An Installment Loan is a type of loan that is provided to a borrower for several months and requires regular payments. This type of loan refers to both commercial and regular loans. Each monthly payment includes not only a part of the amount, but also the interest on the debt.
Typically, you can apply for an installment loan of $ 1,000 to $ 5,000. Payments are made within 2-6 months. For more specific information on the amount of loans and the timing of repayment, you can contact your lender directly.
What are Installment Loans Online?
If you are going to take out an Installment Loan for the first time, there are a few key points to help you understand what it is.
- An Installment Loan is a type of loan where the borrower must repay the loan in regular installments over the term of the loan. The term and amount of payment are usually negotiated with the lender.
- Each monthly loan payment includes not only a portion of the principal, but also the interest on the loan.
- The amount of each payment is calculated individually for each borrower. It depends on some factors such as the amount of the loan, its duration, and the interest rate.
How do I apply for an Installment Loan?
To apply for an Installment Loan, the borrower must come to the credit department. There he can discuss the terms of the loan. You will need to indicate the loan amount, down payment, loan term, interest rate, and so on. Also, the lender will ask the borrower about the purpose of the loan.
After discussing all the details of the loan, the borrower will need to submit a formal application for a loan. To do this, he will have to fill out a special form. The borrower must provide the necessary information about himself, such as name and surname, permanent address, occupation, contact telephone number.
After filling out the form, it is sent to the bank. During this time, the lender evaluates the loan and the borrower's ability to repay it within the agreed time frame. If in doubt, the lender may ask the borrower for additional information, such as recent credit history or recent financial statements.
If the borrower meets the lender's requirements, the application is approved. In this case, the borrower can expect repayment in the coming days. As a rule, the money is transferred to your bank account the next business day after the application is approved. In cases where it seems risky to issue a loan, the lender may reject the application. There is also the option of issuing a loan with a high interest rate to compensate for the risks.
What are the requirements for obtaining an Installment Loan for Bad Credit?
- You must be at least 18 years old to qualify for a loan.
- You must have a steady source of income
- You must have a valid contact number, email address, and permanent address of residence.
- You must have an active bank account.
- You must be a US citizen or a permanent resident.
You can get more information about an Installment Loan on our website in the FAQ or directly from your lender.
FAQ Installment Loans
What is an Installment Loan?
An Installment Loan is a long-term loan that enables you to cover large expenses such as renovations, medical bills, and more. This loan is unsecured and approved on the day of application.
What are the repayment terms for the Installment Loan?
Since the Installment Loan is long term, the repayment terms may also vary. Usually, it ranges from 12 months to 2 years. The loan repayment period depends on the lender, the loan amount and the state of residence.
Can I repay the Installment Loan in advance?
Yes, most installment lenders provide an opportunity to repay the loan in advance without commissions and fines. Thus, if you want to reduce your interest on the loan, repay the loan earlier.
Can I be approved for an Installment Loan with bad credit?
Yes, you can get an Installment Loan even with a bad credit history, but you will have to pay a lot of interest on your loan. Thus, the lender receives additional guarantees of your reliability.
What are the eligibility criteria for an Installment Loan?
In order to be approved and get paid, you need to meet certain requirements. The main ones are:
- provide recent proof of income
- provide social security number
- provide an active bank account
- provide phone and email
- be over 18 years old.