Installment loans are short term loans that are perfect as small business loans, or to cover unexpected medical expenses, or financing a home remodeling project, or basically for any quick cash need. Installment loans are also commonly called personal loans. Installment loans are safer alternatives to the traditional cash advance.

An installment loan is just another name for personal loan. There are many high quality lenders as well as small-dollar lenders offering installment loans. It is the prerogative of the borrower to chose the loan best suited to his/her needs and at the same time not get scammed by the unscrupulous techniques used by many lenders.

Having poor credit diminishes one’s ability to procure a loan and also renting an apartment or landing a job etc. People with poor credit have low credit scores. A credit score is a number that lenders (banks and credit cards etc.) use to identify the risk element of lending money to you.

Applying for a loan is a brain wrecking process in itself with all the paperwork and jargons involved. This becomes even more difficult if you have a poor credit score. Credit scores range from 300 to 850. Having a FICO score of 579 and below means you have poor credit score.

Personal loans are given out to people who want to avail an unsecured line of credit, since they have no collateral to put up and hence cannot avail regular loans. Most types of personal loans do not require collateral as security and the promise to repay money is the only assurance for the loan taken.

The great self-improvement author Alan Lakein once said, Planning is bringing the future into the present so that you can do something about it now. Considering the same quote with finance, financial planning would be bringing future financial problems to the present so that you can do something about it now to make your future more secure.