Today, it’s increasingly becoming easy to handle unexpected expenses due to the accessibility of quick loans. The mainstream way of accessing funds involves many procedures that lengthen the time it takes to receive the money. The alternative to this is payday loans and installment loans.
Basically, these are loans that you can borrow and receive as soon as the next working day, which are then to be paid off in subsequent pay dates.
However, installment loans are a little different from payday loans. While payday loans are required to be paid off in full at the next pay date, installment loans are paid off in small bits from the subsequent pay dates, which are then scheduled to be cleared in the long term; this could be in months or years. It’s important to note that depending on where you stay, different lenders of installment loans have different geographical licenses, which may end up influencing whoever it’s you engage.
Finding an installment loan lender in Utah
Just like any state, financial lenders are licensed to offer different geographically regulated services. If you’re looking for installment loans in Utah, then this shall be helpful towards connecting you to the right lenders.
It’s important to understand that you have the option of working with brokerage firms or directly with the lenders. But as a precaution, the first thing you should do is to verify that they have the required licenses to offer you the services you need. In Utah, most providers will start off with installment loans from $100, all the way to $1000. Just like banks, lenders have a procedure of approval, which in any case is shorter and friendlier than that of the bank, seeing as it’s geared towards availing the funds to you within 24 hours.
So how do you get yourself planned for the hunt to getting the right lender?
Do not underestimate the power of your options.
There are many online loan providers today, giving you more options to work with. Emergencies can easily cause one to be very hasty at settling for a lender without necessarily carrying out enough research. That lends to the reason why you need to take time and weigh all your available options or at least most of them. Start by narrowing down based on their reviews, their licensing/legal documentation, as well as their length in business.
Great lenders will have multiple reviews that are positive and verified. While this would almost be confused to mean that they are generally licensed, never assume it; always ensure that you can verify this for yourself. In addition, some lenders may not have been in the business for long, but if they tick on the first two, then you can give them the benefit of doubt. Settle for them only if they compete better when it comes to your desired terms.
Understand the terms and cost of servicing the loan
It’s easy to take up loaned money when in need without paying so much attention to the terms that are attached to it. For instance, a lender could charge $25 for every $100 on the principal balance that is outstanding for every installment on the payment schedule, depending on your payment frequency. For instance, if you’re paid monthly as opposed to weekly or biweekly, you are charged $30 per $100. Say if the term for the Utah installment loan is 8 months if one receives their income weekly or every two weeks, then their loan is to be paid in 14 installments, as compared to the monthly earner who will pay in 8 installments.
As with many other lenders, the annual percentage rate (APR), payment schedule, and repayment amount will depend on the specific loan details as agreed upon. Moreover, with such specific details, you cannot afford to ignore the terms when choosing a lender.
Know the pre-qualification requirements
There are common requirements that most lenders will look at, but even then, it’s important to know what is expected of you from the different lenders. For instance, most will require you to be at least 18 years of age, a resident of Utah, have a regular income, be a permanent resident or citizen of the United States, have a valid address/contact number, as well as have an active bank account