When people need to get money quickly, they often consider something like a payday loan or a title loan. The benefit to these types of loans is that they offer fast approval and the money can be deposited into their bank account within a few hours. However, rather than leveraging a person’s collateral or their payday, installment loans may be the better option.
Installment loans are similar to what a bank offers, but dedicated lenders often handle these types of loans in a much more expedited fashion. In addition, the repayment of these loans, while not being as quick as a title or a payday loan, is still much faster than the average bank loan. In fact, this type of loan’s average pay off time is around six months as opposed to a payday loan, which may be two weeks to a month at the most. For a bank loan, it could be multiple years until the loan is paid off.
Another benefit to these types of installment loan transactions is how quickly an individual can be approved. The criteria for applying for one of these loans is quite simple. A person will need to have a checking account that has been open for a specific period of time, they will need to be 18 years of age or older and they cannot be in the midst of a bankruptcy proceeding.
Quick Access to Borrowed Funds
If a person meets all these requirements, they can go online, fill out a simple form and wait to be contacted by loan officer. At this time, the loan officer may ask for clarity on certain personal information. From there, the application goes through the approval procedure.
If the loan is approved, the applicant will be contacted by the loan company to double check all the bank account details. Then, the money will be deposited into the applicants bank account within a few hours on business days.
If you’re looking for money that you don’t currently have but you need it as quickly as possible, online installment loans may be the best option. They’re easy to apply for, they offer fast approval times and the cash can be readily available in your bank account in a matter of hours. To learn more about this process, you may want to check out a website like Bluetrustloans.com.