Why It’s So Hard To Find Legit Installment Loans Online

Trying to find an installment lender on the internet that will actually help you out is really like trying to find a needle in a haystack. There are so many sites out there that simply sell your info off to other companies, or are just payday lenders dressed up in a long term lender’s suit. However, there is definitely hope out there, and in this post I want to shed some light on why it’s so hard to find a lender and what your options really are.

The main reason it’s nearly impossible to find an online installment lender is that banks don’t want to offer them, so payday lenders pick up the slack. What this leads to is an “extended term” payday loan, which is exactly the same as a regular payday loan, except you pay more to get it. Rather than paying the loan back on your next payday, you take a lower interest rate and make lots of payments to get it repaid. Which ends up costing even more. Check out this site for more info on why this happens.

Fortunately, there are some strides being made, but they aren’t in the traditional installment loan sense. Instead, they are in auto equity loans. Lenders that have traditionally run a brick and mortar business are beginning to expand their operations online. To qualify for a loan like this you need to have a car that has been paid in full and be willing to borrow against its value. Up until early this year you would have had to drive your car to the loan office to have it appraised, but now this is completed by either the lender sending an agent to you or by you sending in pictures of your car. Loan amounts range from $1,000 up to $10,000 and terms can be anywhere from a year up to 10. The state that you live in will have regulations as to the minimum and maximum that you can borrow, but your car’s value is the true determining factor.

Right now it’s not as easy to get online installment loans, but over the next few years this will change. With more lenders willing to jump into online lending and improvements in technology this will become much more common. I know that doesn’t help a lot right now, but next time there will be someone there to help!Rich Text AreaToolbarBold (Ctrl + B)Italic (Ctrl + I)Strikethrough (Alt + Shift + D)Unordered list (Alt + Shift + U)Ordered list (Alt + Shift + O)Blockquote (Alt + Shift + Q)Align Left (Alt + Shift + L)Align Center (Alt + Shift + C)Align Right (Alt + Shift + R)Insert/edit link (Alt + Shift + A)Unlink (Alt + Shift + S)Insert More Tag (Alt + Shift + T)Toggle spellchecker (Alt + Shift + N)?
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Trying to find an installment lender on the internet that will actually help you out is really like trying to find a needle in a haystack. There are so many sites out there that simply sell your info off to other companies, or are just payday lenders dressed up in a long term lender’s suit. However, there is definitely hope out there, and in this post I want to shed some light on why it’s so hard to find a lender and what your options really are.
The main reason it’s nearly impossible to find an online installment lender is that banks don’t want to offer them, so payday lenders pick up the slack. What this leads to is an “extended term” payday loan, which is exactly the same as a regular payday loan, except you pay more to get it. Rather than paying the loan back on your next payday, you take a lower interest rate and make lots of payments to get it repaid. Which ends up costing even more. Check out this site for more info on why this happens.
Fortunately, there are some strides being made, but they aren’t in the traditional installment loan sense. Instead, they are in auto equity loans. Lenders that have traditionally run a brick and mortar business are beginning to expand their operations online. To qualify for a loan like this you need to have a car that has been paid in full and be willing to borrow against its value. Up until early this year you would have had to drive your car to the loan office to have it appraised, but now this is completed by either the lender sending an agent to you or by you sending in pictures of your car. Loan amounts range from $1,000 up to $10,000 and terms can be anywhere from a year up to 10. The state that you live in will have regulations as to the minimum and maximum that you can borrow, but your car’s value is the true determining factor.
Right now it’s not as easy to get online installment loans, but over the next few years this will change. With more lenders willing to jump into online lending and improvements in technology this will become much more common. I know that doesn’t help a lot right now, but next time there will be someone there to help!
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