You may be facing unexpected situations in your personal life that require instant cash. Or, you have typical business demands that show up unannounced. And if you cannot pool cash fast enough, you may be looking at massive losses. Particularly, if your credit history isn’t stellar, you have fewer options to get a loan.
For an urgent financial need in Louisiana, you can get unsecured personal loans from direct lenders. These long-term installment loans do not need a hard credit check. Even the amount you get through installment loans in Louisiana is higher than payday loans. You can get an instant loan with lower, fixed interests and multiple monthly payments.
How Installment Loans Work
The lender will assign you a dedicated personal loan manager to make things easier for you. You can figure out a payment plan to suit your budget and situation and repay the loan in equal installment payments in 2 to 12 months. You can apply for a loan for amounts ranging from $200 to $1,500.
Per the Louisiana Installment Loan Act, installment loans carry an APR (Annual Percentage Rate) of 208-245%. They are ideal for low to moderate-income households. Installment loans also do not trap you in a predatory lending debt trap.
One of the biggest benefits of an installment loan is its versatility. You can plan a sudden family vacation or buy a smart TV. Most borrowers use them for purposes like home improvements, medical bills, or repayment of student loans.
Installment Loans vs. Payday Loans
Installment loans are not a replacement for payday loans, but entirely new products. The primary differences between the two would be the interest rates, amount, and loan repayment periods.
Payday loans maybe some of the high-interest loans in Louisiana. For a $1,000 loan to be repaid in 12 months, lenders may collect double the amount. The APR ranges from 350-780%, and you may pay back the amount within 60 days.
Both payday loan options and installment loans offer quick ways to get extra cash. But with installment loans in Louisiana, you make equal monthly payments in a pre-arranged schedule. You can also refinance installment loans for extended maturity and a smaller loan amount.
Eligibility Criteria for Installment Loans in Louisiana
- You should be older than 18 to apply for an installment loan in Louisiana.
- Provide the lender with your valid address in the state. Also, include your contact information like a phone number, email ID, etc.
- You must not be bankrupt. You should show proof that you can pay interest rates and cover the debts.
Make Timely Installment to Boost Your Nest Egg Account
You can get cash advances on your installment loans. Per the National Institute on Retirement Security, around 45% of salaried households don’t have retirement account assets. Use the cash bonuses from your timely loan payoffs to fund your nest egg account.
Sometimes, reputable loan companies may not offer these options in Louisiana. But they have a strong network of trustworthy loan providers that they suggest to you. You can not only get instant cash but also fund your future requirements with payment rewards. Get no-hassle installment loans in Louisiana with bad or good credit to meet the emergencies.