Like any other business, setting up a law firm has its own share of challenges. From securing clients to inventory setup, and also staying up to date with recent amendments in the industry, lawyers have to keep track of many things.
Above all this, there is some serious concern about managing finances, that cannot be overlooked. After all, the success of any law firm depends on how well they can manage their finances.
In this article, we will shed some light on online installment loans and how they can help startup law firms. And also where to find direct lender installment loans easy for quick financial solutions. But before all this, it is necessary to know what these online installment loans are? Keep reading to learn more.
What is an Online Installment Loan?
Short-term personal loans ranging between $100 to, as much as, $100,000 from private lenders are usually known as online payday loans.
As the name suggests, these loans are to be repaid in installments to the lender. However, the borrower needs to pay high-interest along with a flat processing fee to the lender.
Still, these loans make a lot more sense when any business needs urgent capital. The reason being, these loans are usually available almost instantly.
It is noteworthy that the term for these loans can extend up to 18 months. And you can avail an online installment loan for as little as two months.
Unlike payday loans, where you may need to repay your loan in one go, managing personal finances seems easier with an installment loan.
But, this reason alone might not be enough for you to decide. Nevermind, we have compiled some pretty amazing reasons for you to look for online installment loans when bootstrapping your law firm.
Features Of Online Installment Loans
Since these are personal loans, it is pretty obvious to doubt how it can help you with your business. Especially, when you’re into such a dynamic business- the legal industry.
Here are some of the benefits that former installment loans customers quote.
Quick Application Process
One of the best reasons that almost every customer quotes are the simplicity of the application process. Many compare it to creating a Facebook account.
You log in to a money lending portal, fill in your basic details including your identity proof and income proof, and it’s done.
Yes, it’s that easy.
Usually, the complete process of application, approval, and also the loan disbursal is concluded within 24 hours. So, you can actually rely on these online resources, when you’re in dire need of cash and can’t wait.
Flexible Repayment Options
Apart from an easy loaning process, online private lenders also offer a variety of repayment options. It not only includes the mode of payment but also the terms of the loan.
To put this into perspective, many lenders offer a variable term for installment loans. And to more surprise, some users also claim that they’ve received an extension in the term without having to pay an extensively high fee.
Usually, the borrowers are required to pay additional interest for an extended-term along with an extra fee. But, that solely depends on the lenders’ policies and discretion.
Credit Score is No Bar
The most amazing of all the features of online installment loans is that the applicants are not required to submit their credit history. Typically, a loan request would be declined by a centralized bank for applicants with a bad credit score, which is not true with online loans.
Since these loans are mostly offered by private lenders, the applicants stand a better chance at securing a loan even if they have a bad credit score.
The process goes this way- you can apply to multiple lenders at once. And, of course, when you have more options to choose from, you stand a better chance of receiving the loan.
No Need to Place Any Collateral
Another noteworthy feature of online installment loans is that these are unsecured personal loans. In other words, the applicants are not required to submit any guarantee with the lender.
This is also the reason for high-interest rates and high fees to be paid by the borrowers.
In addition to this, the amount for these loans can also range as high as $100,000 for a maximum of 18 months. That’s incredible as it is.
With all these features, you must have some clarity about your decision to take out an online installment loan. However, it is still recommended that you familiarize yourself with the process before making this decision.
Where to Find Online Installment Loans?
As it is already mentioned, these loans are offered by private lenders. This also creates a problem for borrowers like you, since there are plenty of lenders out there who claim to be the best.
As a matter of fact, it is really not easy to decide which one’s better and which one’s the best.
Financial experts suggest starting your search with an online money lending network, instead of visiting private lenders directly.
The benefit that these networks have to offer over individual private lenders is you can easily compare them. Plus, the process is further simplified, since all the lenders can be contacted from just one screen.
It is noteworthy that these networks do not offer loans but only help connect with direct private lenders. But, they also entail a list of other features. For example, the indicative term for the loan, amount, and rate of interest are clearly mentioned. So, before you actually submit your application with any lender, you can make out which one suits your needs more effectively.
Besides, the networks also enlist public and customer reviews to help you make a clear decision.
Online installment loans could help you start your law firm in a myriad of ways, especially if you’re planning to bootstrap it. You can cover the inventory costs, pay your staff for the first month, or even cover up emergency expenses before you receive your first cheque.
Nevertheless, you should make a well-informed decision before indenting yourself or your company.