The definition of installment loans is exactly what its name suggests: a loan that is paid by equal monthly installments. It’s that simple! And the process is as simple as its name. The whole application process will require only 5-10 minutes of your precious time and you can complete the process without any instruction as it’s as easy as anything.
The total amount of money that you will need to pay over a set period of time includes the actual sum you borrowed, interests and some other expenses charged by the lender. Most of the time you are required to make monthly payments, but there are some lenders who also accept weekly payments.
How are No-Credit-Check Installment Loans Different from Payday Loans?
Both of these loans are quick cash advance options and can be applied in case of emergent expenses knocking your door. So, both suggest to provide you with the desired amount of cash in one or two business days, but there are still some significant differences that we want you to be aware of, in order to make a wise decision when choosing between these two loans.
Payday Loans or Installment Loans with no credit check?
First of all, the main difference is the maximum amount of money that lenders can suggest. Payday loans are more restricted by the state laws and can suggest up to $2500, to target small-sum issues. On the contrary, monthly installment loans can provide you twice as much as paycheck advances, thus they can fill a much wider range of financial gaps.
One more feature to take into consideration when selecting which one you need to go with is the terms of repayment. The former is called payday because you need to reimburse them in less than a month, whenever you get paid. This can be convenient for those who are sure they will get a salary during that month and paying for the loan is not a big deal for them. Others, who have a fixed monthly salary and can easily afford to make regular installments, would better go with fast installment loans.
Looking for No Credit Check installment Loans? We Can Help You!
Installment loans with no credit check are often lifesavers to people who have low FICO assessment and are constantly being rejected in the conventional banks and other organizations. The fact that many lending companies as Shinycash suggest no credit check installment loans, has changed the lending and borrowing practice dramatically. It affected the way people now think about taking a loan, because there aren’t “good” or “bad” customers anymore, and everyone can apply for a loan if they need to. Most of the people are attracted to these loans and prefer them to traditional advances from the banks for this specific reason.
Why we provide bad credit loans?
We believe that if we neglect people who are in most need, then our service has no purpose at all. We do aim to help people to improve their financial situation, that’s why our lenders don’t mind working with people who have poor credit. Of, course it has some risks for the lenders, but they still maintain their services available for everyone in need. For that reason, Shinycash direct lenders don’t perform any hard credit check while processing your application and don’t want to create artificial obstacles for you. We want to keep it simple, if you can pay for the loan, you can take it!
What kind of credit check do lenders run?
In order to get some information about your financial history, direct lenders of installment loans for bad credit still perform some check which is often called “soft” check, as it only aims to have a general picture of your financial status. If it is found out that you are in bankruptcy or owe too much debt and can’t handle one more loan, only then the lenders will hesitate about approving your request.
As a conclusion, we can say that you shouldn’t feel hopeless about your finance as long as you are eligible to apply for a loan online. Shinycash is ready to become your lifelong financial companion and support you whenever you are in need. Just make sure you approach the process as a responsible borrower and in case there are any problems, contact the lender right away and ask for proper guidance.