If you are in a tight spot, with payday way too far in the future, it is common knowledge that a cash advance can be one of the most valuable services to have around. However, taking out a loan that will require you to pay the full amount on your next payday can sometimes leave you with little money to make it on until you are paid again. In this type of situation, an installment loan is the perfect solution. Here are a few of the most common questions concerning installment loans from payday advance companies.
Do all cash advance companies offer installment loans as well?
Installment loans offered by cash advance companies are a relatively new service. Therefore, not every cash advance company will have installment loans available for their customers. If you do not see installment loans advertised, it is always a good idea to ask about whether or not they are available.
What are the benefits of an installment loan?
Installment loans are different from regular payday loans because they will allow you to pay back the loan you accept with more than just one lump sum payment. This will make it much easier to pay the loan off in full quickly, instead of facing the risk of having to rewrite a cash advance loan right away.
Are there any negative aspects of an installment loan in comparison to a regular cash advance?
The one downfall of installment loans in comparison to regular cash advance loans is the fact that interest rates may be a bit higher. This is because the longer-term loan means more work for the company and more paperwork to handle.
Do you have to have good credit to get an installment loan from a cash advance company?
One of the greatest things about cash advance companies is the fact that they do not require that you have good credit in order to get a loan. Thankfully, when you want an installment loan, you get to reap the same advantage. In most cases, your credit will have nothing to do with if you qualify for the loan. You will only be required to show proof of your income or employment, have a bank account, and possibly provide a few references.
When it comes down to it, installment loans are just another excellent service offered by payday advanced companies. If you think an installment loan is a better choice for you, make sure you ask a payday loan representative about any further questions and concerns you have, or visit http://www.money4youpaydayloans.com for more information on payday loans.
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