Financial distress is often hard to predict. If you are dealing with a sudden flow of bills, dues and debts, a quick advance could be handy. A personal instalment loan, for the uninitiated, is a medium-term loan that’s unsecured and allows the applicant to borrow as much as $3,000. There are online services, like Slick Cash Loan, that use their network of lenders to get an instant approval. It should be noted that the terms, conditions, amount and other aspects for installment loans are dominated by several aspects, including state laws and the financial condition of the applicant. Here are some more aspects worth knowing.

Requirements for installment loan

To apply for an installment loan, the applicant needs to be a USA resident and must be 18 years of age or older. The person should have a stable job, a steady source of income, and an active bank account, where the money will be deposited. Note that the applicant must also have valid contact details and address.

An overview of pros and cons

First and foremost, installment loans are flexible, so you can manage your financial situation over a period of time. Depending on the state laws and other factors, it is possible to borrow as much as $3,000, and the term can be anywhere between one month to 24 months. Typically, installment loans are approved in a day or two, and in many cases, the money is deposited into the account of the applicant on the same day. Unlike payday loans, which are repaid within 30 days, installment loans are easier to repay, especially when you plan it right. The money can be used for almost any purpose, which is an added advantage. As we mentioned earlier, such an advance is unsecured, but it is not always compulsory to have a great credit score. While the lender takes the final call on the same, it is possible to get an installment loan on a not-so-awesome credit history.

On the flip side, installment loan can be expensive. It is absolutely necessary to use the option wisely, because if you don’t repay the loan in time, the charges can be high.

Final word

With installment loans, it is easier to deal with unexpected financial needs, but do read the terms and conditions before applying. Also, make sure that you are well-versed with the repayment schedule, and if required, it is possible to ask for a renewal.