When you find yourself facing an unexpected expense such as a medical bill or an emergency car repair, it can throw you into financial turmoil. To deal with these sudden bills, many people turn to something known as traditional installment lending. Traditional installment lending is exactly what it sounds like, a loan that you pay off over a set period of time, with your scheduled payments going towards both the principal and interest of your loan.
While most people have at least a passing knowledge of traditional installment lending, few people understand the history of this lending practice or why it’s so useful. Here is a brief history of traditional installment lending and tips for working with a trusted lender when you need quick cash for an important bill.
Traditional Installment Lending History
If you’re like many people, then you might be surprised that traditional installment listing has deep historical roots. The practice of traditional installment lending dates back to 1878, during the heart of the Industrial Revolution. This was an exciting period of time, with new technologies changing the way people lived and worked. However, it made living much more expensive, which is one of the main reason traditional installment lending became so popular.
During the Industrial Revolution, people transitioned from working in rural areas to the big city. Many workers found that their money didn’t go as far as it used to and they need cash to buy goods and service between paychecks. This is where traditional installment lending came into play. Traditional installment lending allowed workers to get the cash that they needed to support themselves and their families until their next paycheck arrived.
Why People Still Use Traditional Installment Lending
If you’ve never found yourself needing extra money between paychecks, then you might have trouble understanding why this lending method has remained so popular since its inception. Simply put, people still use traditional installment lending because it flat out works. When a major expense occurs that puts a person’s financial standing at risk, traditional installment lending helps to keep them afloat.
With traditional installment lending, a person can immediately get the money they need to cover their bills between paychecks. They are then able to pay off their loan in a timeframe that works best for them and their finances. Plus, traditional installment loans can be much easier to get approved for than loans from a bank. As long as people can be struck with surprise expenses, there will be traditional installment lending.
Work with a Trusted Lender
As you can see, traditional installment lending is deeply rooted in history and has served as a useful tool for people who need a little extra funding between their normal paychecks. If you’re interested in taking advantage of traditional installment lending, you need to find a trusted lender. Get the cash loans that you need by working with Koster’s Cash Loans.
At Koster’s Cash Loans, you can easily get quick cash and installment loans. We do not require a checking account, and we offer flexible payment schedules. You may even be eligible for discounts if you are able to pay off your loan early. Learn more about our services or apply for a loan from Koster’s Cash Loans today.