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Today, the world is facing a health crisis of epic proportions. As every country is fighting the pandemic, more people are staying indoors.
These strict quarantine measures are effective at preventing the spread of infection. As good as it sounds, these measures are sadly causing difficulties when it comes to finances.
Most people are out of work and are scrambling to find any means of making money. Although everything might look grim from this moment on, there are some positives to look forward to.
Hopefully, with medicine and vaccines getting developed, we’ll see an end to this pandemic sooner than expected.
With that said, most people will look for a means to have money. One of the best, legit sources to make a loan is through installment loans online. In the meantime, let’s take a closer look at what an installment loan online is.
Installment Loans
An installment loan is a specific amount of money you borrow from a legit lending business or person. Most of the time, there will be interest rates that you need to add when you’re paying for a debt. For example, when you borrow $1000, you need to pay back that $1000 with interest.
The interest fee depends on the rate and how long you want to pay that debt on your contract. Most of the time, people who borrow $1000 have an interest rate of 3%, which they need to pay off in a year. Since payment is done in installments, you’ll have the option to pay off your debts.
For a $1000 loan of 3% per year, you use the formula A = P (1 + rt). P stands for principal, t stands for the time intended to pay back the amount, r which stands for rate, and A, which stands for the total accrued amount. In our case, P = $1000, t = 1 year, and r = 3% or .03. The result of this formula is $1030, which means you’ll need to pay back the lender $1000 plus the $30 interest fee.
Most of the time, people won’t trust online sources because they can’t transact with people on a personal level. However, times are changing, and everything is going paperless. Still think that these loans aren’t worth trying?
Here are some more advantages of installment loans online:
Easy Application
Most people who go for installment loans online agree that the application process is faster and easier than traditional applications. Online applications are paperless, and the likeliness of your application getting lost is virtually zero. All you need are your ID cards, a phone or a computer, and a stable internet connection, and you’re all set.
Application processes done online can only take a few minutes compared to personally applying for it. Online applications are also good for people with low credit scores. Generally speaking, people with bad or low credit scores can have a hard time applying for loans.
With online installment loans, anyone, even those with bad credit scores, can still get a loan approved, albeit with slightly higher interest rates and special conditions.
Loan Amount
Compared to loans done personally, online loans can offer higher loan amounts. This means that you can get to borrow more. Be wary though, the larger amount you borrow, the larger amount you need to pay back. Interest rates still apply, and you’ll still need to pay all that back plus interest fee in a set amount of time.
Fast
As mentioned earlier, application processes done online can be very fast. All it takes is a few minutes. This speed also applies to the cash you get after your loan application is approved. Most of the time, some lenders can release cash as fast as 24 hours or one business day.
Online loans are perfect if you want to have access to fast cash in case of urgent payments or emergencies. Traditionally, loans take time to process and complete. After it’s processed, you’ll need to wait a few more weeks, days, or even months before you get a call saying that the money is ready.
Comfortable
Did we forget to say that you get to pay your loans in monthly installments? Yes, this is one of the best advantages installment loans have which make it so attracting.
These types of loans are perfect for people who don’t want to pay in bulk and instead pay in small sized payments. Just don’t miss any payments as a missed payment can result in penalty fees.
Takeaway – Installment Loans Online
Everyone is in a pinch because of the pandemic. Because of that, most of us are having trouble with our finances. Thankfully, we have financial assistance from our governments and some help with loan services.
If you’re still some of the few who doubt online loan services, hopefully, the reasons mentioned above might change your mind.
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