Online Installment Loan
Visit your chosen lender’s website and fill out a simple and convenient online application without having to go to the lender’s store.
No Credit Check Installment Loan For Your Needs
An additional source of financing can be your salvation if you want to make a large purchase, pay for expensive medical treatment, consolidate existing debt, and more. If you don’t have any savings but need money quickly, Installment Loan is the best option for you.
What Is Installment Loan?
An Installment Loan is a simple type of financing that is repaid in regular monthly installments over a fixed period of time. This loan has many types, and can be either secured or unsecured. Most often, lenders will offer $1,000 to $100,000 for your needs, for 12 to 60 months or more.
This loan is popular because it has relatively low interest rates and favorable credit terms. However, most often it requires a credit check and a regular monthly income.
What Are The Types Of Installment Loans?
Now there are a huge number of different Installment Loans. Pay attention to their main types before applying.
- Mortgage. This type of financing is secured and provides borrowers with money to buy a house against the security of the same house. Repayment terms are most often up to 25 or even 30 years.
- Personal Loan. This loan provides people with the opportunity to obtain financing to meet any personal need. Most often, it is paid for up to 60 months and is unsecured.
- Student Loan. This loan helps the borrower to cover the cost of education and everything necessary for it. The terms of repayment can be different, and most often the loan is also unsecured.
- Car Title Loan. This type of financing can be both short-term (paid within 14-21 days) and regular monthly payments. It is secured and helps borrowers get money secured by a car.
How Can I Get a Bad Credit Installment Loan?
Have you already faced refusals from banks and credit unions? Don’t worry, you can now get bad credit installment loans even if you’ve had trouble paying back your debts in the past.
Installment lenders understand that any borrower can find themselves in a difficult life situation and need financing. That is why most often they work with different types of credit. However, people with bad credit receive less favorable interest rates.
How Much Does Installment Loan Cost?
It is important to understand that the interest rate on an Installment Loan will primarily depend on its type. Your income and credit history will also be decisive factors. Most often, it varies from 5.95% to 35.99%.
However, be aware that in addition to this, you may also have to face additional fees and charges depending on the chosen lender.
Bad Credit Installment Loan Eligibility Criteria
Although lenders most often do not provide installment loans with no credit check, this loan is still quite easy to get if you meet certain eligibility criteria:
- US citizenship
- Age at least 18 years or older
- Regular monthly source of income
- Active bank account
- Social Security number
- Government issued ID
- Contact details such as phone and email
Keep in mind that eligibility criteria can vary not only depending on the lender you choose, but also on the laws of the state where you live. Therefore, study Installment Loan Laws beforehand before applying for this type of financing.
Main Steps To Get Installment Loan
Now there are two main ways how you can get an Installment Loan – online and offline. If personal contact is important to you and you want to know who is handling your loan, you might want to visit the physical location of the lender. However, if you need money as quickly as possible, then an online application will be your salvation. Learn the basic steps to get funding as quickly as possible:
1. Choice of lender. If you want to get the best deal, you need to explore the different options in your state of residence. Compare interest rates and loan terms and choose the option that suits you best.
2. Application. Next, you need to visit the site of the selected lender and fill out an online form, providing the necessary data to him. They usually include your name, your address, income, contact details, and more. Make sure all information is entered correctly.
3. Approval. It will take the lender some time to review your application and make sure you qualify, but most often you will receive a response within one to two business days.
4. Financing. After you carefully study the terms of the loan and the terms and debt repayment, you can sign a contract and receive money directly to your bank account.