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An installment loan may sound like some kind of fancy loan, but believe it or not, they’re definitely not new, and you’ve certainly heard of them before, but you’ve probably heard of them being referred to as something different: a car loan, a mortgage, a student loan… Basically, with an installment loan, you borrow a specific amount of money; say, $500, $5,000, or even $50,000 (you get the idea). They’re different from the other types of loans you’ve probably used in the past: revolving lines of credit, such as credit cards (they’re “revolving lines of credit because you aren’t borrowing a specific amount of money, but rather, you’re given a set amount that you can borrow up to, and you can either use all or a portion of that credit).
Installment loans are the most commonly borrowed types of loans. Any kind of loan that involves borrowing a fixed amount of money is an installment loan. Payday, cash advance, instant, short term, and emergency loans are all examples of installment loans. All of these examples differ from traditional loans, such as a car or a student loan, because they have to be paid back in a short period of time; however, they’re a great way to secure the money you need when you need it.
Whether are experiencing a financial emergency or you need extra cash to pay for something that you don’t necessarily need but would really like, an installment loan is an option that you might be considering. Read on to learn more about how you can go about securing this type of financing.
Installment Loans Online
Once upon a time, if you wanted to apply for an installment loan, you would have to make an appointment with a lender – such as a bank – fill out an application, wait to have it reviewed, and then if it was approved, wait to have the money deposited into your account. That’s not the case anymore. Thanks to the advent of the World Wide Web, you can now apply for installment loans online.
Applying for this type of financing online is super easy. You can begin by simply searching “installment loans online” on Google or any other search engine and you’ll find plenty of results. While the eligibility requirements, as well as the terms and conditions, will vary from lender to lender, the process of applying for and securing an installment loan online is pretty much the same; plus, doing it online is fast and easy.
While you’ll certainly find plenty of options to choose from, some of the lenders that offer installment loans online that we recommend include:
• Check Into Cash
• Check ‘n Go
• Ace cash Express
• Cash Net USA
• Rise Credit
Installment Loans Bad Credit
If you have bad credit, you’re probably worried that you won’ qualify for an installment loan. Many lenders take your credit history and score into consideration, and weigh them heavily when determining whether or not you are eligible for this type of financing. However, given the fact that so many people are suffering from bad credit these days, more companies are approving installment loans for people with bad credit. Do note, however, that while your chances of being approved may be greater, it’s likely that your interest will be higher.
Some of the best places where you can find installment loans for bad credit include:
• Money Mutual
• Coach USA
• Credit Loan
• Bad Credit Loans
• Opp Loans
Installment Loans Near Me
While applying for an installment loan online is definitely easy, some people prefer going the traditional rout and actually applying for a loan in-person. Doing so gives you the chance to actually meet and work with the lender, have any questions that you may have answered – and quickly – and offers you the opportunity to receive guidance as you’re making important financial decisions.
If you’d like to find installment loans near me, you can do so at your local bank, a credit union, or a loan agency; just to name a few places. If you’re wondering where you can find a lender that offers installment loans near me, just do a quick search online and you’ll be sure to find plenty of options to choose from.
Installment Loans No Credit Check
If you have bad credit or no credit, you probably don’t want to run the risk of having your credit history and score affecting your ability to secure an installment loan. Typically, your credit plays a big role in determining whether or not you are eligible for an installment loan, and if you have less-than great credit, your chances of having your loan approved will be significantly reduced.
Fortunately, there are a lot of places that offer installment loans and don’t require any credit check at all. Instead of looking at your credit, these lenders will consider your income; in other words, if you have a secure source of income, your chances of being approved for a no credit check installment loan are pretty good. Some of the different lenders that offer installment loans with credit checks include:
• Cash Net USA
• Payday Champion
• Lend Up
• Wise Loan
• Cash America Today
Installment Loans Direct Lenders
While all of the above-mentioned options are certainly viable and can help you secure the money you need, they involve working with third-parties; in other words, you provide an organization with your information and they then match you up with a lender – a bank or a loan agency, for example – that will approve your loan. If you aren’t too wild about the idea of working with a third-part, you might want to consider installment loans direct lenders.
With a direct lender, the entire loan process is completed with a single entity. In other words, the application, review, approval, distribution of funds, and repayment of the loan are all done through the same organization. Basically, the lender you are applying with also funds your loan. The benefits? – The process is streamlined, there’s less of risk of having your personal information compromised, and the approval process is a lot faster. Direct lenders of installment loans to consider include:
• American Web Loan
• North Cash
• Advance America
• Wise Loan
FREQUENTLY ASKED QUESTIONS
How To Get Started?
All you have to do is to click “Apply Now” and follow the instructions provided. You need to provide your details and other required information on the online form. Once you have completed the form, submit it and wait for the results. The application process would only take a couple of minutes. You will receive a notification once results are in.
What Are Unsecured Loans?
Unsecured loans are fairly common source of funds especially if you have no collateral to provide. These types of loans requires no collateral and are easier to obtain compared to secured business loans. It is primarily backed by the borrower’s creditworthiness. Unsecured loans have high interest rates since it is not backed by a collateral.
Do I Need A Guarantor?
Typically, applying for such loans require a guarantor if you have bad credit or thin credit line. Since unsecured loans require no collateral, it would be risky for lenders to have no added assurance. However, if you have established a good credit history, a guarantor is no longer necessary.
How Fast Can I Get The Funds?
Using our online lending solutions, you can have the funds deposited to your account within minutes. Unlike traditional lending processes, you don’t have to visit banks or lending centers to get the funds you need. Once you’re approved for the loan, the funds you have requested is automatically sent to your account. You can have it in as fast as 15 minutes.
Is There Any Complicated Requirements?
No. Since it doesn’t require you to provide collateral, there’s no other document needed from you except a proof of income or employment certificate. There’s no need to provide any complicated documents or requirements for you to apply for a loan.
What Happens If I Miss My Payment?
There are times that people miss their payments. We understand. Some lenders tend to be lenient for 1 to 2 months. However, intentionally failing to make payments can have serious consequences. The lender may demand additional fees or charges. Worse, it can severely affect your credit rating.
What If I Lied On My Application?
Lying on your loan application is not recommended. If a lie is caught, the lender has the full authority to void your loan agreements entirely. You may also face additional charges or fees. Falsifying documents could also lead to serious offenses.
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