Short-Term Installment Loans & Poor Credit
Installment loans are those in which consumers are loaned a lump sum of money - generally an amount from several hundred to several thousand dollars. These loans are set under the condition that the loan will be repaid with interest within a set period of time - usually on a fixed monthly basis.
An auto loan or a home mortgage is an example of a long-term installment loan as they're paid back over the course of several years, respectively. On the other hand, short-term installment loans, like a loan from Great Plains Lending, can generally be repaid in 18 months or less.
Fast Emergency Cash
Short-term loans are ideal for, but not limited to, consumers who need emergency cash but may not have great credit, and therefore may not be eligible for more traditional loans. If you have bad credit or need quick cash to tie you over in an emergency situation, a short-term loan through a lender like Great Plains Lending may be a great option for you.
The actual amount that is lent can vary, with several factors determining the exact amount; such as income, credit score, loan history, and more. New customers who apply for a Great Plains loan can be approved for between $100 and $1,0001. Great Plains Lending doesn't require any collateral such as a house or car. And because Great Plains loans are unsecure - the loan is issued only by the borrower's creditworthiness.
Because short-term loans are often unsecured and have short repayment terms, the interest rates are often higher for these types of loans with the intention of being repaid over a shorter period of time. As opposed to many other lenders, at Great Plains Lending, we give you the choice to pay off your loan over several installments or all at once without penalty. With any short-term high-interest loan, it's encouraged to pay off your loan early to avoid finance charges.
While short-term loans have their share of pros and cons, a loan option like a short-term loan with Great Plains Lending is often times one of the few options that consumers with poor credit have when they're faced with an emergency financial situation - whether that's unexpected property damage, medical bills, auto repair, or some other type of urgent circumstance.
As you're evaluating the different types of short-term installment loan options, don't hesitate to give our Great Plains Lending customer service team a call. We're happy to answer any questions you may have:
Are you ready for your own personal loan?