Many non-traditional lenders provide recommendations on their websites to help potential borrowers meet financial obligations. It is certainly not done to turn away business. Lenders offer the information as part of their responsible lending practices.
An installment loan appears to be a fast and easy way to get cash, so many people do not consider the scope of the situation before applying. Advice and suggestions of other methods to get cash help borrowers make informed decisions
How Information Is Presented
The presentation and number of recommendations vary from lender to lender. Some lenders offer suggestions in the fine print at the bottom of a page. Those researching lenders can easily miss this information because people rarely take the time to find the explanation alluded to by an asterisk. Experienced lenders, such as Blue Trust Loans, offer many recommendations in the main body of their content.
Starting a savings account to avoid the need for fast cash in the future is recommended. Borrowing the money from a family member or pawning an item of value is suggested as well. Credit card advances, speaking to the utility company to make payment arrangements, and considering an installment loan only as a last resort in an emergency situation are also examples of alternatives.
For those having difficulty paying creditors, working with a credit counseling company can prevent the need to seek a high-interest installment loan. The company can negotiate with creditors to waive penalties and late fees, accept low monthly payments, and delay any liens as long as payments are made in full and on time. After the process is completed, payments are made directly to the credit counseling company to be distributed among creditors.
Applying for a Non-Traditional Loan
If all other avenues have been attempted to no avail, an installment loan can help. Keep in mind the interest rate will be exorbitant. Penalties for late or partial payments can create a vicious cycle of never-ending debt.
Read the terms and conditions carefully before taking out an installment loan. Be sure full payments can be made as scheduled. An installment loan is easier to handle than a payday loan because payments are spread out over a six-month time period.