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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Advance America: 5 Expenses Installment Loans Can Cover

Installment loans are lump sums that people can borrow and repay in fixed monthly payments of principal and interest. These loans can be useful for many needs, from home renovations to car repairs and much more. Since payments are fixed, borrowers can easily budget for loan repayment. With that in mind, this article will dive into five expenses installment loans can cover:

1. Home renovations

Home renovations can cost a large amount of money, and some homeowners may not have the funds saved up for those renovations. That’s where an installment loan can come in handy. Borrowers can often get installment loans worth up to a few thousand dollars, which can be plenty for major renovations. Plus, the fixed payments and good interest rates can make the renovation easy to budget for.

2. Consolidating debt

Consolidating debt involves paying off several debts with one loan, reducing the number of payments to keep track of. In some cases, consolidating debt can also help refinance debt — meaning getting a new loan at a lower rate. Installment loans offer large amounts and solid interest rates, allowing borrowers to easily consolidate large amounts of debt.

3. Medical bills

Healthcare is one of the largest American household expenses, aside from housing. Some may not have the money to cover a medical bill entirely if they’re uninsured or their insurance doesn’t cover the procedure.

An installment loan offers an affordable way to borrow funds to cover the medical bill. This helps the borrower cover the cost of the care they need regardless of their insurance.

4. Car repairs

Small repairs on cars can cost a lot. Minor paint chips or scrapes may cost a few hundred dollars, while other repairs, like broken windows, can reach into the thousands. If the driver has a high deductible, affording the repair can be tough. A personal loan offers an easy way to cover the repair and repay the debt. By using this loan, the borrower can also avoid filing a claim. This helps them keep their insurance rates as low as possible over the long term.

5. Furniture purchases

Whether someone needs to furnish their new home or upgrade their living room set, they’ll need a significant amount of money for furniture. Furniture borrowers may choose to get a personal loan for these purchases. It’s easy to calculate the exact amount needed for the furniture. Consequently, the borrower can quickly determine how much to borrow and what term length they need to lock in a monthly payment they can afford.

The bottom line

Installment loans are versatile tools. Borrowers can use them to renovate their homes, consolidate and refinance debts, pay medical bills, repair their vehicles, buy new furniture, and more. Whatever the need might be, Advance America can get borrowers the loans they need quickly. Borrowers can apply, get approved, and receive their funds within the same day. That way, they won’t need to wait to cover expenses. Apply for an Advance America installment loan today.

Contact Information:

Name: keyonda Goosby
Email: keyonda.goosby@iquanti.com
Job Title: Consultant

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