It would be great to not have to worry about bills and unexpected emergencies. Many people have a goal of having a rainy day fund or savings account full of cash that can be used when something drastic happens and they need extra cash. However, it isn’t always easy to save money, especially when you are living paycheck-to-paycheck and just getting by as it is.
Help is Available
An unexpected event can quickly cause financial ruin to even the most careful of consumers. That’s why installment loans can help out in stressful situations without causing a lasting impact on your finances. A company such as MaxLend is there to provide an alternative to the traditional payday loans we have all heard about and been warned against. When you are in a financial rut or have an emergency situation to take care of, an installment loan can be the answer you are searching for. Additionally, you can be eligible for an installment loan even if your credit score is bad.
What Installment Loans are Used For
One of the biggest advantages to taking out an installment loan is that they can be used for any situation. You may be living on a paycheck-to-paycheck basis, barely keeping your head above water, when disaster strikes out of the blue. Your car breaks down, your hot water heater quits working, you need cash for prescription costs- the list goes on and on. You can take out a loan to help you pay off these emergency situations, no questions asked.
Furthermore, you can apply for a loan simply because you need a little extra spending money. Maybe you are going on vacation, visiting family in another country, buying school clothes for your kids or trying to get through the holidays. No matter the reason, an installment loan can help.
You Won’t be Trapped by Debt
Unlike payday loans, an installment loan offers you a reasonable amount of time to repay the money you have borrowed. Payday loan companies want their customers to repay the loan the very next time they get paid, which may only be a week or two away from the time the initial loan is received. This amount also includes the finance charges the company enforces. Many customers realize that they cannot repay the loan so quickly, so they are then forced to take out an extension, triggering additional finance charges and possibly late fees.
With an installment loan, customers are given a six-month period to repay the loan from the very beginning. There is no rush to come up with cash right away, so customers can take care of their financial issues with little stress. Borrowers can repay the debt in a reasonable amount of time and not all at once.