If you are facing an unexpected financial crunch and cannot afford to ask for help, an installment loan can be handy. To add to that, if you are a government employee, getting an installment loan is even easier. Lenders are assured that government employees have secured jobs with a fixed salary, even if lower than private counterparts, so they are always ready to shell an advance. Installment loans for government employees easy to get, but before you go ahead and apply, here are a few things to know.
- You can apply for installment loans online
Yes, that’s right. There are varied kinds of installment loans, and some are meant and plan ed particularly for government employees. You can apply for installments online with private lending services. The whole process can be completed in a few clicks, and you can expect to get an approval within 24 to 48 hours. This reduces the hassle of running to a lender, and everything is discreet, so no one needs to know that you were in a financial mess.
- Loans can be availed without security
Most installment loans span over a few months or years, and payments are made on a monthly basis, typically as an automated debit. This is a form of unsecured lending, which is why the interest rate can be high, but government employees may get loans at a lower interest rate because of job security. Lenders may not always agree to that though, but most government employees do get approved for the loan amount they ask for or the maximum that the lender offers through an installment loan.
- Installment loans are not same as payday loans
Payday loans are repaid on the next pay day, and therefore, there is little time to arrange the funds. That is not the case with installment loans. With such loans, you can borrow and pay in a flexible way over a period of time. There are also discretionary loans available for government employees¸ who can decide how much to allot towards loan repayment each month. Payday loans also have a higher rate of interest in comparison, which is again something to consider.
Note that installment loans can be availed on bad credit, as well. Do your homework, ask questions, if needed, and always check the terms and conditions of the loan. Installment loans allow you enough time to manage your financial situation better.