An installment loan. Terms and conditions.

An installment loan. Terms and conditions.

An installment loan is almost similar to a payday loan, but it allows you to pay the money back over a longer period. The most common features of the installment loans are:

  • Strict financial terms
  • Targeted use, the borrower should have some definite goal for lending
  • The use of collateral or some kind of guarantee
  • A definite sum of regular payments
  • Specific boundaries of the agreement

Nowadays an installment loan is one of the most popular credit forms, especially among US citizens. They usually use it for some important reasons: to make a relevant purchase (such as house or car), to build or repair a house, to start a small business, to cover educational or medical expenses. A certain convenience of this credit form is that you can apply for the Installment Loans Online  | PLS Cash Advance service is a great choice to get your loan.

How does it work? After your applying and approval, their system will suggest you a list of lenders (they are banks or other financial organizations), which have the best conditions based on your purpose. The requirements for the borrowers are the following:

  • To be of a legal age
  • To have a valid ID
  • To have a cellphone
  • To have a current banking account
  • To have a stable income
  • To have a valid e-mail
  • To fill in the application form

You should notice that there are banks which can provide you with an installment loan even if you have a bad credit score (it will depend on your credit history), but there are such banks which will refuse you in this case without any doubts.

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