What Should You Know About an Installment Loan?

Getting an installment loan can help a person through a difficult financial issue. When a financial crisis arises, going to a bank can take a long time and can end up in a fruitless pursuit. Instead of taking a brick and mortar approach to getting a loan, many individuals are now seeking help from installment lenders. The following offers information on the loan process and what individuals can expect.

Installment Loan FAQ

There are often many questions individuals have when they are seeking an installment loan. Knowing what to expect and what is required of them will allow a person to feel more at ease as they go through the process. The following are some of the frequently asked questions regarding installment loans.

  • What is an installment loan? An installment loan is one that is paid back over a series of payments that are typically scheduled on the pay dates of the borrower. The payments are automatically deducted from the borrower’s bank account.
  • What are the qualifications? The applicant needs to be a US citizen who is eighteen or older. The applicant needs to have a steady income, a bank account, and not be in bankruptcy.
  • What happens after the application is submitted? Applicants will hear from a representative within one to two business days to finalize the loan process for approval.
  • How much can be borrowed? The maximum amount for a new customer loan is $2000. Customers who pay off their loans and keep their account in good standing may be offered more in the future.
  • Can the loan be repaid early? Although many lenders penalize individuals when they repay their loans early, this lender does not. The loan can be repaid in its entirety at any time, without any penalties.

Get Started Today

If you are going through a difficult financial crisis and would like to apply for an installment loan, visit the website today. Blue Trust Loans will help you get the money you need quickly so you can get back on your feet financially. The payments come straight out of your bank account and can be set up according to your pay dates.

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