What Are Guaranteed Installment Loans?

Constantly people require lots of sums for daily expenses. Whether it’s shopping, bills or parking fin. Sometimes there are special occasions where one can spend great sums of money. It doesn’t really matter whether these occasions are good or bad, nevertheless we need extra sums of money.  Even if you want to go for a short-term holiday but you have not enough money to do it, you can get short-term loans. For some reasons guaranteed installment loans are provide for purchasing a new car, its repair (in this case this is also known as a car loan). It’s even possible to apply for such a loan for your apartment or house renovation.

We don’t need extra sums of money every day, only when it’s required according to the circumstances. So, you don’t have to apply for short-term loans regularly. A short-term loan, like installment loan, is a loan which has a small period of repayment (up to 90 days) and which is quite easy to get, because the debtors don’t require all the approvals which are usually require for other types of loans. Even the application form is much easier to fill in as there is not much information to mention.

Guaranteed installment loans are the unsecured loans. That’s mean that one shouldn’t provide the collateral as applying for a long-term loan as mortgage for example. What is more important while applying for an installment loan, one shouldn’t provide the guarantor of the loan. Перу procedure of application will take several hours only. The debtor will more willingly provide you an installment loan if you have a good credit history, but while applying for it the credit history doesn’t play the leading role. In many cases it really doesn’t matter. Even if you have a bad credit history it’s still possible for you to apply for an unsecured debt.

Because of the big rates of interest (20-25%), one shouldn’t consider even guaranteed installment loan as a remedy and the only solution for big financial problems. That’s mean, that for each $100 one should repay $125. That’s why it’s the only advice not to apply for an installment loan to pay for another loan, in case you are not a milliner. So, as long you will repay the debt, as much you’ll lose on the fixed rates.

In spite of small repayment period and big rates guaranteed installment loans are getting more and more popular nowadays.