What Is An Installment Loan?

An installment loan is a type of loan where you borrow money and pay it off over time in fixed equal installments. Loans such as home mortgages and car payments types of loans, but usually, we think of smaller personal loans when talking about installment loans. With an installment loan, you have fixed monthly payments so you can budget properly knowing that your payment will not change. There are no prepayment penalties, so if you pay your loan off faster than scheduled, you can save on interest.

We provide personal installment loans starting at $500. Of all the loan companies in Monroe, LA, the staff at Citizens Financial Services will take the time to understand your individual needs and your unique situation. Not only will we will get your needs met quickly, but we also always take care of our clients with friendly customer service.

Types of loans

You may get an installment loan in Monroe, LA for just about any reason.  Some of the more common reasons we see are:

  • Car repairs
  • Home repairs
  • Unexpected bills
  • Medical bills

You may also get an installment loan in Monroe, LA to consolidate your bills, giving you just one bill to pay each month. These installment loans should be used responsibly and be part of your overall financial management plan for yourself.

You can take out installment loans for other reasons that are not specifically based on need, but it should be part of your financial plan. This can be things like:

  • Vacation
  • Christmas or holiday money
  • Gift giving

We take pride in being the most customer friendly finance company serving the Monroe area, and we always take your needs and interests into consideration.

Improve your credit score

As long as you pay your loan on time each month, your credit score will remain strong. It can even help your credit in some situations. To get the best credit score you need to have different kinds of credit in addition to always paying on time. Getting an installment loan can help by adding this type of loan to the mix.

Contact Citizens Financial Services today

Visit our loan application page online and submit your application today to get an installment loan in Monroe, LA. We can process your loan application online, or you may apply by phone.

Once we do our homework and review your credit history, we can process your application same day in most situations. We offer an easy application process and friendly service while we get your cash ready.  We can also give you a loan repayment term that fits your needs, ranging from 6 to 36 months depending on the amount you are borrowing.

For more than 25 years we have helped neighbors get the personal loans they need for medical bills, car repairs, home projects, seasonal, personal and unexpected expenses.  Planned or unplanned – whatever the reason or season, we’re here to help. Call us today at (318) 324-0011 to get the best installment loan in the Monroe area and get the cash you need.