About The Installment Loans
The installment loans are special types of the loans that are offered to the individuals who are looking forth for the financial tools that they can make use of in their financial emergencies. The individuals who are uncomfortable about asking money from their friends and even relatives will find these types of the loans to be very effective in managing their money need independently and in a time efficient manner. This option is one of the best one available for them when it comes to coping up with the urgent cash crisis. The borrowers of the installment loans get the funds against the approved loans in a lump sum amount but they are required to reimburse this amount to the lending financial institute at regular intervals of times unlike the cash loans which require payment all at once before the reimbursement date. This makes it easier for the borrowers to pay off the loan easily and without upsetting their budgets when trying to provide for their unanticipated financial problems and balancing their monthly budgets at the same time. The instalment loans are extended to the individuals who are looking for the same by public and private lenders which may include;
- Commercial banks
- Financial institutes like insurance companies etc.
The lending institutes or the individuals who offer these loans to the borrowers do not check the credit record of the borrowers and this is the reason often the term installment loans no credit check is used for these types of loans. One of the unique attributes of the installment loans is that its reimbursement schedule and the rate of interest to be applied is done in set installments of equal amount.
Though the approval of the installment loans do not require a credit check yet they have certain criteria that needs to be fulfilled by the borrowers. This criterion may vary from one financial lending institutes to another which is the reason the applicants are advised to find out about the same prior to applying for the loans. However, the selection criterion of the applicants in all cases requires that the age of the applicants must be more than or equals to eighteen years of age and the borrower or the applicant should not be a minor. Also in order to be successful at availing loans against the installment loans the applicants must have a verifiable job for more than five years and have their personal current account that can be used for transactions. Also this account must be active for at least three months.