Houston, TX -- (SBWIRE) -- 12/21/2012 -- InstallmentLoansSource.com, a website that helps applicants in the United States get installment loans, has just started offering loans to self-employed people. Up until now, it could be difficult for people who work for themselves to qualify for this type of loan.
The timing of this announcement could not be any better. With 2013 just around the corner, many people would like to start off the new year with a new vehicle, a home improvement project, or perhaps some exercise equipment. An installment loan can help applicants get the funds they need to help make these purchases.
As opposed to other types of loans that need to be paid back in a lump sum, installment loans are given with the agreement that the borrower repay the lender in monthly payments over a specified period of time. They are commonly offered by banks and private lenders and are an extremely popular option with applicants.
Since an installment loan gives people the chance to borrow a larger amount and then pay it back in small amounts, applicants can use them to purchase larger items that they otherwise would not be able to pay for all at once. For example, most people cannot afford to pay $15,000 for a home remodeling project with cash. But with an installment loan, applicants can borrow the lump sum and then pay it back slowly.
“The period in which installment loans need to be repaid can vary anywhere from months to several years,” an article on the InstallmentLoansSource.com website explained, adding that applicants will pay back both the principal amount as well as some interest.
“The interest rate for your loan will be dependent on a few different factors. One of the primary determinants of your interest rate will be your credit.”
As is the case with most loans, those who have a higher credit score are generally able to secure better interest rates than those with lower scores, because they are seen as less of a risk.
Just like any other type of loan, installment loan applicants must meet a variety of requirements. For example, they must be 18 years or older, a U.S. citizen, be employed, and they must earn a certain amount of income.
Anybody who is interested in learning more about installment loans is welcome to visit the InstallmentLoansSource.com website at any time. There, they can read in-depth information about the loans. To start the application process, borrowers may fill out a quick application form that is located right on the home page.
InstallmentLoansSource is a leading source of installment loans in the U.S. These types of loans are available for people with fair and good credit and can be repaid in monthly payments over a certain time period. For more information, please visit https://www.installmentloanssource.com