in a short period of time.

An instant installment loan is only suggested for those that have poor credit as there are usually better financing options if you have decent credit. The instant installment loan should be one of your last options as there are often other types of loans and lines of credit available with more appealing interest rates and comparable repayment terms.

If you would not see yourself using a standard payday loan then you should not see yourself using an instant installment loan. These are basically the same as they provide instant funds for those with poor credit. The main difference is that the repayment plan is different with this type of financing. This repayment structure is better if you are in a financial struggle for the next month or two. It could eliminate serious finance charges as a result of an unpaid payday loan. You will just have to pay a small installment from each paycheck but this will add up to a substantial amount more than just the loan amount when it is paid off.

Interest rates with an instant installment loan could be more than 30% and other fees may also be added to the loan. Therefore, by the time the loan is paid off it could have doubled or tripled the original loan amount. The only benefit is that the repayment plan is much easier to handle. However, if you can pay off the amount you are borrowing within a few weeks then a standard payday loan could save you quite a bit of money in the long run.

Many payday loan providers will offer this type of loan. It may not be referred to as an instant installment loan but it will have the same features. You may want to check with a payday loan provider in your area or check with an online payday loan provider to get details on this type of financing. The amount that the lender will offer with an instant installment loan will vary but it typically caps at between $1,000 and $1,500 USD.

Ultimately, the instant installment loan can be beneficial if you need money immediately. It can be very helpful for emergency situations which you do not have the funds to cover out of your own pocket. You should look for other options before considering the instant installment loan though. It will definitely be extremely costly by the time it is paid off because of the high interest rate. In closing, the instant installment loan should be, without a doubt, your last resort and only worth considering if you are in serious need of funds and do not have any other resources to obtain them.