What do installment loans offer?
Ranging between $100 and $10,000, installment loans are financing products offered mainly by non-bank consumer credit market lenders. They are available for consumers with low credit scores and income levels who may not be able to access loans through traditional lenders such as banks. They can be either secured or unsecured, depending on the borrower’s asset capacity. Unsecured loans usually attract heavier terms than secured loans.
These loans target the same demographics as payday loans, but are often a safer and less costly alternative. They generally feature more affordable payments every month, usually amounting to 5% on average. You will not need to take a second installment loan to afford your monthly expenditure because their cost can easily be met. The loans also attract a convenient time period of repayment and can be adjusted for quicker clearance.