It’s very frustrating when a person believes they are getting ahead in terms of their finances only to have something crop up and take them back to step one. When this happens, it seems as if one crisis after another becomes the norm. Fortunately, with the help of an installment loan, a person can get their finances back on track in very short order. Why do many people prefer this option over working with a traditional lender? One reason is there is no need to provide collateral.
It is scary to have to use a car, home, or another asset as collateral when obtaining a loan. This is something the borrower has worked hard to obtain, and it is being put at risk. When a person chooses to obtain an installment loan, there is no need for collateral. While the interest rate is higher, as the lender is taking on more risk, people often find they prefer this over worrying about a foreclosure or repossession. This must be determined by the individual looking to obtain the funds.
Qualifying for the Loan
If there is no collateral, what is needed to qualify for this type of loan? Fortunately, individuals wishing to obtain funds find they need nothing more than income that is directly deposited into their account, an open checking account that meets the lender’s minimum requirements, and take-home pay that meets the threshold for obtaining funds. Only adults 18 years of age or older are legally allowed to enter into a contract of this type, so the borrower must be of age. Furthermore, he or she must be a United States resident and cannot be currently in the midst of a bankruptcy or plan to voluntarily file for this type of relief.
If you believe an installment loan is the best option, contact Blue Trust Loans. The staff will happily explain the process to the potential borrower so there are no surprises during the contract term. Many people have obtained funds to resolve an emergency financial situation with great success. The same may be true for you, so don’t hesitate to contact them today.