Start Here – Local direct lenders for installment loans in Florence Alabama. Top lenders offering consumers short term loans online, from $1,000 to $25,000. Our network of lenders offer borrowers with good or bad credit. Easy online application for quick approval, see our *disclosures* for specific lending approval guidelines.
Installment Loans Florence – Personal Loans Online – Alabama Direct Finance Lenders
With the recent economy, a record number of people in Alabama have declared bankruptcy or witnessed their credit ratings drop. Unemployment, inflation, and an unstable housing market have led to many people’s financial ruin, making it nearly impossible for them to borrow money that they need to rebuild their lives. Mainstream banks, credit unions, and other traditional lenders typically require that people put up some sort of collateral for loans. They may use their homes, businesses, life insurance, cars, and other assets for collateral in case they default on their loans. However, people with low credit scores and low incomes generally do not have such possessions to use as a way to secure financing. They must seek out unsecured loans. Despite some experts snubbing this type of financing, customers find there are several advantages to unsecured loans.
The primary benefit in applying for and receiving an online loan, is that most loan centers and online lenders’ typically less-stringent application requirements. Some Florence local lenders agree to do business with customers if clients have a full-time job or some other source of steady income, as well as a checking account on which loan payments can be drawn. These businesses often do not perform strict credit checks that lead to many people being declined for money.
Likewise, unsecured loans may have different types of repayment options. Unlike banks, unsecured lenders may require smaller payments and be more open to flexible deadlines for customers who get paid once a month or only on certain dates each month. If they cannot make a payment on the assigned date, the lender may allow clients to pay whenever their paycheck is deposited into their accounts.
People also like unsecured, signature and installment loans because they can be advanced out again if they need more money. Once they pay off their loans, customers often have the option of borrowing the same amount again, if not more, if their financial situation requires it. There is no grace period or blackout dates when financing is not available to them. As long as they remain in good standing with their lender, people generally have open lines of credit.
Another perk that people enjoy is the fact that their lines of credit are based on how much they earn rather than what their credit scores are with certain banks and finance companies, allowing them the potential to borrow more money. Banks are notorious for making customers feel unworthy because their credit scores are lower than others. A bank might only approve a customer for a small loan or outright deny that individual based on his or her credit score. Lenders who specialize in unsecured loans, however, utilize other factors in determining a person’s line of credit. That person’s earnings are the primary factor that determines how much he or she can borrow. If the person gets a raise or a promotion, the amount in that customer’s line of credit could increase.
Unsecured installment loans continue to play an important role in today’s finance arena. More customers seek out this financing because of the current economy and the strain it has inflicted on many people’s budgets.