Unlike a typical payday loan, which is repaid all at once, an installment loan is repaid in increments. These increments are usually spaced over several months or years. After each increment of time, you repay some fraction of the original loan plus interest.
Because you have more time to repay an installment loan than you would a payday loan, you might be able to borrow more than you could pay back in a single pay period. Instead of having to pay everything back at once, you can space it out, making each payment easier on your bank account.
How Does a CashNetUSA Installment Loan Work?
Your range of options for an installment loan will vary depending on your application and the state where you live. When applying, you may have the chance to decide how much money you want to borrow and how long you would like to pay it back.
You should consider these choices carefully. As a rule, you should only borrow as much money as you need — any extra you take out will only mean more to repay later.
Similarly, you should choose the shortest repayment period that will allow you to comfortably make your payments. Though a longer repayment period generally means relatively smaller individual payments, it also means that you end up paying more overall.
What Are the Reasons to Get an Installment Loan?
In these cases, an installment loan can give you the funds you need to take care of immediate expenses. And the longer repayment period means that you’ll be able to pay back what you owe at a more comfortable pace once you’ve taken care of your financial emergency.
The key point to keep in mind is that these types of loans should only be used for critical expenses, never for frivolous purchases. A loan is a serious financial responsibility and failing to repay can have serious consequences for your finances. You should always make sure that you are only borrowing what you need and have the capacity to repay.
What Are the Requirements for Borrowing?
In order to be eligible to apply for an installment loan from CashNetUSA, you must:
- Be 18 or older
- Have been employed for at least one month
- Have an active checking account
- Be a U.S. citizen or permanent resident
- Live in a state where we offer installment loans
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