Instant Installment loans are a great invention by banks, credit unions, and retail stores. They provide people with the ability to get items that they want and need. If you have considered getting an installment loan but not certain if it is a good choice there are five top reasons why you may want to change your mind.
If you make a purchase it provides you with the ability to buy an item on credit. You don’t have to wait for a long period of time to take your items home. You can keep your savings intact. Everyone should have an emergency fund and you don’t want to give up all your savings for an item if not necessary.
Installment loans allow people to buy more with less. Even if your income is loan you can still get approved. It lets you stretch your income to that of a higher tax bracket.
Many companies now advertise low interest rates or same as cash ability. This provides you with a way to keep your cost of purchase low while still getting the item upfront. The cost to acquire is just like making cash payment. It would benefit you to do this even if you have the funds to pay with cash. You can take your cash and invest it in a money market account or savings account while you are making the monthly payments. When it gets close to the final payoff you can then withdraw funds. You would have earned additional money by doing this. This is close enough to getting the product or service free for many months.
Many installment loans are easy to get. Many stores use in house financing to approve customers. They eliminate banks or other lending institutions to allow you to go direct. The time it takes to get approved is instantaneous.
When you repay the installment loan it will improve your credit rating. Because you are now a trustworthy customer the store will then allow you to get another loan. This time the loan amount might be increased due to past history. You can make even larger purchases. If that new electronic gadget has caught your fancy, or you want a new car or new piece of furniture you have a better ability to get it. This will stay on your credit for seven years. This has the opposite effect of a broken mirror. With this you’ll get seven years of good luck.
Short Term Loans are great to use to acquire purchase with a large monetary value. If you don’t have the money now, you can pay it back in small payments. It will help improve your credit score and stretch your income. Most are simple to get approved for so why not take advantage and use it for the items you want today?