Apply And Get Fast Installment Loan even with Bad Credit!
Sometimes every person can face financial difficulties and need money in order to cope with them. This can be anything from medical treatment, to buying a car, renovating a house, emergency needs, and more. The most suitable option in such a situation is a loan, but which one should you choose? The simplest and most suitable option at the moment is the Installment Loan, which gives borrowers the opportunity to receive money for any of their needs. Moreover, funding is now available even online!
Why Choose Online Installment Loans?
- Compare interest rates and loan terms from different lenders
- Forget about visiting banks and physical locations of lenders
- Apply on the website of the selected lender within 10 minutes
- Get simple and fast approval
- Receive funding directly to your bank account
How Do Installment Loans Work?
An Installment Loan is a simple and secure type of financing that allows borrowers to apply for and receive money to meet their needs. This loan has fixed payments and a specific repayment period, when the debt with interest must be fully repaid. Thus, the Installment Loan is repaid in regular monthly installments over a certain period of time. Repayment terms can vary depending on the type of loan and range from several months to several years.
The available amounts you can get with the Installment Loan can range from $1,000 to $100,000. As a rule, this amount is enough for the borrower to cover any financial difficulties.
Types Of Installment Loans
Most likely you know that the Installment Loan includes a huge number of different types. Below you can explore the main ones:
- Auto Loan. Auto Loan is a type of financing that allows borrowers to buy a car. At the same time, it is important for everyone to note that the same car is collateral for a loan. This loan is repaid in regular monthly installments over a fixed period of time. However, if the borrower fails to repay the debt on time, the lender may take the car in order to consolidate the debt on the loan.
- Mortgage. Mortgages are used so that people can buy a house and to borrow money against the value of a home. Thus, this loan is also secured and repaid in regular monthly installments, often for a period of 15 to 30 years. The borrower may also lose the home if it defaults on the loan.
- Personal Loan. A Personal Loan is a loan that is designed to provide borrowers with money for any of their personal needs. This can be medical treatment, wedding expenses, vacations, urgent purchases, and so on. This loan is unsecured, which means that the borrower does not have to provide collateral and risk property in order to receive financing.
- Student Loan. A Student Loan is a type of financing that gives borrowers the opportunity to get money to pay for education expenses. It is also paid in regular monthly installments over a long period of time.
How Can I Apply For An Installment Loan?
Applying for an Installment Loan is now as easy as it gets as more and more lenders offer online financing. This way, most of the time you won’t have to visit the physical location of the lender and fill out a lot of paperwork in order to receive the money. However, what do you need to do in order to get an Installment Loan?
- Apply. Comparing different loan offers in your state will help you choose the best option with relatively low interest rates. Visit the website of the selected lender and fill out a simple and convenient online form, providing basic information about yourself. This may include your name, address, income, and other details.
- Wait for approval. It will take some time for the lender to review your details and make sure you meet the basic eligibility criteria. Most often, online applications are approved within one to two days.
- Get funding. The lender will contact you to discuss the terms of the loan and the terms of debt repayment. After you study the contract and sign it, you will be able to receive the money within one business day.
What Are The Advantages Of Installment Loans?
Before applying for financing, it is recommended to study the benefits of the Installment Loan to make sure that this is exactly the financial solution you are looking for:
- Loan amount. With an Installment Loan you can get up to $100,000 which is enough to meet all your needs.
- Convenient payment terms. Payment terms may vary, so you can choose the ones that suit you and your financial situation.
- Online application. More and more installment lenders offer an online application, which saves the borrower from having to drive to the lender’s store and fill out a lot of paperwork.
- Fast approval. If the borrower has previously studied the eligibility criteria of the selected lender and the laws of the state where he lives, most likely his application will be approved within one to two days.
- Bad credit. Now there are many installment lenders who work with different types of credit. Thus, even if the borrower has previously had problems paying off debts, he will still be able to get an Installment Loan.
What Do I Need to Get an Installment Loan?
First of all, in order to get an Installment Loan, you need to study not only the laws of the state, but also the requirements of the selected lender. While they may vary, the main ones are:
- Be a US citizen or official resident
- Be at least 18 years of age or older
- Have a regular monthly source of income
- Have an active bank account
- Provide government-issued ID
- Provide a social security number
- Provide contact details such as phone and e-mail
If you meet the above requirements, the chance of getting an Installment Loan is quite high.
Installment Loan alternatives
If an Installment Loan is not enough by amount or too quick to repay, or you just want to compare it with other cash advances available online, you can check out:
- Payday Loans up to $1,000 with a short-term 1-month repayment;
- $5000 – $35000 Personal Loans repaid in 6 months – 7 years;
- Secured Car Title Loans;
- Various Government Assistance programs;
- Bank loans, etc
Installment Loan Calculator
Every Payment (Installment) = $522 per month for 0.17 year(s) at 35% APR
* It’s the amount of money you’ll need to pay every month (or other agreed period) according to your repayment plan.
Total Paid After 2 Payments = $1,044
Total Interest Paid* = $44
* The total amount of interest over all the period of the loan.