Learn About Installment Loans
We serve Pflugerville, Waco, Abilene, and the Surrounding Texas Areas
What is an installment loan? An installment loan is a loan that is repaid over time with a set number of scheduled payments; Star of Texas Financial Solutions offers installment loan services for up to (6) months with payments due bi-weekly or monthly.
No matter what the loan type is, you always have (3) options each time your payment is due. They are: payoff, pay down your principal balance, or pay interest and fees only. And, at the end of the term of your loan, you can choose to payoff or refinance the loan.
When is an Installment Loan a Good Idea?
An installment loan is a wonderful option if you need short-term assistance but may not be the best choice for every circumstance. Common examples of installment loans include mortgages, auto loans, and personal loans. Consider an installment loan if you need extra assistance for the following circumstances:
- Unexpected Expenses: This can cover any number of things, from a new transmission for your car to a new furnace for your home. If an unexpected circumstance arises, an installment loan can help you break the expense up over several months rather than all at once.
- Emergency Medical Bills: Sometimes things happen. The majority of households in the United States do not have enough cash on hand to accommodate a medical emergency. If you find yourself with large medical bills, an installment loan can help you with those expenses.
You Need to Build Credit: If you have no credit, taking out an installment loan and paying it off on time is a great way to build your credit. Because the biggest influence on credit scores is payment history, it’s important that you only take out an installment loan if you know you can make your payments on time.
To learn more about our installment loans, do not hesitate to contact us today!