3 Reasons Consumers Might Secure An Installment Loan

While it would be nice to have a couple of thousand dollars in a savings account just waiting to be needed, the harsh reality is that most people live paycheck to paycheck. When an emergency occurs, they’re stuck for a way to turn the lights back on, get the car fixed or send a child on an expensive field trip. Any number of reasons could lead a person to take out an installment loan in times of need.


The car knows no time line and it’s rare the vehicle ever breaks down on a payday. Instead, auto owners could be stuck on the interstate, using the last bit of money to have the car towed to a garage. When you get the dreaded news that it’s going to cost $850 to repair the brake drums, what choice do you have? Some people go to a payday loan company, promising to pay back the money on their next paycheck. The problem is when coughing up $850 out of the next paycheck, you could be barely making it until yet another payday. Will there even be enough money for gas in the newly repaired car?


No, most utility bills don’t runn $850, however, by the time the electric company cuts off the lights, it’s usually two or even three months past due. That could easily hit close to $1000. And, not only do you have to pay all of the past due amount, but usually a charge to have the power cut back on and sometimes an additional deposit. You can’t go without electricity, especially if you have children. So, an emergency installment loan could be the answer, allowing you to pay it back over time instead of one lump sum on your next paycheck.


Whether you have one child or three, making sure they have a good Christmas and that Santa brings them their heart’s desire is important to most parents. This is a very common reason parents will contact Maxlend Loans to take out an installment loan. Some of the money goes towards Christmas gifts for the child, for each other, and for the rest of the family.

If you’re looking to ease life up a little bit as you head into the holiday season, consider an installment loan to get you through the lean times.