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Learn How Installment Loans Work

Installment loans are often an excellent option for a person who needs to borrow a small amount of cash to handle an emergency. They’re easy to obtain, the money arrives quickly, and the person can take up to six months to fully repay the loan. When a person wants to borrow money through an installment loan, they’re going to want to understand how the process works.

Determine if they Qualify

The first thing the person should do is check out the qualifications for the installment loan they’re interested in. Most of the time, they won’t need a great credit score. They’ll just need to be at least 18, have a job, and have a bank account.

Fill Out an Application

Step two is to go ahead and fill out the application. This can be done quickly and easily online. It’s a good idea for the person to make sure they have everything they’ll need on hand before filling out the application.

Speak With a Representative

After the application is completed, the person will receive a phone call from a representative about the money they need to borrow. They can answer a few simple questions and will likely find out if they’re approved quickly.

Get the Money

Once the person is approved, they’ll be able to get the money they need. It will be deposited in their bank account, typically on the next business day. They can then use the money to handle the emergency situation so it is taken care of and they have one less thing to worry about.

Repay the Loan in Full

Starting with their next paycheck, the person will be required to make payments on the loan. The amount they’ll repay depends on how many payments they’ll make and how much they borrowed. They will make the payments every time they’re paid for around six months to repay the loan in full.

Obtaining an installment loan is easy and fast, so a person can get the money they need right away. If you need a little bit of extra money to handle an emergency, take a look at now. Take the time to check out the requirements and fill out an application so you can get the money you need quickly.