Sometimes you need to take a risk to stabilize your financial situation. But it’s important to know if a risky move will backfire on you, leaving you in a worse position than before.
If you need to take out a loan, you’re probably aware of how borrowing money can have harmful consequences. Careful consideration is needed if you want to avoid those dangerous situations.
Midwest Finance offers installment loans to help you climb out of a hole or capitalize on a lucrative opportunity.
We laid out in a previous post how installment loans are different from payday loans, and why we believe they are generally better.
But how can you be sure that applying for an installment loan is a smart financial move for you?
These five perks of installment loans will help you see why we consider them to be a safe option when you need help getting your finances under control.
1. Increased protection from predatory lending practices
Installment loans require a credit check. This makes some borrowers hesitant if they know they have a bad credit score.
But the reality is, a credit check is for your protection as well as the lender.
Some lenders highlight their willingness to give loans without a credit check.
While this may seem convenient, it can open you up to predatory lending practices. If you are unable to repay a loan, getting approved will be the least of your worries.
We want to help people dig themselves out of a hole, and giving a loan to unqualified individuals doesn’t do that.
Getting approved for a loan after passing a credit check is a safe and responsible way to start improving your financial situation.
2. Steady, unchanging payments
No one likes being surprised by a payment increase.
When you take out an installment loan with Midwest Finance, you’ll pay the same amount for each installment.
A predictable monthly payment makes budgeting possible. No uncertainty, and no surprises.
3. A clear ending date for paying off your debt
Any time you have uncertainty surrounding your finances, it makes life that much more stressful.
An installment loan gives you a clear finish date, after which your debt will have been fully paid.
This gives you the confidence to see the finish line and make the necessary adjustments to reach it.
4. Opportunity to increase your credit score
Not only can a loan help you help you get out of a tight spot, it can also improve your credit rating.
Making your payments on time will help you slowly but surely rebuild your credit.
Check out our earlier blog post if you want to learn more about how an installment loan can help you improve your credit.
5. Professional and trusted financial assistance
Applying for a loan is a big step, and it’s normal to have a lot of questions.
At Midwest Finance, we employ professional financial advisors who can walk you through the process of obtaining a loan.
Don’t let uncertainty stop you from getting the help you need.
Want to apply for an installment loan? You can start an application online right here.
