If you need cash fast two great options are a personal line of credit or an installment loan. Both give you the funds you need with a flexible repayment plan.
These types of loans can be better than a payday loan when you only need a small amount of money to take care of an emergency. When you don’t have friends or family to turn to, you can get a short-term loan.
Personal Line of Credit or Installment Loan
There are certainly benefits to taking out a personal line of credit or an installment loan. Both are easy to apply for, you can apply online, and both have varying loan amounts with options for making payments on them.
Personal Line of Credit
When trying to decide which would be better for you, both a personal line of credit and an installment loan are somewhat similar. But they both have their advantages.
A personal line of credit is money you can access when you need it. You apply for a certain amount and then you can use as much as you need, it could be a small portion, it might be all of it.
Similar to a credit card, the money is there when you need it. It’s like having another account. You can access the money with a transfer to your checking account or with a check for the line of credit.
You don’t have to worry about the interest on it until you need the money. You make payments every month based on your balance and when it is paid off, you can access the money again.
Installment Loan
An installment loan is given to you in a lump sum and then you make payments on it each month. The payments are based on the amount you apply for. The payments are easier to make compared to a loan where you need to pay it all back at once.
It’s a great way to get the money you need and manage to pay it back. The payments are based on the amount you get and what your situation is. You also have a decent amount of time to pay back an installment loan.
The interest rates never change with an installment loan during the payback period. That means no surprises like you might get with a credit card or a line of credit.
The payment plan is established when you apply for the loan so you will already know how much it will be each month. It’s easier to manage that way and helps you avoid missing any payments.
Personal Line of Credit or Installment Loan
Both of these loans have benefits and one may be of more use to you over the other. If you need a larger sum of money for an emergency, like car repairs, then you may decide that the installment loan is better for you.
Perhaps your work fluctuates and you find yourself short some months, then a personal line of credit might be a better fit. You can access the money when you need it, pay it back and then ignore it until you need a little boost again.
Both loans have flexible options that will help you get the money you need fast. For your convenience, you can apply for these loans online.
If you are not sure which will be best for you between a personal line of credit or an installment loan, call or contact us online here at Cash Link USA for more information.
