Unexpected expenses can come up when you least expect them, and when that happens, you need a solution that is quick and easy. Installment loans can be the quick and simple option for people who need cash fast and without hassle.
Unlike credit cards, installment loans offer a predictable, fixed repayment plan, making them a reliable solution for temporary cash flow issues.
In this guide, we will walk you through how installment loans work, why they might be a good option for you, and how they compare to other types of loans.
What Are Installment Loans?
Installment loans are a type of loan that offers a lump sum of cash, which you repay over a set period through regular payments. Typically, these payments are made biweekly, not monthly, and include both the principal (the money you borrowed) and interest. Installment loans are closed-end loans, meaning once you’ve paid off the loan, the account is closed. You won’t be able to borrow any more money on that loan, unlike credit cards where you can continuously borrow, repay, and borrow again.
At Desert Rock Capital, we make the process simple, fast, and transparent. You apply, get a decision within 30 minutes, and if you’re approved, you walk away with a check in hand—no waiting for a bank transfer or worrying about complex terms.
How Do Installment Loans Work?
The process is simple. When you need quick access to cash, you apply for an installment loan with Desert Rock Capital. We make the decision on your loan in as little as 30 minutes, based on your ability to repay, not your credit score. If you’re approved, you will leave with a check for the full loan amount, which you can cash same day.
Once you have your check, you will make payments on the loan every two weeks, as agreed upon. The amount you pay each time is fixed, meaning you will know exactly what to expect. Payments are made until the loan is fully paid off. Unlike some other loans, there are no balloon payments or hidden fees, and we won’t charge you prepayment penalties if you choose to pay off the loan early.
Types of Installment Loans
There are several types of installment loans, each tailored to meet specific needs. However, Desert Rock Capital specializes in small personal loans meant for quick, temporary financial relief. Here are some of the more common types of installment loans:
- Personal Loans: These are the most versatile type of installment loan. You can use the funds for a variety of reasons, whether you need to pay off medical bills, cover unexpected car repairs, or consolidate debt, personal loans offer flexibility. With Desert Rock Capital, personal loans are quick and easy to access, with no credit checks required.
- Auto Loans: Auto loans help you finance the purchase of a vehicle. The vehicle itself acts as collateral, and the loan is typically repaid in biweekly installments. Interest rates on auto loans are often lower compared to other types of loans, but the loan is tied directly to the car’s value.
- Home Loans: Mortgages are a form of installment loan used to purchase a home. These loans are usually secured by the home itself and are paid off over a long period (usually 15 to 30 years). While Desert Rock Capital doesn’t specialize in home loans, many lenders offer mortgage options that allow for predictable payments over an extended term.
- Student Loans: Student loans are designed for educational purposes, and like other installment loans, they are paid off in regular installments. Many student loans don’t require repayment until after you’ve graduated, but the exact terms depend on the lender.
Desert Rock Capital focuses solely on personal installment loans that are quick, straightforward, and designed to help you with smaller, more immediate financial needs. These loans are ideal when you need a little extra help but don’t want to deal with the lengthy decision process, balloon payments, or unexpected charges that can come with other forms of borrowing.
Benefits of Installment Loans
Installment loans offer several advantages, making them a popular choice for many people who are facing urgent financial needs. Here are some of the key benefits:
- Predictable Biweekly Payments
One of the biggest advantages of installment loans is the predictability of payments. You’ll know exactly how much you need to pay every two weeks, making it easier to manage your finances and budget effectively. This can be a huge relief when you’re already dealing with other bills and expenses. At Desert Rock Capital, we only use biweekly payments, so you won’t be caught off guard with a large monthly payment that’s harder to manage.
- Fast Access to Cash
When you need cash quickly, waiting for bank transfers can be frustrating. With installment loans from Desert Rock Capital, we offer same-day funding. Once we make a decision, we hand you a check you can cash same day. This gives you instant access to the money you need without any delays.
- No Prepayment Penalties
Unlike some loans that charge penalties for paying off the balance early, Desert Rock Capital doesn’t charge prepayment fees. If you want to pay off your loan sooner than expected, you’re free to do so without worrying about extra costs.
- No Collateral Required
Many installment loans require you to offer something of value as collateral. With Desert Rock Capital, our loans are unsecured, meaning you don’t need to put up a home, car, or other assets to borrow the money you need. This makes it easier for people to get a loan without risking their property.
- Fixed Loan Terms
The terms of your loan are clear from the start. You’ll know how much you owe, when your payments are due, and how long it will take to pay off the loan. This transparency helps you plan ahead and avoid any surprises down the road.
Installment Loans vs. Other Loans
While installment loans are great for short-term financial relief, they are not the same as payday loans or credit cards. Payday loans are often short-term and come with higher fees and interest rates. They’re designed to be paid off quickly, but balloon payments and unexpected fees can make it hard to predict.
Installment loans from Desert Rock Capital, on the other hand, are generally more straightforward. They come with lower interest rates on average, fixed repayment terms, and predictable biweekly payments. They are designed to be an alternative when you need quick cash.
Credit cards, while they offer flexibility, can also lead to impacts to your credit score in the event of any missed payments. With installment loans, your debt has a clear end date, and once you’ve made your final payment, the loan is paid off and there’s no impact to your credit.
Get the Quick Cash You Need Today with Desert Rock Capital
At Desert Rock Capital, we specialize in quick, easy personal loans for when you need cash fast. Our installment loans are designed to be simple and easy to understand, with no hidden fees or obscured terms. With same-day funding, no collateral required, and the ease of biweekly payments, we’re here to help you get back on track when you need it most.
If you’re in need of quick cash and don’t want to deal with long waiting periods or hidden fees, contact Desert Rock Capital today.
We make it easy to get the funds you need without the stress. Get started now and take control of your financial needs with a fast, reliable loan.