Reinstall Financial Stability with Installment Loans
Pick the Most Flexible Lender, Pay Gradually
Installment loans have a history of nearly 170 years. Interestingly, these loans were primarily used in the 1850s to buy sewing machines. Since then borrowers of such loans have been using the funds for different purposes- mostly during temporary financial difficulties.
Sometimes these debts are referred as better alternatives to payday loans, and sometimes are equated with them as well. On one hand they more or less fund the same or a little higher amount of money than payday advances and on the other, they make the repayment process relaxed and prolonged to borrowers’ convenience. Since 2007, these debts are not considered as a part of predatory lending, and service personnel and their families are allowed to borrow these loans as opposed to payday loans.