Sometimes, life takes an unexpected turn and leaves you in a tight spot, like when your breaker trips one day and won’t reset, necessitating a quick yet expensive visit from an electrician. Or maybe your car won’t turn on one morning, and your mechanic needs to take a deep dive into your engine. Or perhaps, you need to go to the walk-in clinic for stitches after you cut yourself gardening.
Bad luck like this costs money, which you might not always have in abundance. If cash is in short supply, consider going online for an installment loan.
According to the loan specialists at MoneyKey, online installment loans are designed for unexpected bills like the ones above. They act as a short-term financial safety net when you don’t have enough savings.
But that’s hardly the only upside to using these loans. Here are some of the other perks of getting installment loans online.
Longer Repayment Terms
Installment loans come with a longer repayment schedule than other last-minute options, such as payday loans. The typical payday loan is due back in one lump sum by a pre-determined date that usually coincides with your next payday.
While this schedule promises a shorter time commitment, it may put pressure on your finances. If you don’t budget for it properly, you may end up struggling to repay on time.
Installment loans may give you some relief. Rather than paying everything back in one big payment by your next pay date, you’ll make multiple smaller payments (installments) dispersed over a longer time.
These smaller payments may be easier to manage on top of your regular bills and obligations.
Larger Loan Principals
Thanks to its extended repayment schedule, an online installment loan tends to come with a larger principal than the average payday loan. Your principal (the amount you borrow) may also be determined by your needs, financial profile, and lender.
A larger principal may come in handy, especially if your emergency ends up costing more than you expect.
Safe Social Distancing
This time last year, you probably thought nothing of walking through the doors of a bank and waiting in line to speak with a teller. A lot has changed in a year. Now that community transmission of the coronavirus is a concern, public places don’t hold the same appeal.
Health officials recommend practicing safe social distancing to protect you and the ones you love, making it challenging to visit a bank as usual.
Luckily, online installment loans have social distancing built-in. There’s no need to visit a physical location or interact with anyone face-to-face. Most of your borrowing experience will happen on the screen — from your initial application to your online payments.
What can’t be done online will be performed over a phone call. Loan specialists may call you to confirm your details, check references, and inform you of your loan agreement.
Going Online is Convenient
Searching for an installment loan online is easy. Punch your query into the search engine of your choice, and start comparing your options. It’s just that simple.