Installment loans are the simplest type of loans to understand. This is because they are the most common types of funding in many parts of the country. The loans are paid in equal installment over a fixed period. This is why they are referred to as installment loans-simple because they are paid in bits.
When you have an emergency, you might be tempted to think that installment loans aren’t easy to get. What you need to know is that installment loans are very popular.
It is also the perfect way to get the funds you need and have enough time to pay back. What’s more, you can qualify for the loan even when you have bad credit.
Do you have bad credit and wondering whether you can get an installment loan? Well, there are also installment loans for bad credit that you can qualify for.
The loans will give you the chance to get fast cash when you have a pressing financial issue. It is also easy to apply for a personal installment loan.
You should note that bad credit installment loans are different from payday loans. Instead of a lump-sum payment, installment loans are paid in fixed installments over the life of the loan.
Online installment loans through reputable brokers like (company name) are different from traditional loans. Rather than working with the lender directly, (company name) connects borrowers with lenders who offer online installment loans. We also work with lenders who provide payday loans in the region.
Installment loans are forms of funding where loan payments are paid equal installments over the life of the loan. Most installment loans do not have prepayment penalties.
Most online lenders offer installment loans up to $1000.
Does (company name) offer installment loans?
(company name) works with direct lenders to provide installment loans. The loans, however, are not offered in all states. If you reside in Texas, California and Ohio, then it is possible to apply and get qualified for an online installment loan.
The cost of borrowing varies depending on several factors which include the lender you work with, the amount of money you borrow, the loan term among others.
When you work with (company name), it is very easy to apply for an installment loan. The application process is straightforward and you will also get instant decision upon application. When your application is approved, it can also take a few business days to access the funds
A lot of people who apply for installment loans with us have poor credit. This means that you can get an installment loan with bad credit.
This will depend on your lender. (company name) has a large network of installment loan lenders. Some of these lenders might check your credit score before advancing the loan. But some lenders can approve your loan application without conducting a hard credit check. Instead, a soft credit check is performed which won’t harm your score.
This starts by completing our loan request form. It is easy to complete this form and you will also get an instant application decision. It only takes a few seconds to know whether or not you are eligible for the loan.
It is possible to get approved for an installment loan even when you have an outstanding payday loan. Still, you should be able to pay the amount you borrow which may be challenging when you have multiple loans.
One benefit of online installment loans is that they have a longer repayment term. Payday loans, on the other hand, have instant approval but they have a short term of between 2 and 4 weeks.
So you will see lots of companies advertising installment loans no credit check but this is slightly misleading. What the lender does is perform a weak sort of credit check based on your email and other criteria.
It is not like the corporates like Experian who have every piece of data on everyone who ever took out a loan. We are not really sure the exact details, just that it is less stringent than the banks.
As you can probably tell, these qualifications are much less strict than a typical short-term loan application from a bank. In most cases, if you meet the four qualifications above then you won’t have a problem being approved.
If you stop making your payments, chances are that you will default on the loan altogether. Failure to pay the loan will only lead to extra fee charges and interest. Subsequently, your credit score will drop and it won’t be easy to qualify for affordable loans in future.
If an issue arises that makes it impossible to pay an installment, contact your lender as soon as possible. Explain your issue after which you can negotiate on repayment options. (company name) won’t guarantee that all our lenders can agree to negotiate. But it won’t cost if you directly contact your lender and discuss this matter.
Unpaid loans are usually sold to a debt collection agency. If you default on the loan, your credit score will be negatively affected. It is also possible that your lender will take you to court, although this is very rare.
Provided that you pay the loan on time, your credit will increase by a few points.
Just like applying for payday loans, bank loans and other forms of funding, there are several things to consider when applying for online installment loans. These include the following;
Interest rates for installment loans are not expressed in APR.
This is because the loan term or these loans range from a few weeks to several months. When installment loans and other short term loans have interest expressed in APR, they usually have a higher APR. This can be expressed in this manner;
If you take a higher installment amount with a long repayment term, the APR will be low compared to the same loan with a short repayment term.
Generally, installment loans have a flat fee for every $100 you borrow. Loans higher than $500 may have few fee charges. But these fees usually vary depending on the loan provider. (company name) is not an installment loan lender. We, however, have many lenders in our network who are willing to offer affordable installment loans, payday loans among other types of online loans.
Your credit score can be used to determine your repayment ability. (company name), for instance, has lenders who can check your credit scores from Equifax, TransUnion and Experian when reviewing your loan application.
Even so, the credit score will not be used to make the lending decision. Instead, other factors are used by the lender to determine whether or not you will be approved for an installment loan. These include your income, employment status and ability to pay the loan.
The lenders may also look into your payment history with past lenders. So when looking for no credit check installment loan or installment loans no credit check, just know that some form of a check has to be performed.
If you default on an installment loan, the lender not (company name) will try to recover the funds himself. You may get a call from the lender and you can discuss a repayment plan that is more convenient for you.
If this attempt to recover the money fails, your loan will be forwarded to a debt collection agency. If you think that you won’t be able to pay the loan, the best option is to contact the lender before the loan becomes delinquent.
Online installment loans, payday loans and payday advancements are not designed to be used when you have serious financial issues.
Instead, they can work better when used for short term needs like car repairs, medical emergency or home renovations. If you have any long term needed, it is better if you apply for a traditional installment loan or seek help from a financial counsellor. As a rule of thumb, only borrow what you can pay. This will reduce the risk of default.
Once you apply for the loan, you will receive an application decision almost instantly. If you qualify, you will get an agreement form that you are required to sign after which the funds will be directly deposited to your bank account.
If you feel that an online installment loan is the best option for you, get started by completing an online loan request form today!
And if you have poor credit, applying for an installment loan can also help improve your score if you make payments on time. The loans can also be a good option if you want to consolidate your payday loans and get your financial life back in order.
If you are reading this then you have probably already done the hard part of locating where to get an online line. Paydaynow.net is here to help! Our process is simple and our qualifications are not hard to meet. Here’s a quick rundown of the criteria needed to be approved for our bad credit loans:
Again, as we explained above you can apply for and be approved for these loans for bad credit even if you have poor credit or no credit, or even bankruptcy in your past.
That is one of the biggest benefits people find with this type of loan. If you meet the criteria above and want to move forward in the process of obtaining a loan then please don’t hesitate: call our toll-free number or complete our simple online request form today at paydaynow.net!
With installment loans, you only pay for the time you use the loan so if you want to make larger monthly payments to pay off this loan faster you can, or you can stick to the low monthly payment agreed to by you and your lender.
If you think that an installment loan can help you and want to learn more about how to get the process started just call our toll free number and speak to one of our representatives.
If you are ready to move forward now just hop on over and fill out our easy online application. You could see funds in your account this week and be one step closer to overcoming that financial hurdle you’re facing.