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What is a Small-Dollar Installment Loan?

A small-dollar installment loan is a type of short term loan that usually lends you money in the range of $500 to $5000, which is to be repaid in regularly scheduled monthly or bi-weekly payments. This type of loan is a great option to meet working capital needs as most banks, credit unions, and other traditional financing institutions do not lend small amounts of money.

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What is a Small-Dollar Installment Loan?

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  1. What is a Small-Dollar Installment Loan? A small-dollar installment loan is a type of short-term loan that usually lends you money in the range of $500 to $5000, which is to be repaid in regularly scheduled monthly or bi-weekly payments. This type of loan is a great option to meet working capital needs as most banks, credit unions, and other traditional financing institutions do not lend small amounts of money. It is a great alternative to payday loans that charges you predatory interest rates, high processing fees, and needs to be repaid in a single payment on the next payday. You can apply for the small-dollar installment loan online on independent lending platforms. Many lending platforms offer this type of loan. Usually, small- dollar installment loans Borrowers with a bad credit score can also get approval for this loan. are unsecured loans. Many platforms offer this loan as a payday loan alternative. Your creditworthiness is determined based on your income, not on your credit score. Check the terms and conditions of the online lending platform before applying for a small-dollar installment loan, as some platforms do not accept applications with a bad credit score. flexiloans.ca

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