Wed. Apr 24th, 2024

When a financial problem comes along, you don’t always have the cash you need to fix it. That doesn’t mean you can ignore your new bill or repair. Whether it’s a broken tail light or an expensive doctor’s visit, you need to take care of these unexpected emergencies right away. 

With a tight timeline like this, emergency installment loans may give you the money you need in the time you want. 

What Are Emergency Installment Loans? 

Consider an emergency installment loan as a safety net when you run out of money in the face of unexpected, urgent expenses you can’t avoid or postpone. They act as a temporary substitute for savings if you don’t have any other options. 

If approved, you’ll borrow a pre-determined amount of money, at which time you’ll agree to your lender’s rates and terms.  

  • Rates: Here, you’ll learn about any interest and fees that apply to your loan. You should also see your Annual Percentage Rate to understand how these rates come together to impact the true cost of your loan. 
  • Terms: In this context, your “term” refers to how long you have to repay what you owe, and it will outline the frequency of your payments.  

Installment Loans Have Longer Terms 

Other emergency loans, such as direct payday loans and cash advances, have short terms. Generally speaking, you’ll have to repay everything in one payment by your next payday.  

Installment loans are a little different.  

Rather than repaying what you owe in one lump sum, you’ll pay back your installment loan (plus fees) in multiple payments.  

Installment loans direct lenders schedule these payments over multiple weeks or months, which may take some of the burden off your budget compared to other short term loans. 

You Can Get One Online 

An online installment loan is a convenient option that doesn’t require you to leave the house. As long as you have the Internet, you can apply anytime, anywhere you need help.  

Whether you apply from the couch, kitchen counter, or your work cubicle doesn’t matter, but your state of residence does. Online direct lenders can only lend money to people living in states where they’re a licensed company. 

Internet users around the world may be able to view the top online loans Tennessee has to offer, but only those who live there can apply. That means, if you live in Tennessee, it’s important you check the lender gives borrowers access to credit in Tennessee.

How to Find One That Works for You 

Like any other credit obligation, an installment loan is a legally binding agreement. When you take the cash, you accept the rates and terms with the promise you’ll pay what you owe on time.    

  • Read the Fine Print: Signing something you don’t understand is a fast way to get in trouble. Make sure you read everything thoroughly before you sign along the dotted line.  
  • Compare Your Budget: Increasing the number of payments you make will lower the overall size of each payment, but that doesn’t mean you can afford it any better than a single, large payment. 

What’s Next? 

After you find an option that fits your needs, there will come a day when you pay it off. Take a moment to celebrate it, but don’t wait to long too get back down to business. You’ll want to start planning for the next emergency. Use your budget to set aside more savings so that next time, you’re better prepared for their arrival.   

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