If have to come up with the money to pay a bill, or to pay for any unexpected expenses, and installment loans may be your easiest option. These are small loans, usually less than $1,000 that you can get within a day of submitting your application.
The benefit of an installment loan is that the loan company looks to see that you have income that comes in on a regular basis, and then they will award you the money. It doesn't matter if you have poor credit history or no credit at all, you usually only need to have a bank account and income.
Here are a few things to consider, making sure you pay your installment loan back responsibly:
Pick a Smart Pay Date
If you are borrowing an amount of money that is going to be a majority of your paycheck, you probably can't pay it all on your next payday. You will still have other bills to pay, along with living expenses. Choose a pay date that is two or three pay times away if you can, and start paying the loan down gradually.
Pay Weekly
Even if your loan isn't due, you want to try to pay weekly if you can. Every time you get paid, put money down on the installment loan. If you are a server or earn tips and you have a great night, apply some of the money to the installment loan right away. This can help you pay it down before your due date.
Don't be Late
Don't forget to make your payment or don't be late with it, you'll get charged an extra late fee and you'll have to pay interest. Have a garage sale, sell an item you don't use online, or set a tight weekly budget so you can come up with the money before the due date.
Installment loans can actually help you increase your current credit score if you borrow and pay back on time, because it shows that you are paying an unsecured loan on time. If you have to pay a bill and you are going to get hit with a lot of late fees because you are late, take out the installment loan before you have to borrow more than the original amount of the bill. Installment loans can be a great way to get funds if you pay the loan back quickly.
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