In search of installment loans in Columbus? Whether you are an experienced borrower, or it’s the first credit in your whole life, installment loans are worth your attention.
However, similar to other financial services, they have pros and cons. Here is what you need to bear in mind before applying for online loans.
Installment Loans as a Payday Loan Alternative
When we see the word combination “installment loan,” actually, it can mean different things in different situations.
This umbrella term covers any loan that is reimbursed in regular payments, usually called installments. The most popular examples of such loans are mortgages, student loans, and car loans.
If you reside in Ohio, there are a wide array of direct lenders that offer loans in Columbus. Your main goal here is to choose the option that fits your needs and preferences better.
To make your life easier, most lending platforms on the web offer special calculators. They can be easily used by everyone who visits the sites.
These apps allow you to find out the size of your regular payments depending on the amount you borrowed and the loan term.
Unlike payday loans that should be repaid in a lump sum on a fixed date, installment loans imply series of regular payments on the schedule.
Bad Credit, No Credit Check
It is possible to play for an installment loan online without leaving the comfort of your cozy home. In most cases, the whole process won’t take more than 15 minutes.
Here is what you need to do:
- First of all, you need to fill out an easy application form.
- You will usually be required to specify how exactly you are going to use the money. For instance, you need to indicate that you’re planning to purchase a vehicle.
- Then, you can discuss with a lending company the features of your future loan, such as the initial payment, the loan term, the schedule, and, of course, the rates.
- Keep in mind that the more you want to borrow, the higher the down payment will be.
- Plus, the longer the term is, the lower regular repayments will be.
- Your credit history will also be checked, but it doesn’t mean that people with bad credit can’t apply. Some lenders carry out no credit check, which is great.
Nevertheless, we need to mention that people with bad credit ratings usually need to pay extra
Advantages and Drawbacks
Generally speaking, installment loans can be the perfect choice for those who have big goals and need funds to achieve them. Here are their main advantages and disadvantages.
Advantages are the following:
- allow you to borrow big sums of money;
- payments are usually the same during the whole term;
- in most cases, you can pay back early saving on fees and charges.
At the same time, check out the cons of these loans. They are the following:
- fees are relatively high;
- if you skip the payment, it can spoil your credit rate;
- it can be difficult to pay back big sums.
We recommend you select direct lenders for better loan conditions and lower charges.
Columbus Direct Lenders
Installment loans in Columbus are quite a flexible option for people who are thinking of big purchases. Therefore, if you need to revamp your old house or get a car, consider this financial solution, it can be useful.
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Representative Example: Loan Amount $1,000, Interest Rate 24%, Loan Term 12 Months, Fee 3%, Fee Cost $30, Repayment $94.56, APR 29.82%, Total Payments $1,134.72, Total Costs $164.72.
CashSmartOhio.com is not a lender and does not provide short term or online personal loans but refers consumers to the lenders who may provide such loans. CashSmartOhio.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged for a loan. APRs depend on multiple factors, including the lender’s requirements and offers, your credit worthiness, your state of residence, and the type and term of the loan you request.