What are Installment Loans?
Installment loans are a popular financial program in Milwaukee, Wisconsin, providing borrowers with a flexible and convenient way to manage their expenses. These loans are designed to be repaid over time in regularly scheduled installments, making it easy for borrowers to budget and plan their finances.
Installment loans are available for various purposes, such as home repairs, medical bills, or unexpected expenses. These loans come with competitive interest rates and flexible repayment terms, which can be tailored to the borrower’s needs and financial situation.
Whether you’re looking to consolidate debt, cover a major expense, or manage your finances, installment loans provide a reliable and credible solution for borrowers of all backgrounds and credit histories. Capitol Drive Loans offers installment loans in Milwaukee, Wisconsin, to give your financial needs the attention they deserve.
Types of Installment Loans
Secured Installment Loans
A secured installment loan requires the borrower to provide collateral – typically property – as security for the loan proceeds. To qualify for a secured installment loan, borrowers generally must have good credit and enough income to cover at least one month’s worth of payments on their debt obligation.
Unsecured Installment Loans
This installment loan does not require borrowers to provide any collateral as security for the loan proceeds. Unsecured installment loans typically have lower interest rates and shorter terms than secured ones. Still, they also carry more risk since lenders may demand higher interest payments if the borrower cannot make their scheduled repayments.
Revolving Installment Loans
Also referred to as revolving loans, this installment loan allows borrowers to make periodic payments based on their chosen interest rate and term. However, to keep the loan available, borrowers must frequently pay back a portion of the principal – referred to as “principal balance” – even if they do not use it all.
How To Qualify in Installment Loans?
The eligibility requirements for installment loans can vary depending on the lender and the type of loan you are applying for. However, here at Capitol Drive Loans, here are some general eligibility requirements we consider:
- Age: You must be 18 years old to be eligible for an installment loan.
- Income: You must have a steady source of income to demonstrate your ability to repay the loan. We require a minimum income level.
- Credit history: We’ll check your credit history and credit score to assess your creditworthiness. A good credit score and history can increase your chances of qualifying for an installment loan with favorable terms and interest rates.
- Debt-to-income ratio: We also evaluate your debt-to-income ratio, which compares your total debt payments to your income. A lower debt-to-income ratio can improve your chances of qualifying for an installment loan.
- Employment status: You must have a stable job or employment history. Some lenders may have minimum employment length requirements.
- Residency: To qualify, you must be a resident of the state where the lender operates.
Why Consider An Installment Loan For Your Cash Need?
Installment loans can be a good option for people who need to borrow money to cover unexpected expenses or finance larger purchases. Here are a few reasons why:
- Predictable payments: With an installment loan, you’ll know exactly how much you need to pay each month and when the loan will be fully paid off. This can make it easier to budget and plan your finances.
- Flexibility: Installment loans come in many forms and can be tailored to your needs. They can be secured or unsecured, have varying loan terms and offer different interest rates.
- Lower interest rates: In general, installment loans tend to have lower rates than other forms of credit, such as credit cards. This can make them a more affordable option for borrowing money.
- Build credit: If you make your payments on time, an installment loan can help you build or improve your credit score. This can be important if you want to borrow money in the future for things like a car or a home.
- Availability: Installment loans are widely available and can be obtained from banks, credit unions, online lenders, and other financial institutions. This means you have a lot of options when it comes to finding a loan that fits your needs.
Tips for Managing Installment Loans
To avoid running into trouble with installment loans, here are some tips to keep in mind:
Creating a Budget
To avoid overspending on installment loans, it is essential to create a budget and stick to it. This way, you will know how much money you can spend each month and will only be tempted to take on what is necessary.
Regularly Reviewing Your Loan Agreement
If you change your financial situation (i.e., salary increase or decrease), ensure that you review your loan agreement with the lender to stay up-to-date on your obligations. If any changes require adjustment in payments, make the necessary adjustments as soon as possible.
Creating a No-Debt Plan
If you find that you cannot keep up with your monthly payments, it is essential to create a no-debt plan. This will involve developing alternate funding sources (such as savings or taking out a loan) to avoid needing an installment loan.
Regularly Checking Your Credit Score
Regularly checking your credit score is essential to ensure you are not getting into any trouble with the loan company. If there are any changes in your credit history, contact the lender immediately to take appropriate action.
Trusted Installment Loans Milwaukee Wisconsin
One of the best and quickest ways to get the money you need for a down payment on a home is to take out a trusted installment loan. This type of loan allows you to borrow funds over time, and with flexible repayment options, you can get the money you need in as little as three months.
The best part about these loans is that they’re available from banks and other financial institutions, so there’s bound to be one near you that can help meet your needs. At Capitol Drive Loans, we are the trusted installment loan provider in the Milwaukee, Wisconsin area. Our terms are straightforward, and our fees are low, so you can be sure that you’re in good hands.
Quick, efficient, and easy! They make it very easy for you to pay it off. Extremely friendly and helpful. I don't have a job, but I was still able to get it with minor disability!
They are quick, easy and helpful. They have great attitudes.
Please review our loan disclosure prior to completing the agreement for your loan.
This advertisement is an invitation to send us an installment loan application. If your loan application is approved, you will need to complete the transaction and collect the funds at the location that you have chosen.
Repayment min to max: 3 to 60 months Maximum APR: 35.99%
Total Cost: The total loan amount plus APR
Repayment: Loans are not required to be repaid within 60 days