Cash Installment Loans
Cash installment loans, or cash advance loans, give you quick access to money during an emergency. The funds from an installment loan can be used for any purpose. And since these loans don't involve credit checks or security, most people qualify. Unfortunately, these loans have high finance fees, and they're generally due in 14 days. Failure to pay the loan by the agreed upon due date results in late fees and additional interest. However, there are ways to find a low-cost cash installment loan.
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Function
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Cash installment loans are short-term loans, and they provide borrowers with immediate funds to meet an unexpected expense.
Types
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Borrowers can apply for a cash advance online and fax their financial information to the lender (paycheck stub and a voided check). Or borrowers may choose a no-fax cash installment loan where lenders verify an applicant's information electronically.
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Features
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Borrowers can choose a 14-, 30-, 60- or 90-day loan. Because lenders vary, borrowers should inquire about loan terms before submitting an application. While convenient, longer loan terms feature higher finance fees.
Benefits
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Cash installment loans don't involve credit checks, collateral or co-signers, so individuals with no credit history or bad credit can qualify for a loan.
Expert Insight
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Before applying for a cash installment loan, research different lenders and compare finance fees, requirements, late fees and loan terms. To reduce loan fees, pick the lender with the cheapest loan rate and repay the loan before the due date.
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Resources
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