LOS ANGELES, September 22, 2021 (Newswire.com) - iQuanti: Numerous short-term loans that last 30 days or less exist for people who need to cover quick expenses. But if you need to borrow more money and want to pay it off over a longer period, you may want to consider a loan with monthly payments. Luckily, there are several online loans with monthly payments that can get you fast cash. Here are a few options to check out.
An installment loan is a short-term personal loan that gives you a lump sum of cash. With these loans, you can make fixed, monthly payments over a specified term length. The time to repay an installment loan can range from a few months to a few years, depending on the lender and loan terms.
Many installment loans require credit checks and other financial documentation. However, plenty of lenders have more lenient requirements and will consider other factors in addition to your credit score, such as your income and employment history.
Title loans let you use your vehicle title as collateral for a quick loan if you own the vehicle outright. After you fill out an application, the lender will evaluate your vehicle to determine how much it's worth. Many lenders will offer a loan amount worth 25% to 50% of your car's value. Since you're providing your car as collateral, you may need a good credit score to qualify.
If approved, you can have the loan as quickly as the same day you apply. Plus, you can continue driving your car while the loan is outstanding. Many title loans last for 30 days, but plenty of title lenders offer loans with terms up to several months or even a couple of years long.
Savings-secured loans let you use your savings account as collateral to borrow money. Lending decisions are often quite fast since your savings balance and income largely determine your eligibility.
Once you take out one of these loans, the financial institution prevents you from accessing that amount of savings. As you pay off the loan each month, a little bit more of your savings becomes available. Savings-secured loans can be excellent for people trying to build or rebuild their credit, since lenders tend to have less strict requirements when it comes to your credit score.
The bottom line
There are plenty of online loan options with monthly payments that can get you fast cash. Paying off a loan over many months can help you tackle larger expenses and budget for the loan. And in some cases, you can even improve your credit score by paying a loan down over time. Make sure to compare lenders and loan options so that you can choose the right loan for your needs.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
Source: iQuanti, Inc.