Let’s Get Started!
Quick Links
Get Your Quote – Monthly Loans – How To Apply – Installment Terms – Make Your Choice
About Monthly Loans
Unlike a traditional payday loan, install loans or what you are calling monthly installment payday loans, can give you time to get your money back in order. The biggest drawback to payday loans is the fact that they are due to be paid back quickly, almost always within two weeks. Breaking the payments up over several months can be a blessing. It has several advantages.
It may reduce your payment.
Because the payment is split over several installments, the payment will be lower than a one payment payday loan. This can help you out because few of us can afford a sudden $500 payment out of one paycheck.
It may push back your payment date.
Instead of being due in ten days, your payment might be due in 30 days. Big difference. This can be the breathing room that you need to arrange your finances and figure out how you are going to get things paid.
It may lower your interest rate.
Payday loans have very high effective APR’s. Installment loans generally have lower interest rates. The rate that you will pay is credit dependent and will go up or down based on your score but in general, it is usually lower.
Applying For An Installment Loan
If you have ever applied for a payday loan, you will be happy to know that applying for a monthly installment loan is just as easy. The simple and short quote form is at the top of the page. You can complete it on any smart device or phone. It takes just a minute to enter all of your details and then you can hit submit. The information that you enter is protected by 256 Bit encryption so you can rest assured that every effort is being taken to protect your privacy.
Once the form goes off, it goes to our extensive ending network. This is another great benefit of working with Loan Monkey. We give you access to one of the largest networks on the internet. Some think that working with a direct lender is best but this is not the case, if you want a fast approval at least. If you work with a single lender and you get denied, you have to start all over again with a new one. With a network such as ours, if one lender does not want to make you an offer, your info moves on to the next lender. This happens automatically and very quickly.
When a lender decides to make you an offer, they will send you all of the details of your loan. You will be given an opportunity to look everything over, and you should very carefully. If you like what you see, you can accept the loan and the lender will begin processing your loan payment. You may receive your money as soon as the very next business day.
Monthly Installment Terms Available
All kinds of terms are available and your term will be decided by several factors. The term requested may be considered as well as the amount borrowed and your credit rating. Here are some of the more popular terms.
3 Month Payday Loans
With this loan term, your loan will usually be broken up into 3 terms. A three month payday loan is often best with amounts of less than $500 but your situation might be different. If you can afford to pay more each month, a short term might be beneficial to you.
6 Month Payday Loans
If you need a bit more money or more time to pay back the loan, a six month payday loan might be your best choice. People looking for this type of loan are often looking for amounts under $1000 but your needs may vary.
12 Month Payday Loans
An even longer loan which may be good for you if you need over $1000. A twelve month payday loan can be very beneficial over a traditional two week one. More time to pay and you can potentially borrow more money.
Think About Your Loan Choice
Before making the decision to take out a loan, you should consider several things. This is, after all, a serious decision which could come back and haunt you if you do things wrong. Here are some things to think about.
- Do I really need this money?
Loans such as these should only be used if you have no other choice. If you can do without something or pay for it with cash instead, that is the best way to go. Installment and payday loans are best for emergencies where if you did not have the money, you would be worse off. Never buy a luxury item or anything that you could have done without. - Is an installment better than a payday loan?
In most cases, the installment will be a better option but that might not be the case for you. If you only need $100 or $200, a payday loan might be the way to go. You could probably easily pay that amount off on your next check and then move on. Going the monthly installment payday loan route might encourage you to take out more than you need which could be a problem. - Can I afford this loan?
Before signing your loan contract, you should take a good hard look at your budget. Get your loan quote and then fit the monthly payment amount into that budget. Will this leave you enough money to pay your other expenses like groceries and utilities? The money to pay back the loan has to come out of some part of your budget. - Do I have other loan options?
Do you have a family member, for example, who could lend you the money? Always take a free loan over an interest bearing one, even if it means swallowing your pride a bit. Your budget will thank you. - Is the cost of the monthly installment loan worth it?
Take the total cost of the loan including all fees and interest and determine if the cost of the credit is worth it. This will greatly depend on whether what the money is being used for is a luxury or a necessity but only you can answer this question, so think carefully.
