Any number of people have taken out loans for any number of reasons, from making a big purchase to dealing with an emergency. While the reasons vary, for many the road away from a financial emergency was best paved with an installment loan.
Installment loans are considered medium-term loans, allowing a longer period of time for repayment, and generally offering a higher maximum loan than payday loans. Having more time to pay back a loan can be awfully useful, providing you the leisure of determining the right payment plan for you, and allowing you to factor a consistent payment amount into your expenses. Beginning the process is easy, with a straightforward online application system. You’ll be asked to provide basic information, along with your current employment status and a valid bank account number, so that the loan can be deposited directly into your account once you’ve been approved.
Maximum loan amounts, the amount of time between payments, and the loan interest rate will all vary from state to state. In Missouri, loans can be repaid in six monthly or 13 bi-monthly payments, and the maximum loan amount will never exceed $2,250. Should you decide to repay the loan on a monthly basis with six payments, and the loan amount is $1,500, then the Annual Percentage Rate will be 297.82%. This will result in a Finance Charge of $1,586.56, and a total amount paid of $3,086.56 at the end of the loan cycle. For the 13-payment, bi-monthly option, the APR will 295.75% with a Finance Charge of $1,566.44. The total amount paid for this plan would come out to $3,066.44 on the initial $1,500 loan.
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Remember, these percentages are based on this initial loan amount, and would change depending on that number. The fact remains, installment loans are a strong safety net for borrowers, giving them the luxury of selecting a plan that aligns with their unique income and expenses.
The requirements to prequalify for an installment loan are identical to payday loans. Currently, you must meet the following criteria to apply with CashNetUSA:
If you meet the above requirements, then we don’t see why you wouldn’t be able to prequalify for our Missouri installment loans. If you’re having a hard time dealing with your emergency expenses, don’t think twice about turning to an online lender that has already served over one million satisfied customers.
With the current state of the economy, we’re well aware that finding — and keeping — a job is easier said than done. To prevent losing your job, or to help you in your current search for one, consider entering into one of these top nine fields in our state:
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