While there are a huge number of Installment Loans now available, the most popular of these are the Personal Loan, Mortgage and Auto Loan.
Installment Loan Quick Overview
Now there are a huge number of different loans that help people in difficult life situations to obtain financing for their needs. However, it is the Installment Loans that are intended to provide short-term assistance to people in a difficult life situation. Since this type of loan is repaid in regular monthly installments over a fixed period of time, it is very convenient for borrowers who cannot repay the entire debt in one paycheck. The amount of monthly payments depends on a large number of factors, such as the maturity of the debt, the amount of the loan, APRs and more.
What You Should Know About Installment Loans
Many people have heard the term “Installment Loan” at least once and may even have used such loans, but not everyone still understands what it is. So what is an Installment Loan and why do people need it?
An Installment Loan is a simple type of financing that allows borrowers to borrow a certain amount of money to be repaid in regular monthly installments. You can choose the loan term that is most relevant to you. However, it is important to remember that while a short term loan will save you extra interest, a longer term will reduce your monthly payments.
Types Of Installment Loans
Now there are a huge number of varieties of Installment Loans, but most people prefer the most popular ones. These include:
- Auto Loan. This type of financing is secured and is used to purchase a car. It is paid in regular monthly installments from 2 to 7 years. However, if you fail to pay the debt on time, you risk losing your vehicle.
- Personal Loan. This type of loan is often repaid in 2 to 5 years and is usually unsecured. People use it to cover any personal needs, such as consolidating debt, paying for expensive medical treatment, and so on.
- Mortgage. Perhaps this type of financing is one of the most common and is used to buy a house. He is well off and home serves as a collateral. The loan is repaid in regular monthly installments, typically 15 to 30 years.
Can I Get A Guaranteed Installment Loan?
Many borrowers seek guaranteed loans because they believe it can help them secure financing. However, the Guaranteed Installment Loan is nothing more than a myth. Let’s see why.
Any lender has certain requirements for approval of an application for financing. They are necessary in order to make sure that the borrower can really repay the debt on time. Thus, providing Guaranteed Loans is very risky for any borrower.
However, you can increase your chances of getting approved by researching your chosen lender’s eligibility criteria and the laws of the state where you live.
Installment Loan Requirements
If you want to receive an Installment Loan, you must meet certain eligibility criteria. Although they may differ depending on the lender and the laws of your state, in most cases they remain the same:
- be a US citizen or official resident
- be at least 18 years of age or older
- Have a regular monthly source of income (for graying 90 days)
- Have an active checking account in your name (for 90 days)
- Provide government-issued ID
It is also important to note that many lenders have requirements that you do not have to be an active military member in order to be able to apply.
How Should The Process Work?
Both verification and application process are very simple as lenders do their best to meet the needs of clients. Below you can learn a few simple steps on how to get an Installment Loan as quickly as possible:
| Application | Approval | Financing |
| A simple online application will not take you more than 10 minutes. Provide information about yourself such as name, address, contact details, etc. | If you meet the requirements, you will be approved the same day. The lender will contact you to discuss the terms of the loan. | You will be able to receive the money directly into your bank account after you sign a loan agreement. |
It is also worth noting that if you need help filling out an application or obtaining additional information, you can always contact the support service and get answers to all your questions.
Installment Loan Rates, Terms And Amounts
- With the Installment Loan, borrowers are eligible to receive between $1,000 and $100,000 for their needs.
- The repayment terms of these loans vary depending on the amount of debt, but most often range from 2 to 7 years.
- Interest rates for Installment Loans can vary depending on your loan and most often range from 4.99% to 35.99%.
Can I Get An Installment Loan With A Bad Credit?
The short answer is yes, you can get financing even if you have bad credit. However, you should do your best in order to compare various loan offers and choose the best one. Different lenders offer different interest rates and loan terms, so even with bad credit, you’re more likely to be able to find the right fit.
However, you should still understand that bad credit results in higher interest rates as well as additional fees and charges.
Bottom Line
Installment Loan is an easy and reliable way to get financing even if you have bad or poor credit history. You can get anywhere from $1,000 to $100,000 to meet your desires and needs. However, borrowers with bad credit are more likely to face higher interest rates and less favorable loan terms.