Installment loans is a form of consumer credit that the borrower is given a small loan on the agreement that he will make a series of monthly payments to repay the amount borrowed. The payments are called installments and they vary from one lender to another. We will connect you to the many reputable lenders in our network and you can get a loan if you meet their requirements. Installment loans could include any type of loans that is to be repaid regularly with scheduled payments or installments. Every installment covers a portion of the principal amount and the interest charged on the loan. The main variables that determine the amount of monthly repayments includes the interest rate charged, the loan amount and the tenure of the loan. Installment loans are geared towards helping the borrower overcome an emerging financial crisis.
Installment loans are there to bridge the gap between your paychecks and you should look for a lender who understands your situation. Installment loans are different from payday loans. For payday loans, the borrower gives the lender authority to deduct the amount of money borrowed from his checking account on the next payday. On the other hand, installment loans are a long-term loan and the borrower will have to make scheduled payments to service the loan. Irregular income is a major problem for many people across the United States. Installment loan could be your solution for tough times.
The common form of installment loan that is offered by lenders we link you to is personal loan. This type of loan is extended to the borrower without any collateral. Loans extended in this context are based on the borrower’s creditworthiness and his ability to repay the loan.
The interest charged on a non-collateral installment loan is usually high because lenders view it as a high risk to give loans without any asset to sell in case the borrower defaults the loan.
The request process for an installment loan is simple and easy.
Usually, you are required to indicate the purpose of the loan and once have filled the form, the lender will assess your creditworthiness and determine if you qualify for a loan. The lender will then give you all information about the loan and help you understand its terms and conditions before you sign on the loan contract. Once you are ready and comfortable with the terms, you will discuss issues such as down payment and schedule as well as the amount to repay for each month.
Borrowers will have to pay fees including interest charged on the loan. However, it is imperative that you ask all the questions you may have about the loan and understand every aspect of it before you take out the loan. Borrowers can make a better decision by repaying the loan before the end of the term to save on interest charges. An installment loan will offer you access to larger loan amounts unlike payday loans which typically gives you $100-$1000. In addition, installment loans are paid over a considerable long period unlike payday loan which is due on the next payday. You can decide to repay the loan in a longer installment period or shorter installment period depending on your repaying ability.
It is imperative to understand that installment loans are not available in every state and you should find out about the financial regulations in your state before looking for the loan. In some states, a minimum and maximum amount can be borrowed as well as the length of the borrowing period. The cost of installment loan varies according to the lender, the interest rate charged on the loan and applicable fees. Fees and charges should be explained to you upfront before you decide whether or not to take out the loan. In addition, your lender should explain to you all the terms and conditions of the loan. You should also find out about the fees and penalties that are associated with late payments or if you miss an installment payment.
One common question among many borrowers is how do I qualify for an installment loan? Lenders will consider the eligibility of the applicant and the amount that he is permitted to borrow. The maximum and minimum loan amount could be limited in some states and you should know the financial regulations of your state. The borrower must complete a loan application and submit to us. We will then forward it to a lender who will assess your financial information before they can disburse the loan into your checking account. The main requirement is identification document in the form of a valid national identity card, verified employment source and recurrent income and an active checking account.
When you are looking for an installment loan, it is vital that you look for a reputable lender. We will connect you to direct lenders in our network and they will evaluate your financial information before giving you the loan. When considering installment loans, you should choose a lender who provides a full disclosure on the loan. Transparency is an important aspect when choosing a financial partner.