Long Term Installment Loans –Instant Approval When you Require Cash

Jan. 28, 2012 - PRLog -- There are various needs of people which require cash. In the modern day, the cost of living is rapidly increasing and demands of living are also rising. To accomplish these demands, a constant cash supply is needed. For those who have weak financial status and don’t have enough money, their past credit record is also bad with less-payments, default and arrears tags. Long term installment loans are the right choice, which has minimum requirements to get the loan instantly without any credit score checking by the lenders.

In installment loans, loan is given in required amount and the repayment is done in the form of equal installments every month along with the interest. These loans are very convenient for debtors to repay. Installment loans are beneficial and easy to obtain as it has little formalities on the lender’s part.

•   A borrower must be of 18 years of age.
•   He should have a running bank account in any bank.
•   Employed borrower is needed with a good earning.
•   No credit check is required.

Installment loans on the basis of repayment terms are divided into:

1.   Long term installment loans:

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Long term installment loans are also known as secured installment loans. In secured loans; borrower has to provide a valuable asset, car, house, property, possession or any other thing which serves the purpose of collateral. If the borrower has no valuable asset, the lender uses the purchased object for which the loan is procured as the guarantee, to get the money back in the agreed time period.

Long term loans are secured and therefore, the interest rates are lower than the short term loans which do not involve any security. Lender’s risk factor in long term loans is less and chances to recoup the loan are high due to the collateral. One of the drawbacks of installment loan for long term is that, a person who is poor and have no property cannot avail such loans.

In Long term installment loans, loan can be repaid in set installments with the interest. Loan’s interest acts as the profit for the lending institutions. Long term loans can be applied for following reasons: personal reasons i.e. medical, holiday, education, marriage, house, car etc.

2.   Short term installment loans:

Short term loans are opposite to long term installment loans. It does not require any collateral pledge in the loan agreement to pay back the loan. A person with bad credit history can avail such loans without showing any asset.

Short term installment loan requires a signature and some requirements before getting approval. Interest rates are comparatively high in short term loans due to high risk factor. These loans should be repaid in installments in few months or weeks; therefore they are termed as short term installment loans.

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