Should I get an Online Line of Credit or an Installment Loan?

Signing line of credit contract

When it comes to loans we know it can feel a bit overwhelming. It’s important that you are selecting the right one for your unique financial needs. At Advance Financial, we are always here to help you make the most informed decision when getting the cash you need. Our team will provide world class service every step of the way. We offer an instant approval process that can get you cash as soon as today.* The two main types of loans we offer at Advance Financial are an online line of credit and an online Installment loan. Here’s a brief overview of each type of loan–

What is an Online Line of Credit?

A line of credit is a loan you are able to pay back on your own timeline. When you apply and get approved, we will let you know how much you qualify for. As you pay off your balance, you could qualify for an increase in your available credit from time to time. The available credit is the amount of cash available after your cash advance. Take out as much as you need up to your credit limit. Similar to a credit card, a line of credit is always there when you need it, and you don’t need to keep reapplying. Even if you pay off your balance to zero, it will still be available. You are able to make the minimum payment,  pay the loan off entirely, or pay anywhere in between. We always recommend paying more than the minimum due to keep your payments lower.  Making only the minimum payments will result in more interest and fees, and it will take you longer to pay off your balance. An Advance Financial line of credit might be the right choice for you for those emergency expenses.

What is an Online Installment Loan?

An installment loan is a loan that you can pay off over time with regularly scheduled equal payments. Like a line of credit, you can pay off an installment loan early with no penalty in most cases. An installment loan might be a better choice for you if you are looking for equal payments. It might also be good if you want to pay it off over a set period of time. Like a line of credit, its important to pay off your installment loan on time in order to not hurt your credit score. You can find an Advance Financial installment loan in Texas, Mississippi, or Wisconsin.

Where can I get an online line of credit or an installment loan?

To get approved click on “Get Cash Now” at the top of the page. Depending on your state, you will be offered an online line of credit or an online installment loan to get the cash you need. Fill out our quick and easy application form, and our team will be here to answer all your questions and offer a world-class customer experience throughout the process.

*Bank participation required