So What is an Installment Loan and How Does it Work?
An installment loan is a convenient way for consumers to get money quickly and use it for an unexpected emergency and then pay off the loan balance with fixed, regular payments. They’re extremely useful for borrowers who aren’t in a position where they can set money aside for savings but still need help from time to time to cover all of their expenses.
In general there are two kinds of installment loans to choose from: a secured loan and an unsecured loan. Secured loans must be backed by collateral or a deposit to be held in case the borrower is unable to pay the loan back. Unsecured loans don’t require any kind of collateral or deposits in order to qualify for them. At Liquid Loans, we offer unsecured loans, and our customers can apply for and receive money without a credit check being conducted. A personal loan is a type of installment loan. It’s unsecured, meaning no collateral was required, and it can be used for minor expenses or even to help consolidate some of your debts into a weekly payment plan.
How Do You Get an Installment Loan?
There are many lenders who offer short-term loans and the promises of quick cash in your pocket, but not all of these lenders are ones you want to do business with. Unfortunately, there are those who will tout the benefits of a payday loan while obscuring all of their disadvantages (high interest rates and additional loan fees). If you haven’t had a chance yet, we recommend taking a look at our online loan application where you can get pre-approved for cash in less than 30 seconds. The criteria typically used for loan approval is the following:
-does the customer have proof of income?
-does the customer have a bank account?
-does the borrower have any other delinquent loans on their record?
We don’t conduct credit checks on any loan applicants, applying for a loan with us will not impact your credit at all. When we have the answers to these questions, we can put together a pre-approval quickly and instruct you on what the next steps will be in order to help you to get the money you need for that emergency expense. We take great care to make sure you, the customer, understand the terms of the loan, the interest rate, what your scheduled payments will look like, and answer any other questions you may have. Our goals is to be a trusted Orem financial partner should you find yourself short on money or in a financial bind before your next payday.
Liquid Loans is your trusted partner for accessible installment loans in Orem, Utah. Our streamlined application process ensures rapid access to the funds you need. With flexible repayment options, we’re committed to assisting you in securing financial stability. If you would rather talk with an advisor in person instead of filling out an online application, the Orem Liquid Loans store is located on 1088 State Street, just south of Scera Park and north of the Visionworks University Mall.