By: Jack Bogart Maverick

Online Installment Loans | Direct Lender

The cost of unexpected expenses when managing your monthly expenses can be difficult. Suppose you’re searching for an option for a short-term solution. In that case, you can take out installment loans online offered by Direct lenders could be an ideal option for those who require installment loans with an extended repayment period.

Installment loans vary in money and are paid back over time with a series of pre-arranged installments.

Examples of Online Loans for Installment

Installment loans are a popular quick-term financial solution. Below are some examples of the most well-known varieties of personal installment loans.

Auto Loans

Auto loans are loans from buying a vehicle like an automobile, motorcycle, or truck. They are usually taken out in a series of monthly payments. 

Auto loans are secured loans, which means the borrower needs to provide value as collateral. Most auto installment loans come with a repayment period ranging from 36 months and 60 months (3-5 years) lengthy. 

Even though a more prolonged duration usually implies that every payment is lower, long-term terms generally are accompanied by the possibility of higher interest. This means you could pay a lot more on your vehicle if you take out an auto loan with a long-term term.

Personal loans

These Personal loans are one of the most effective solutions for getting cash fast to cover an unexpected cost. Personal loans can have different repayment time frames, some beginning at just a few months while others were running for years. 

Contrary to secured loans such as auto loans, personal loans generally don’t require the borrower to provide collateral. However, the interest rates applied to personal loans are usually more than other types that are installment loans.

Mortgages

A mortgage is the most common kind of home loan. When you finance a home, you’ll likely have to be making monthly payments until you pay the entire amount. 

The repayments will usually pay for the principal balance on the loan in addition to taxes and interest. Since the principal is likely to be very high and the repayment period is among the longest-term installment loans. Mortgages come with different repayment terms, and many individuals opt to pay back over 15 to 30 years.

Cash Advances for Payday Loans

Like an online installment loan, they can be short-term, high-cost loans that typically have the principal balance to be less than $1000. 

In contrast to installment loans, instead of repaying their principal debt over months or years, they are generally paid off in one month (on the next payday date or payday). 

Like payday loans, installment loans can be beneficial if you need an emergency payment or bill that must be settled within several months or days. Direct lenders can help you pay for your payday loan in a brief time, typically within a matter of 1 or 2 days!

Earn Cash When You Need It!

When you use PaydayNow, it’s possible to have an easy and secure application procedure in Installment loans.

Are you ready to apply?

We recognize that financial crises can occur at any moment. If unexpected expenses arise and you need to pay for them, you can make an online application for a quick-term personal loan, even if you have a bad credit score or no credit score whatsoever. 

When your request is accepted and approved, you could receive your funds within the next business day. Contact us with any concerns.

Qualifications to Qualify

  • At least 18 years old to be able to contract in your state legally
  • You must be a US Citizen or Permanent Resident
  • Must be a resident of one of the states in which the Installment Loan is provided
  • Have a current bank account.
  • Maintain a steady source of income
  • You must have a valid contact number and have an active email account.

It is important to note that there are no credit products available through PaydayNow come with rates that comply with the rules that apply for lending to the military personnel in the US Armed Forces and their dependents.

Application Online

Apply for an Installment Loan online, and receive your funds on the earliest possible business day.

How to be Responsible for Installment Loans

These loans can be a temporary financial solution that can help you manage unexpected costs. It is essential to borrow responsibly to avoid long-term financial implications. Here are three ways to make responsible borrowing a habit:

1. Check You’re able to Pay the Timely Payments

Because installment loans are usually paid back over a long period by many scheduled payments, be sure you know how many installments are needed and what each installment comprises. 

In addition, if you do not make the payment or do not pay in specific whole, payday lenders might add additional charges, which could leave you with more than you expected. With Installment Loans via PaydayNow, there are no penalties for late payments.

Ensure that you have enough money to pay your bills on time, and keeping a low income-to-debt ratio are two methods to make sure you are borrowing responsibly.

2. Think about the cost that the loan will have

Personal installment loans can be one of the most expensive forms of credit. This is why you have to be aware of the charges and interest due. 

If you require money fast to pay for an unexpected expense, it could be tempting to read the loan agreement without knowing the conditions and terms. 

Be sure to understand how your payment plan is structured, including the frequency of payments and the amount for each expense; if there are any terms in the Installment Loan that PaydayNow offers that you do not understand, contact the Customer Care team, who is happy to assist.

3. Make Additional Payments

Making additional payments to your installment loan can decrease the overall cost of the loan. Installment Loans via PaydayNow, there is no penalty to pay earlier with your Installment Loan.

Frequently Answered Questions

What are installment loans?

The term “installment loan” refers to a loan that they pay back with multiple regular payments spread over time. The dates you have to pay for certain such loans can coincide with your payment dates. Examples of standard installment loans are:

  • Auto Loans
  • Personal Credit
  • Mortgages

What’s the main difference between installment loans for long-term as well as short-term installment loans?

The amount of the loan and the monthly payment period depend on the loan amount and repayment term. Installment loans can be classified as short-term or long-term installment loans. 

You can take out these loans in just a few months or even years is usually they call short-term. For example, they can pay for unexpected medical bills or home maintenance expenses. 

Long-term installment loans, also known as mortgages, are typically due in 20-30 years, depending on the loan amount and the repayment timeframe. Contrary to most short-term installment loans, these loans generally are secured and require pledge collateral.

What’s the distinction between an installment loan and a cash advance?

Although both kinds of loans will provide the funds, you require the primary distinction between an installment and a payday loan is the duration of the loan and the structure of the fees. 

A payday loan is typically due on your next payday. They generally pay back the installment loan through a series of pre-planned installments.

What are installment loans? Direct lenders?

Direct lenders who offer installment loans are loan lenders who issue direct loans to the borrower without an intermediary or broker.

Is PaydayNow an installment loans direct lender?

PaydayNow is licensed as a state installment loan lender that operates with branches in Delaware, Idaho, Mississippi, Missouri, New Mexico, Utah, and Wisconsin.

PaydayNow is not the sole lender in Texas but is licensed as a Credit Services Organization (CSO) and a Credit Access Business (CAB). In Texas, the loans are financed through third-party lenders and managed by PaydayNow.

Within the States of Alaska, Arizona, Arkansas, Hawaii, Louisiana, Minnesota, Montana, Oklahoma, Oregon, and Wyoming, PaydayNow is a servicer for the CC Flow Line of Credit. Consumers can apply for a CC Flow Line of Credit via PaydayNow’s website. PaydayNow website.

Do I need to work with an installment direct lender for loans the best choice for me?

The lender you choose to work with depends on the lender; using a direct lender for your installment loan might be a viable option as they could provide one point of contact and protect your financial and personal details. 

If you work with non-licensed lenders or providers of services, your details could be shared with multiple potential lenders, who could or might not be able to extend the loan you need.

While PaydayNow isn’t directly lending within the State of Texas, PaydayNow is a licensed CAB/CSO and serves as the contact point for you with your lender.

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Over 10 decades of work experience in the field as a financial author and book editor with a specialization in financial markets, trading in forex, and business. J.B. has published hundreds of articles about the futures, stock, and forex markets. He has also written a book on trading in futures as well as created a psychological thriller, A Cross of Hearts. Other areas in which J.B. expounds are political or social commentary.

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