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When an Installment Loan is the Right Choice

admin November 6, 2016

installment loanThere are many families who simply don’t have cash tucked away for a rainy day. So when life throws a wrench in the already frail budget it can turn your world upside down. When you live paycheck to paycheck you count on every penny from one week to the next. You could turn to a family member or friend and borrow the money. But, if this is not possible, a short term installment loan may be something to consider.

Where to turn for help

There are many types of installment loans. A mortgage, car payment and home equity line of credit are all examples. An installment loan simply means that you borrow a certain amount and then have scheduled payments anywhere from 12 months and up. However, if your credit score is less than good, many lenders may turn you down. So where else can you go, short of a high-interest payday loan? Luckily for you, there are other types of installment loans offered by companies like MaxLend.com. Maxlend Loans provides personal cash loans and installment loans in amounts up to $1250 as an alternative option to payday lending. Key benefits include minimal eligibility requirements, fast-funding and flexible repayment. Qualified applicants must have a social security number, an active checking account, and a verifiable source of income.

Getting off the week to week cycle of living

An installment loan will provide you with a quick-fix for the immediate situation. But, it will also add more debt to your already full plate. If you’re tired of living life day by day and dealing with the stress that goes with it, you can make changes that will get you on a month to month with your bills and even give you a few dollars each month for you. When was the last time you took a look at your finances aside from pulling out the bill with the red wording marked urgent? In order to fix the problem, you first have to address it and find out exactly what your income and debt is each month and then establish a budget.

If after reviewing your bills you have enough income to make your payments each month, the problem then lies with your spending habits. This is something that you can correct in a relatively short amount of time by making a few changes. For instance, if you pick up a latte on the way to work each morning, buy lunch every day and eat out a few times a week, you can eliminate one or all for the short term to give you the additional money you need to put an end to the week to week way of life.

If you discover that you simply don’t have enough income coming in to make ends meet, there are still ways to recover, the process will just take a bit longer. You, of course, can use the same examples as stated above and avoid any unnecessary extra expenses. There are many other areas as well, like reducing your cable bill, using coupons and lowering the heat in the evening. If after all your additional steps you find that you are still falling short of your monthly obligations, then you may want to consider taking on a second job until you pay off some of your outstanding debt.

Establishing a budget and sticking to it is the key to living a good life. When you pay your bills on time your credit score is good. This gives you the benefit of having access to the lowest interest rates when you need to buy a home, a car or even pay for your child’s college.

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