When you encounter an unexpected financial burden, an installment loan can be a valuable safety net. Though loans come in many forms, the installment option has a lot going for it, from simplicity to quick approval. Here’s a closer look at why many people prefer this option.

Reasons an Installment Loan Is Often the Best Choice

1. Simple Requirements Mean Fast Approval

The installment option is traditionally simple to get. As long as you’re 18 years or older with a valid bank account, there isn’t much else you need to worry about in the way of paperwork. Even a poor credit score won’t end your chances. With the right lender, you can expect fast approval once you’ve agreed to terms. How fast? Depending on your credit and financial situation, you can get approved in as little as a few hours or even a few minutes in some situations.

2. Payment Plans Are Predictable 

Loan companies offer a variety of options, but not all of them are easy to keep track of. When you’re going with an installment loan, you’re usually aligning yourself with a fixed payment plan. Knowing exactly how much you’ll owe can make the process much less stressful. Given the interest rate on these kinds of loans is also constant, you won’t be in for any nasty surprises so long as you make timely payments according to the loan’s straightforward terms.

3. They Can Help Your Credit Score

Just because you’re applying for this kind of loan doesn’t mean your credit is in bad shape. If it is, an installment loan can bring an added bonus because a steady payment plan can bring the score up. When you prove you're able to stick with a consistent payment schedule, your credit score will begin to reflect your responsibility.

For over 15 years, Coastal Finance Company has been a trusted partner for many people in Savannah, GA, and the surrounding areas. This locally owned and operated company specializes in tailoring their loans for people in the area, even offering installment loan options that some of the larger companies don’t with quick approval decisions. To get started, fill out the online application or contact them at (912) 303-9979.