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Many folks who live on a fixed income face cash-flow or credit problems at some point in their financial lives. Things happen. Emergencies requiring instant cash can arise. Sometimes the need is so crucial and so immediate that the next payday looks like it might as well be in the next century, even though it might only be a couple of weeks away. Cash advance installment loans can fill the need.
Sometimes a loan is the only way out.
Perhaps it is just not possible to ask friends or family for a loan. Perhaps the troubled individual has no property to offer as collateral for a loan. With those options not available, the only available relief requires negotiations for a cash advance installment loan. One thing that can be tougher than landing a loan, is getting that loan paid back.
Some lenders offer easier repayment terms.
Many lenders offer only the option of repaying the loan in one or two lump sums. Other lenders, responding to consumer demands for easier repayment terms, have stepped up to the plate and are offering special loans that have a more flexible repayment schedule. These loans are known as installment loans.
Installment loans offer relief to those already in distress.
Folks already in financial distress do not need the added hassle of suddenly being liable for a large sum due for repayment in a very short period of time. Cash advance installment loans allow for repayment in small, equal installments, or payments. Thus, they do not put an unnecessary burden on those who must borrow. In many cases, the lender even allows the borrower to determine the amount of the payments and the frequency with which those payments occur – monthly, weekly, bi-weekly, etc. installment loan
Qualifying for an installment loan is not difficult.
In spite of the ease of application, there are some minimum requirements that most lenders exact before approving the release of funds. Most of these qualifications are simply legal matters, usually prescribed by the state in which the lender operates.
1) You must have bona fide I.D. with proof of age; usually 18 or 21 years of age depending on the state.
2) You must have proof of residency; usually a utility bill with the same address as your I.D. will suffice.
3) You must have a valid bank account with direct deposit; a bank statement will work as proof.
4) You must have proof of employment, usually 3-6 months with the same employer depending on the lender. Pay-stubs can prove this.
5) You must meet a minimum salary requirement, usually it is at least $1,000 a month. Pay-stubs or direct deposit receipts will work as proof.