When a financial crisis arises, it can be stressful to figure out how to handle it. While most people turn to a loan, the process of applying can be lengthy and the turn down embarrassing. Instead of seeking a payday loan, there is an alternative that can allow a person to get their money quickly and without the stress.
How Does It Work?
An installment loan works by allowing a person to borrow a certain amount of money and pay it back in installment payments over a period of time. The payments are based on the amount being borrowed and the applicant’s pay days. To qualify for the loan, a person must meet the following requirements.
- Must have a verifiable source of income that is reliable
- Have an open checking account that meets the requirements set forth by the loan company
- Be a citizen of the United States
- Be at least eighteen years of age
- Must not be a current debtor in a bankruptcy
To get started on the process, a person simply needs to fill out an online application and provide the information asked for by the company. Once approved, the money is typically deposited into the borrower’s account the following business day.
Most of the loans are for a six-month term, and the payments are set up to correspond with a borrower’s pay date. It is important the payments are made on time so most of these loans are set up with drafts taken out of the banking account.
These Loans Make Finacial Crises Easier
Once a person has received their loan amount, they will need to make sure they submit their payments on time, as this will allow them to build up a solid reputation at the loan company so they can borrow money later if it becomes necessary.
If you are dealing with a financial crisis and are in need of a fast loan, contact MaxLend Loans. They offer multiple loan types to help borrowers meet their financial needs. Stop by the website or call today to get started. The process is easy and you can have your funds deposited quickly.