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Benefits of 24 Month Loans

Date Added: January 25, 2013 01:21:51 AM

These days, it is difficult to live within your income alone. This is because more often than not, salaries are not enough to cover basic expenses which include groceries, mortgage, clothing, tuition, car loans and expenses, utility bills, and so on. Some people get a part- time job aside from their regular fulltime job and others start a small business which they can manage even if they have a regular job. However, some people do not have the time to get another job or start their own business and often end up in a financial jam. If you find yourself in this situation, what you can do is to apply for one of those 24 month loans.

You can learn more about this type of loan and its benefits by reading the paragraphs below.

No credit check

One very important benefit of applying for these 24 month payday loans is that there is no credit check. Regular loans require their borrowers to have a good credit standing. What they do is they submit an inquiry to the credit bureaus to learn more about the borrower’s credit history. You do not have to worry about your lender finding out your low credit score if you are applying for a short term loan because they do not care about your credit history as long as you qualify and you have the means to pay off your small debt.

Smaller installment amount

Since the payment term is longer, you can enjoy having smaller installment amounts than if you choose a shorter term, like 2 weeks or 3 months or even 12 months. The catch is that you will be paying higher interest because of the longer term. A 24-month loan is a good idea only if your salary will not be able to cover the installment for a shorter term.

Easier and faster application process

Applying for a regular loan usually takes several days or even weeks to get approved, depending on the amount of money that you want to borrow. With a 24-month loan, you do not have to wait that long because your loan application can get approved within a few hours. You can even apply for this type of loan online.