When cash reserves are low, many people take out a loan. There are plenty of loan options, but installment loans in Ohio tend to be the easiest and fastest to get. Have an emergency expense like a car repair? Keep reading to learn more about installment loans and how to apply for one today.
What Is an Installment Loan?
An installment loan is a lump sum of money loaned to a customer by a lender. The amounts available vary but tend to be on the smaller side anywhere between $100 – $1,000. The money is repaid within a short time, usually according to the borrower’s pay schedule.
How to Get an Installment Loan
One of the benefits of installment loans is how easy they are to get. Applicants don’t have to go into their local bank’s office to apply. Instead, the application process happens completely online or over the phone.
When applying for a loan, applicants often need to verify that they’re over 18, have a checking or savings account, and have a verifiable source of income. The application process takes anywhere from minutes to a few hours and most people receive their funds in their bank accounts within 24 hours.
All Credit Scores Are Welcome
So many people struggle to get loans because they have less-than-perfect credit. Online installment lenders don’t place an emphasis on credit scores. However, these loans do have a high APR, especially when not paid off quickly. Therefore, if one has good credit, there might be cheaper loans available through more traditional means.
To learn more about installment loans in Ohio, visit Short Term Loans, LLC., online.