The saying “money makes the world go round” is true, even though we might not wish it to be so. Money is the medium we use to exchange goods and services with others. For instance, you work for a company who pays you for the work you do for them. You then go and spend your money to purchase goods and/or services that then pays others for the work they do. And this process is repeated infinitely. Hence, the symbolism of making the world go around.
Your Loan Depot offers quick installment loans to those who need money fast. We have over 10 locations to serve you, and we are a smaller operation, able to give you stellar customer service when you need it the most. In addition to installment loans, we also offer cash advance (or payday) loans and title loans. Our expert lenders can advise you on which may be the best choice for you. Below, we’ll go over some reasons you may want to obtain an installment loan from our payday lenders. Contact us today to get started!
What is an Installment Loan?
An installment loan is a loan that is paid back on a consistent basis for a consistent amount. Each payment you make on an installment loan will go towards the interest and the principal of your loan. The loan payment amount is determined by the amount you borrow, your interest rate, and the length of the loan.
REASONS TO OBTAIN AN INSTALLMENT LOAN
An Emergency Arises
Whether you got a flat tire, you had to go to the doctor, or a relative died and you need to fly to their funeral, when there’s an emergency you need cash fast. Our payday lenders are experts at helping people obtain loans fast. Our installment loans can be up to $10,000 if need be. This means you can afford the new water heater you may need in your home that just went out or any other emergency that life throws your way.
Can Obtain a Larger Amount
Most payday loans only offer up to $1,000. With our no credit check installment loans, you can obtain amounts larger than $1,000 up to $10,000. This allows you to pay for more expensive purchases or expenses, such as a new transmission on your car, or a car altogether for your teenager. Whatever you need may be, we can help. We understand that you need the money quickly, so we offer quick installment loans to fit your needs.
Lower Interest Rate
Our installment loans require collateral, or something of value you have to put up equal to or less than the amount you want to borrow. This ensures proper payment on your end since you could lose your collateral if you default on your loan. Ideally, if you did default on your loan, the amount of your collateral would cover what you owed if the lender had to sell it, at least resulting in a minimal loss.
Thus, because of this, you are rewarded with lower interest rates since the risk is lower. This can substantially increase your repayment amount and affect how much you have to pay in interest over the lifetime of the loans as well. We understand that sometimes you just need fast cash loans, and installment loans are great options to fulfill that need.
Helps Build Your Credit
While Your Loan Depot in Texas offers no credit check installment loans and your credit doesn’t play a factor in your loan, not everyone else does. In fact, credit for much larger purchases, such as a home, do require good credit. A payday loan does not go on your credit report because it’s for such a short-term loan. However, installment loans are reported to the three major credit bureaus (TransUnion, Equifax, and Experian), and if you pay your payments on time, this installment loan can go a long way in helping improve your credit score.
The nice thing about borrowing money with an installment loan is that you will have regular payment on a predictable timeframe that allows you to budget and plan accordingly. You’ll know exactly when your loan will be paid off, and you’ll have the option to pay off the loan sooner as well with no prepayment penalties. This is in stark contrast to a credit card payment that has a constantly-changing payment based on how much your outstanding balance is.
Fast Cash Loan
Funding on an installment loan is quick. Since you are using a form of collateral, such as your car or truck, it’s easy to assess its value, check the title, and verify its condition. Once that has been done, it’s usually only a matter of hours (or less!) before you obtain a loan. With Your Loan Depot’s online application process, it can be even quicker since you can fill out the application online and someone from one of our locations will be in contact with you quickly.
Stellar Customer Service
Your Loan Depot in Texas prides itself on being able to offer top-notch no credit check installment loan services to you. Our friendly and expert loan officers can help walk you through the installment loan process and answer all of your questions. We are a small payday lender with an emphasis on customer service. There are no hidden fees, and you’ll know all of the terms and conditions of your installment loan before you sign on the bottom line. We understand that you have lending options, and we want to ensure you have the best customer experience while getting help with your financials.
CHOOSE YOUR LOAN DEPOT FOR YOUR NEXT INSTALLMENT LOAN
Installment loans are great options for not only obtaining the funding you need when you need it, but also for helping you build credit and obtain the things you need. There are many reasons to obtain a loan, from helping with unplanned expenses to helping with spur-of-the-moment expenses, such as a sudden wedding. Here at Your Loan Depot, we believe life is too short to not live a bit. You can either wait to make purchases until you have the cash to do so (barring emergencies), or you can borrow the money to enjoy the things in life now.
While you will pay more to borrow the money, such as in interest payments, an installment loan is a smart way to have the things you need sooner rather than later without breaking the bank. So if you need cash to throw your parents a surprise anniversary party, or you just need some cash to catch up on some bills, we can help. Our lenders are here for you. With offices in Airline, Bryan, Conroe, Mansfield, and more, we are conveniently located to serve you. Contact us today to get started!