Small US installment loans aren’t common. Most lenders want you to borrow from friends and family or use a credit card advance for such small amounts.
Unfortunately, many people do not have credit cards, or they don’t want to use them. They may not have people they can or want to borrow from either.
Luckily, FlexMoney is the exception to the rule. We offer small US installment loans of between $200 and $2,000. If you’re unsure of the advantages of these loans and need a good lender, the following information could help.
Simple Interest Preferrable to Compound Interest
Our small US installment loans include simple interest. This means we fix your interest rate when we grant you a loan and it remains the same throughout the length of your loan term. Consequently, interest rate hikes don’t affect it. This approach differs greatly from the compound interest charged on credit cards. Your interest rate can increase if the prime rate rises.
However, the most important difference for the consumer is how we calculate the interest on your loan. With credit cards, compound interest accumulates on your outstanding balance if you do not pay it off before the end of the grace period. That’s normally 28-days. Then you end up paying interest on what you owe and interest on the interest. That can add up quickly.
Conversely, every payment you make on one of our small US installment loans reduces your outstanding balance and a portion goes towards interest. Interest does not accumulate on the unpaid balance and you know the precise end date for your loan.
Regular Scheduled Payments
Another difference between credit cards and our small US installment loans are your payments. Credit cards allow you to pay what you want, providing you meet the minimum requirement. However, this often means your balance grows quickly, instead of going down. Before you know it, you’re in over your head.
Luckily, our small US installment loans involve regular scheduled payments. Since you can’t increase your loan amount, you know precisely when you’ll be out of debt. Plus, you can easily budget for your payments since they follow a schedule. This makes it much easier to manage your debt.
No Fees or Penalties
You may wonder whether there is a catch, since installment loans charge far less interest than most credit cards. Surely there must be hidden fees or penalties that make up the difference?
Regrettably, it is true that some lenders do charge unnecessary fees that drive up your costs. For instance, it is a common practice of many lenders to levy an origination fee just for setting up your loan account. This fee can range between 0.5 – 8% of your total loan cost.
Many lenders also penalize you if you want to pay off all or part of your loan early, since they earn less interest. This pre-payment penalty is meant to help them recoup some of the lost interest.
Fortunately, FlexMoney does not charge an origination fee. Setting up your account is an administrative expense we absorb as a normal cost of doing business. We also welcome extra payments at any time and do not charge a pre-penalty.
Less Emphasis on Credit
When you apply for a credit card, it’s guaranteed approval rests heavily on your credit. In fact, most credit card companies have a minimum credit score requirement.
Luckily, when you apply for one of our small US installment loans your credit is only one of the factors we consider. We do not have a minimum credit score requirement, since your income is one of the most important factors.
Consequently, if you earn a steady recurring income and are paid by direct deposit, you have a decent chance of qualifying, even if you have a small issue on your credit report.
No Co-Signer
If you’re a student, new borrower, or someone struggling to restore their credit you may not be able to get a loan without a co-signer. Luckily, FlexMoney operates differently.
As mentioned, our assessment considers many factors, but especially your income. Consequently, if can demonstrate income and banking stability for at least three-months, you could qualify without a co-signer.
Flexible Usage
FlexMoney isn’t particularly concerned about how you want to use your loan. Our customers have used our loans for car and home repairs, emergency expenses, moving costs, medical expenses, and other purposes.
However, we do suggest you only borrow when it is absolutely necessary. Our loans are meant for urgent needs, not recurring expenses.
Not a Payday Loan
This is an important distinction that you should definitely consider. Most companies that offer fast cash loans are granting payday loans. These differ greatly from installment loans in many ways.
First off, payday loans must be repaid very quickly. Depending on your state, you usually need to repay the entire amount in about 14 days. The maximum time allowable is normally 31 days.
Secondly, the maximum amount you can borrow is much lower. In most states, it is only $500.
Finally, your costs to borrow are usually much higher. Lenders can charge a substantial fee and interest rates of 1000% percent, or more. Conversely, the maximum APR on a FlexMoney installment loan is much, much lower. You can view examples of your potential costs on our loans page here.
Fully Automated Process
At one time it was a big hassle to get a loan. You had to make an appointment, take time out of your day to visit an office, and supply plenty of paperwork. That’s not the case anymore.
FlexMoney operates online. Complete our application form in less than 15-minutes. It’s short and sweet, since we’re only interested where you stand now, not your life history. We won’t ask you to upload proof of income either, since we safely confirm your direct deposits electronically.
The best part is that you will get our response within minutes. If you’re pre-approved, you’ll see our terms. It is easy to move forward, since you can sign your loan contract digitally.
If not, there’s no harm done. Our process does not lower your credit score, whether you’re approved or not.
Quick Funds Release
Certainly, some lenders offer small US installment loans. However, our loan process is very quick. Consequently, it is hard for them to match how long it takes us to get money into your hands.
In most cases, we have money in your bank account within 24 hours. If you apply on a weekend or holiday, you usually have your funds the next business day.
Clear Qualification Requirements
FlexMoney invites you to compare us to other lenders. Do they provide their requirements for their small US installment loans, or even offer them at all? Chances are they don’t.
Instead, they want you to fill out an application form. That takes time and energy and there’s no point if you can’t possibly qualify.
Luckily, FlexMoney is happy to provide you with our basic qualification requirements. They’re simple and straightforward:
- Name
- Address
- Valid and Active Email
- Phone Number
- Valid Social Security Number or Individual Taxpayer Identification Number
- Proof of a steady source of recurring income (we consider employment, self-employment, disability, and pension income)
- Proof of active account with an American financial institution with at least two-months of transactions
Sorry, we can’t help you if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
Great Customer Service
There’s nothing more frustrating than trying to contact a company only to discover it is hard to do. Luckily, that’s not the case with FlexMoney.
We offer a 1-800 number if you need immediate assistance, as well as email and website support. You can also check our FAQ page on our website for answers to common questions.
FlexMoney Offers the Best Small US Installment Loans
If you need a small installment loan, FlexMoney can help. Here’s a quick summary of what we offer:
- 100% online – no office visits
- Artificial intelligence assessment that considers many factors
- No minimum credit score requirement
- Pre-approval process that will not lower your credit score
- Loans of between $200 and $2,000
- 12-months to repay
- Regular schedule payments
- Fixed interest rate
- No compound interest
- No origination fee or pre-payment penalty
- Quick decision – find out whether you’re approved in minutes
- Fast funds release
- Excellent customer service options.
FlexMoney is your best option for small US installment loans. We also offer more information on why they are your best choice here.
Visit our website for more information or to start the application process now. We make borrowing easy.