Installment Loans vs Line of Credit
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If you’re thinking about getting a loan it is important to know the difference between the different types of loans that financial lenders offer. The two different loans we defined and compared below is an installment loan and a line of credit.
The first thing to understand is that both types of financing will provide you with quick access to money. When deciding between the two it is important to know that, typically, a credit check is not needed for both types, so customers with less-than-perfect credit scores can still apply. However, there are some differences to consider when you’re shopping for loans that we point out below.
Installment Loans
Installment loans are good for any situation like big purchases, emergency expenses, or bills. The list can go on and on! It doesn’t matter what you use your installment loan on, what matters is the difference between how you receive your money and how it is paid back compared to a Flex Loan. When getting an installment loan, you’ll receive the amount you were approved for at once and you’ll repay it over a period of time through scheduled payments.
Line of Credit
A line of credit is also known as a Flex Loan. A Flex Loan is similar to a credit card where you can draw upon and spend money up to your approved limit, repay this money, then spend it again. Flex Loan financing gives customers the flexibility in the amounts you want to use at each time but can be used for anything you please, just like an installment loan.
Where to Apply
Now that you’ve learned the difference between the both you might be wondering where you can apply for these loans. Whether you choose between an installment loan or a Flex Loan, NiceLoans! offers both throughout Alabama, Mississippi, Oklahoma, and Tennessee. Just note that, Flex Loans are currently only offered to Tennessee customers only.
To get the help you need in managing life's expenses, such as to cover the cost of an emergency or just some extra cash for groceries then visit your neighborhood location today! Did you know the application and funding process only takes as little as thirty minutes? If you have any questions about NiceLoans! products or the process in general call 833.308.6423 or email cs@niceloans.com today.
The first thing to understand is that both types of financing will provide you with quick access to money. When deciding between the two it is important to know that, typically, a credit check is not needed for both types, so customers with less-than-perfect credit scores can still apply. However, there are some differences to consider when you’re shopping for loans that we point out below.
Installment Loans
Installment loans are good for any situation like big purchases, emergency expenses, or bills. The list can go on and on! It doesn’t matter what you use your installment loan on, what matters is the difference between how you receive your money and how it is paid back compared to a Flex Loan. When getting an installment loan, you’ll receive the amount you were approved for at once and you’ll repay it over a period of time through scheduled payments.
Line of Credit
A line of credit is also known as a Flex Loan. A Flex Loan is similar to a credit card where you can draw upon and spend money up to your approved limit, repay this money, then spend it again. Flex Loan financing gives customers the flexibility in the amounts you want to use at each time but can be used for anything you please, just like an installment loan.
Where to Apply
Now that you’ve learned the difference between the both you might be wondering where you can apply for these loans. Whether you choose between an installment loan or a Flex Loan, NiceLoans! offers both throughout Alabama, Mississippi, Oklahoma, and Tennessee. Just note that, Flex Loans are currently only offered to Tennessee customers only.
To get the help you need in managing life's expenses, such as to cover the cost of an emergency or just some extra cash for groceries then visit your neighborhood location today! Did you know the application and funding process only takes as little as thirty minutes? If you have any questions about NiceLoans! products or the process in general call 833.308.6423 or email cs@niceloans.com today.