The cost of a loan depends on its amount and loan term. Using the online calculator at Short Term Installment Loans Bad Credit, you can see exactly the amount that needs to be returned. The company provides transparent conditions for processing loans. On average, the interest rate varies from 1 to 5% per day in different short term installment loans online direct lenders. If you borrow from a reliable financial institution, then they will always strive to take a minimum percentage from you. If you manage to take a loan with an interest rate of 30% per annum, then this will be a great deal.
Advantages and Disadvantages of Small Installment Loan for Bad Credit
The services of a Short Term Installment loans are in great demand among various segments of the population. There are several reasons for this:
- 24-hour service. It doesn’t matter what time you need an express loan, you can always place an application on the website and count on support;
- A large number of positive decisions;
- No need to collect a large package of documents, search for guarantors and collateral;
- The presence of numerous bonuses and a loyalty program, which is available for both regular and new customers;
- Protection of personal information. You don’t have to worry that personal data will fall into the hands of attackers;
- An opportunity to extend a loan if such a need arose. Prolongation will help maintain good relations with the company;
- The convenience of returning borrowed funds. There are various options to choose from;
- The anonymity of appeal. The company respects the principles of confidentiality. Will not bother calling your relatives, colleagues, and friends.
If we talk about disadvantages, there might be a few. You may need to pay high fees and penalties if you are overdue. Make sure that you will pay off your debt on time before borrowing money.
Advice for first-time borrowers
If your loan is small, with the help of an additional document you will noticeably increase the chances of approval by the lender. It is worth counting on the fact that the company will lower the interest rate if you have already cooperated with particular small installment loans online before and faithfully fulfilled your obligations.
Priority customer category for any financial organization:
- impeccable credit reputation;
- official employment;
- age – 35-40 years.
Anyway, if out of the target category. You can get your loan by providing honest information about yourself.