Unsecured installment loans are designed for short term and not suitable for borrowing a large amount of money for long term. If you are cash tight and need some financing for a few months, try to avoid extending a personal loan beyond 3 months. This way, you can avoid paying more borrowing fees than necessary. Some lenders provide monthly payment loans so that you can repay a small fixed fraction of the balance with your wages. It is also a good way for many people to borrow 1500 dollars and pay back slowly since your overall costs will be lesser than paying in full at the end of your loan term.
Pay monthly loans are becoming popular as more people with low income need to borrow more than their monthly wages. Easy approval payday loans are very common since the payment is tagged to when your employer pays you. However, you will not be able to pay back immediately if you borrow a lot of money. On the other hand, it is very difficult to take big loans from banks unless you can put down some collateral. And if you have poor credit history, that will double the obstacles you face in getting loans approved.
While banks and traditional financial institutions refuse to provide loans for borrowers with bad credit, online direct lenders for installment loans choose to provide unsecured loans with easy approval. The catch is that you can only get small cash loans up to 1500 dollars. These alternative lenders limit their lending risks by capping the amount on each borrower. However, many people can benefit from a personal installment loan with instant approval.