When you think of online loans, you would naturally equate it with short term loans. You can only get it for short periods and for relatively small amounts. But the times are changing and many things about personal finances are also changing. One of those things would be how online loans are being made available to consumers like you.
Changes with Online Loans
Because more and more people are relying on online loans to get through the month and to meet emergency expenses that cannot be paid for by the usual sources of income on time, payday lenders on the internet are also starting to offer other financial products. One of these products is online loan with monthly payments. In the past, payday loans were only available for amounts below $1000 for two weeks or up to a month. But for some people that would not meet their needs. That’s why payday lenders started to diversify and they are now offering 12 month and even 24 month installment loans.
The same qualities that made payday loans attractive to a lot of people can be found in these loans. The lenders claim that they do not run any credit check on the borrower so even those with bad credit scores or even with no credit history can apply.
How Much you Can Borrow
The amount that you can borrow varies greatly. Some lenders would allow you to borrow more than $1000, while there are those who would let you borrow more than $2500. The terms would depend on the lender as well. It could last for a year, while for the larger amounts the term could be up to 24 months.
Advantages of Online Loans with Monthly Installments
The most obvious advantage of this kind of a loan is that it’s available through the internet. That means it is no longer necessary for the borrower to go the lender’s office personally. The whole transaction can now be done completely online. The loan process is similar to one of a regular payday loan.
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