Installment Loans

What is an installment loan?

An installment loan is any loan that is paid off in equal payments over a period of time, which could be as little as a few months to multiple years, depending on the amount borrowed and the agreement made. Installment is a broad term describing many different subtypes of loans, including a personal loan, mortgage, or a college loan. Midwest Finance Corp offers installment loans of up to $1,700 at our Texas offices.

Do installment loans hurt or build your credit?

Any loan that is reported to a credit bureau can help build your credit. An installment loan is no different. Provided you pay your monthly payments consistently and on time, an installment loan is a great way to build or reestablish credit.

Which is better, a payday loan or an installment loan?

A payday loan usually requires full repayment within 30 days or less. This can be very overwhelming for many borrowers. At Midwest Finance Corporation, our installment loans allow you to pay your loan over a period of several months to more than a year. This helps keep your monthly payments low and affordable.

Do installment loans check credit?

We perform a credit check to ensure the repayment of the loan will not burden our clients. But don’t let a simple credit check scare you. We approve many customers with poor credit history because we understand that everyone experiences tough seasons from time to time and deserves a second chance.

What happens if you pay off an installment loan early?

If you pay off an installment loan early, you will save on the future interest fees that will accrue in the coming months. Early payment can save you money and does not hurt your credit. However, keep in mind that while early payoff does not hurt your credit, keeping your installment loan open will continue to build your credit.

How are installment loans calculated?

After performing a simple credit check, we will determine how much money we can approve for you to borrow. Next, we will tell you how much your equal monthly payments will be and how many months you have to repay the loan in full.

Tax Preparation Service

How much do tax preparation services cost?

The cost of tax preparation depends on the services you need. If you only have W-2s and are not itemizing your expenses, you will save money on tax preparation. If, however, you have one or multiple 1099s, need to itemize your deductions, or have personal business expenses to write off, it will require more time and therefore cost more. At Midwest, we promise to charge a fair and competitive rate and maximize your tax return.

Can you deduct tax preparation fees?

If you are self-employed, you may be able to deduct your tax preparation fees as a business expense. However, as of 2018, tax preparation fees can no longer be counted as itemized deductions on your taxes if you are not self-employed. Call Midwest Finance Corp to learn more.

What expenses are tax deductible?

Many types of expenses qualify as tax deductible. Some of the most common deductions include charitable donations, medical expenses, and in some cases, healthcare premiums if you are self-employed. Give us a call to learn about other tax deductible expenses you may have.

What expenses can I write off?

If you are self-employed, you can write off a variety of expenses, including accounting fees, advertising expenses, bank charges, continuing education expenses, contract labor costs, and much more. Write-offs can significantly reduce your tax bill and maximize your return. Call to speak to a professional tax preparer for expert advice.

Should I do itemized deductions?

There are two ways to count deductions: itemized and standard. Ultimately, you should choose whichever option decreases your tax bill and maximizes your return. The right option for you depends on your total income and total expenses for the year. It’s best to speak with an expert tax preparer to ensure that you are getting your highest return possible. Contact us to chat with a professional today.