Personal Installment Loans: Fast Finance To Meet Urgent Demands
People of Canada apply for personal installment loans to secure instant finance to meet immediate demands
. Personal installment loans are similar to payday loans and they are paid against the paycheck of the following month. This kind of loans benefits the people greatly.
Personal installment loans are also similar to unsecured loans. The borrower does not direct the loan-seeker to produce his valuable possessions against which the loan amount will be paid. This implies that collateral are not necessary for personal installment loans.
The loan-seeker for personal installment loans must satisfy the following conditions:
1. He must be a citizen of Canada and he must be over 18.
2. He must possess checking account.
3. He must be employed in any authorized organization for at least six months.
4. His monthly earning must be around $1000.
The applicant for personal installment loans will have the following advantages:
1. Credit history is very important in securing several kinds of loans. The lenders refuse the people who have credit score below 560 as per FICO. Credit record is not checked in personal installment loans.
2. The lender asks the loan-seeker to fax documents of his personal details. Faxing is not required when one applies for personal installment loans.
3. Processing of loans in personal installment loans is very easy and simple. The loan-seeker can apply online. Online application is allowed. When one applies online he gets an opportunity to maintain his privacy. The online procedure saves time and energy.
Personal installment loans have similarity with short term loans. This is true as repayment period for this kind of loans comes within the range from 14 to 31days only. The rates of interest are relatively high. Personal installment loans are short loans. The borrower can get an amount between $100 and $1000.
Persons who look for personal installment loans must not forget that they will take a loan at higher rate of interest. They must not go for any second loan till they clear personal installment loans. They should not seek any extension in the reimbursement tenure. In such case, fines and charges will be added to the original loan amount.