Having a tough time with unexpected high bills? Do you need money to consolidate multiple small debts? Instead of asking around or taking an expensive payday loan, you can consider installment loans. True to the name, installment loans are repaid in installments, over a period of time. Getting approval is much easier for government employees, because lenders are assured of job stability and security. Installment loans are no credit check loans for federal employees, and there are several advantages. In this post, we are quick list of 5 advantages.
- No need for a great credit score. Let’s not forget that a considerable part of the working population doesn’t have a high credit score, and that often comes in the way of borrowing money. That’s not the case with installment loans. Just like payday loans, installment loans are approved on basis of your job, and since government jobs are reliable and always have a fixed income, you are more likely to get approval than private sector employees.
- Minimum requirements. There are limited requirements to apply for an installment loan. You just need to ensure that your papers are submitted as required. If you apply for the loan online, you can complete the whole process online and expect an approval via email in just one to two business days.
- Use the money for anything. Quick loans, such as payday and installment loans, are offered without any security, and the money can be used for any kind of requirement. From paying bills and consolidating debts, to sponsoring a vacation, use the money in any which way you want.
- Varied options. There are different kinds of installment loans for federal employees. Options include allotment loans (discretionary and non-discretionary), Personal Installment Loans, Private Military Loans, Federal Credit Union Loans, and Online Installment Loans. The idea is to get the money and repay it over a period of time.
- More flexibility. With installment loans, you can repay the loan in easy installments. This ensures that your finances are not strained right away, and it is absolutely wise and important to use the option rationally. The interest is also comparatively lower when compared to payday loans.
Don’t forget to check the terms & conditions of installment loans carefully before applying. Note that you have to repay the money back, which means financial planning is absolutely needed. Check online to find more on how to apply for installment loans online.