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- What does an Installment Loan company do?
- How are these loans secured?
- What is Responsible Lending?
- Do all Locations offer the same loan amounts?
A. Traditional Installment Loan companies make loans to consumers which are repaid in equal monthly installments. Our loans range from $150-$1000 and from 4 to 11 months in duration. With a traditional installment loan there are no “surprises”.
- Fixed monthly payments
- Fixed interest rates
- Fixed repayment terms
We are NOT a payday lender.
A. The great majority of our loans are unsecured. Loans may sometimes be collateralized with a car title or luxury household goods, but never with access to a borrower's bank account. We practice “responsible underwriting” and look to the borrowers themselves for repayment.
A. We examine the borrower’s stability, ability and willingness to repay the loan, which we attempt to assess using budgets and credit reports, among other things. Budgets in particular help us to ensure that the loan is AFFORDABLE. Another consideration is our history with the borrower, many of whom are loyal customers who come back year after year. We look at each application independently and never use credit scores only or a scoring model to determine credit-worthiness.