Everything You Need to Know About Installment Loans in Oklahoma
Installment loans are one of the more common types of loans. Unlike payday loans, borrowers who take out an installment loan have much more time to pay them back. As a result, borrowers have lower payments over a more extended period. Credit cards, for example, are a form of installment loan. However, if you are in an emergency and don’t have the luxury of time, applying for a new credit card isn’t always a suitable solution. An installment loan provides a fast, safe way to get money securely and ensures that you have enough time to pay it back. Many installment loans are dispersed in the form of online loans, making them even more convenient.
If you live in Oklahoma City, Tulsa, Edmond, Lawton, or anywhere in between and need help paying for an unexpected expense, an installment loan may be the way to go.
What Kinds of Things Can You Use an Installment Loan For?
Some of the most common reasons that Oklahoma residents take out an installment loan are:
- Auto loans—These are some of the most common types of installment loans. Lenders can use the car itself as collateral, which means borrowers with bad credit can use the loan when they need to pay for a costly car repair or purchase a new vehicle.
- Home mortgages—This type of installment loan typically has a repayment period of either 15 or 30 years. Still, it requires a qualifying income and credit score and an appropriate debt-to-income ratio.
- Personal loans—Personal installment loans are the most versatile, as you can use them for a wide array of expenses, emergency or otherwise. Many personal installment loans are taken out for debt consolidation purposes, to catch up on bills, cover medical costs, or unexpected auto repairs. Many Oklahomans have even used them to pay for their dream weddings or much-needed vacations. Personal loans allow borrowers to receive the financial stability they need when they need it most.
What Does Repayment Look Like?
Your lender will work with you to establish the terms of your loan repayment during the application process. Payments are fixed and set at regular intervals over a specified period, which means that there will never be any sudden changes in repayment, and you can plan your payments accordingly.
How Do I Apply?
Personal installment loans may require collateral (secured) or be unsecured. Applying is generally simple and can be completed online or in-person, locally. Usually, most lenders in the state of Oklahoma will need basic contact information, proof of a checking account, income verification, and a credit report or proof of debt-to-income ratio.
If you’re an Oklahoma resident and looking for a personal loan, let Western Shamrock put its 50+ years of experience to work for you. The Western Shamrock team can help get you on your way to more financial stability and answer any questions you may have during the process. Fill out an application today to get started at westernshamrock.com/getstarted.