Most people who need cash often opt for the pay day loans. But these loans can lead the borrowers into a debt trap if they fail to reimburse the amount they borrowed. The penalty fee against these loans can be triple the amount of the principal borrowed by the individuals, which leaves them in very stressing circumstances. However, in case of the installment loans though the money is granted to the borrowers against their applied loans within twenty four hours of the approval of the loans just like the pay day loans, the reimbursement period is much longer. Also the individuals make payments against the borrowed amount to the lending loans company through installments at various time period in a specified tenure. This way they are spared from the stress of paying all at once. It also must be noted that the installment loans interest rate is flat and thus, the amount payable by the borrowers against the loans remains the same. When deciding the reimbursement conditions, the installment loans offering institutes take into consideration the current financial standing of their borrowers and their unique needs. Also even those individuals who have been rejected by the traditional banks or the loans lending companies will be able to avail funds against the installment loans to meet their financial needs. Also the applicants who do not have collateral can avail these loans in most of the cases.
In order to opt for the installment loans all that the individuals have to do is visit their selected loans offering company online and fill out the available application forms which will hardly take more than a few minutes. This form will be forwarded to the respective company and the processing of the loans and the verification of the data that is provided by the applicant will start immediately. This will hardly take a few hours after which a notification about the decision taken against the applied loan will be sent to the applicants. Once the loan gets an approval the representative from the installment loans lending companies will get in touch with the applicants about their needs and payment schedule that will be personalized accordingly. Upon completion of personalizing the installment loans according to the needs of the successful applicants, they will have to e-sign and verify the documentation involved. Upon the approval of the loans in most of the cases the cash in transferred into the accounts of the borrowers on the same day. However, in some cases it may take up to twenty four hours from the time of approval of the loans to transfer the amount.