How to Obtain Short-Term Installment Loans Online
Financial surprises and emergencies are a part of life. Worst of all, you never know when a financial emergency will occur. If you find yourself in a sticky financial situation, short-term installment loans may be a good option. Here is what you need to know about obtaining short-term installment loans online.
What You Will Need to Apply
The requirements for short-term installment loan approval can be less stringent than other loans. The application process is simple and takes only a few minutes.
Your social security number and your income will be necessary information to obtain a loan. Additionally, the application will ask for your basic contact information, such as your address and phone number. References should also be provided on the application, but your references will not be contacted during the loan application process.
Understanding How Your Loan Amount Will Be Determined
Once you have submitted your short-term loan application and it is approved, which usually takes just a few seconds; you will be offered a loan in a specific amount. The amount of money you will be offered will depend on your income and how much you can safely budget to pay back the loan. As a first-time customer, you may be offered a Great Plains loan amount between $100 and $1,0001, but you can accept any loan amount under your approved amount.
Short-Term Installment Loan Repayment
Great Plains Lending makes the application and repayment for short-term installment loans simple. You decide whether to stretch your repayment over several installments or pay the loan in full all at one time.
You incur no penalties for paying the loan off early if you choose to do so. If you pick the installment plan, the number of payments on your loan is determined by how much you elect to borrow. Keep in mind, if you elect for a longer repayment term, your payments will be lower each period, but will likely cost you more in interest in the long run.
For example, if you borrow $500, the repayment can be stretched out over a 16 bi-weekly payment period or 8 monthly payments. To simplify the repayment process even further, you can set up the loan payments to be deducted from your bank account automatically.
As you're exploring a short-term loan option, don't hesitate to give our Great Plains Lending customer service team a call. We're happy to answer any questions you may have: