What are Cash Advance Installment Loans?
For some people out there, they may find themselves in an unforeseen emergency – and when they take out a loan, need to pay it off in monthly installments. Does this sound like you? One of the many loan options available is getting a cash advance installment loan. When an emergency arises, you may be able to get cash quickly and have the ability to pay the loan back over time.
One of the advantages of cash advance installment loans is that you may be able to qualify by simply showing proof of regular employment or income, along with other personal and banking information. Of course, qualifications vary by lender, so keep that in mind when shopping around for a loan.
Some people think of all installment loans as “payday loans” that require repayment when you receive your next paycheck. An example of a typical scenario for a payday loan would have you borrowing say, $300 for a badly needed car repair, and agreeing to have the $300 plus any fees and finance charges electronically deducted from your next paycheck. However, a cash advance installment loan tends to work differently. Often, when you get approval for this kind of cash advance, a lender will schedule you for monthly payments typically deducted automatically from your bank checking account.
Another advantage of cash advance installment loans is that it’s a better option for people who simply need more time to pay off the advance. When an unexpected difficulty arises and you can’t afford to pay off the loan all at once, a cash advance installment loan may be a much better alternative.
“ a cash advance installment loan may be a much better alternative ”
The length of a cash advance installment loan will be agreed to with your lender, although it’s good to keep in mind that you do not have to take out any loan with terms that you are not comfortable with. As with any kind of loan, make sure you read the terms and conditions of your loan very carefully and clearly understand all the terms of the loan, including the monthly payment, how many payments you must make, the due dates, and finance charges.
If you’re one of the many people who have found themselves in an unexpected difficulty, there are options. Using a cash advance installment loan may be a viable alternative if you need to pay off a loan in monthly, timely installments.