Extramile Finance

An installment loan makes sense when you want to be more systematic in borrowing money and then repaying it. Installments are outstanding to keep your finances planned and organised. An installment loan can work wonders if you want to find your finances stable and working even if you are repaying your debt.

Well, the goodness of an installment loan does not stop here. As a responsible private lender of the nation, we can help you find out the real meaning of an installment loan. It will assist you in the decision-making phase and also make the loan more practical (if, of course, you decide to take it out). 

Installment Loan: A Systematic Financial Product

We have dealt with borrowers for a long time in the industry. Although we have found many to be extremely serious and informed about loan choices, many of them had not been aware of different loan products.

It’s okay. Why else are we here but to explain our loan products and to help you earn money in the safest ways possible?

We always recommend you to find out a little more information about our loan product in detail. Of course, you deserve additional help from us when facing an emergency. It technically makes you a little vulnerable, which does need advanced support from your lender. However, at other times, the best way to learn about our loans is to check the website’s product page thoroughly.

That said, you might want to know the definition of a plain and simple installment loan. Well, they are personal loans. Therefore, these loans are unsecured, coming without any collateral. As their product name suggests, they are made to be repaid by installments.

The reason you can call these loans installment loans for bad credit, too, is because we don’t have a problem offering these loans to you at a low credit score. As we have already mentioned, the loan is given to the borrower in regard to the borrower’s income statement. It does not necessarily mean that you have to show a good credit score or a fair credit rating to get a loan for yourself. If you can repay the money back to us timely, then you are welcome for a loan of this kind anytime you want.

As direct lenders, we are responsible for lending you money under challenging situations. That does not mean offering you the money you may not be able to manage with your present income.

This is why we replace the hard credit check with a soft credit check. With the latter, we make an analysis to understand your finances and your loan eligibility. It does not affect the lending procedure at all. However, it may help us suggest the right product to you. 

Things You Need to Know about Installment Loans 

As a conscious borrower, it is your job to learn more about installment loans and how they work. That said, installment loans come in a variety. Not all of them may be known by the borrower. If you are a first-time borrower, then we always request you to take time and learn a little more about the loan you are about to take out. The points mentioned below can help you:

• Installment Loans Can Function as Short-Term Loan or More

You will generally look for a short-term loan. Most borrowers get a loan and then repay it in shorter periods. This is the reason short-term loans are essential. An installment loan is a short-term loan when you want it to be. However, it does do more than just being a short-term loan in that sense.

Let’s find the definition of a short-term loan. These loans are usually meant for a shorter period. Therefore, finding and repaying it in time becomes very easy and effortless. While that is a reality, we have faced borrowers who would want the exact opposite. They want a loan that’s long-term yet as flexible as a short-term loan.

The long-term loan is something called the saver in the borrower’s perspective at times. We have made our short-term loan in a long-term way, even if it comes with installments. An installment loan from our end can be extended to a period of 5 years. This means you can enjoy a long-term with your loan. 

• Installment Loans Cam Help You Borrow Larger Amounts 

You might think that installment loans do not come in higher amounts. Initially, they are considered as a short-term loan option. For instance, a usual short-term loan may not allow you to borrow more than a thousand pounds. 

With an installment loan, the thing gets changed, though. You can go up to borrowing more than a thousand pounds. If you ask us, then we can assure you an amount of 15000 pounds as the highest amount of the loan. 

• You Can Stay Financially Organised and Make Micro Savings

You may have to take an online loan to save money. You can save money for the future. Installments can keep your repayments planned beforehand. It helps you stay financially organised. You do not miss these payments. As a result, you earn more money in the long-term sense. 

Can We Get any Other Alternative for an Installment Loan?

We can tell you we have more than one loan here. We can say that there are options fitted for different purposes.

There can be two scenarios. If you want a loan exactly like the installment loan, then you can choose a 12-month loan as an alternative. As its product name suggests, a 12-month loan is perfect for an installment loan in a relatively shorter term, which is 12 months. If you are searching for such easy and short-term 12-month loans from a direct lender, look no further than us. Check our product list to find this loan and learn about it. 

We can be of help whenever you need us. All you simply need to do is to get in touch with us by a call or y message when you are looking for a discussion. We will help you be informed about our loan product as effectively as we have been doing so all these years.