Apply Now  « Back to blog

4 Reasons an installment loan can be a better choice

If you’re having money trouble and are in need of some fast cash, Sun Loan can make your life easier. Check out how an installment loan can provide a quick and easy way to get money when you’re in a bind, even if you do not have good credit.
Unexpected reasons for needing a loan can include home or car repairs, medical expenses, unexpected travel, accidents, or important purchases such as a tool you need for work. There are many ways to get fast cash, however, there are marked advantages in taking out an installment loan those other options like payday loans and credit cards don’t have.
Payday loans spend your check before you get it, and borrowers often get caught in a cycle of debt. Higher rates with these types of loans tend to quickly increase the debt beyond the amount that the borrower can repay.

Here are four reasons that installment loans are a better choice:

  1. Installment loans are contracted for a specific amount, and per the contract, have a regular schedule of specified payments with an exact pay-off date. While many mortgages and car loans are considered installment loans, installment loans are taken out to pay for more than just home and car purchases. Having regular monthly payments is great for borrowers because they know what to expect and can include that set amount into their budget.
  2. Installment loans allow you to pay only what you can actually afford each month. Flexibility is built into how installment loans are set up. Choosing a longer repayment term can lower your monthly payments considerably. If you want to pay off the loan sooner, choosing a shorter term for repayment can also lower the final payoff amount. Choose what works best for you.
  3. Installments loans get cash to you quickly. Because these types of loans don’t require as much of documentation as other types, they take less time to process. Depending on the specific factors, it can take a matter of a few minutes to get a fast installment loan from Sun Loan. Most customers leave with a check the same day they arrive to get it.

Next time you need fast access to extra cash, call our friendly team at Sun Loan to find a convenient location near you. We are the friend you need to know when you have a financial emergency.