What are online installment loans?

Online installment loans are one of the most affordable loan types to get emergency money. They perfectly suit you if you need cash for a home renovation, a wedding, a car repair, any other urgent bills. Nowadays, you can easily get an installment loan online or in a store nearby with a simple application form. Typically, it takes only a few minutes for a lender to process your loan request and approve it even if you have bad credit.

Installment loan definition

A personal installment loan is cash advance which you borrow as a set amount of money from a direct lender, and repay it with interest in fixed payments called installments, most customers prefer online installment loans rather than short term cash advance, credit cards or loans from a bank due to their high availability even for poor credit and absence of hard credit checks.

Installment loans payments are usually monthly, weekly, bi-weekly, or according to any other schedule convenient for you. Interest rates are lower than for payday loans or cash advance. So, getting an online installment loan with flexible terms over a few months can make them more affordable.

How installment loans work

Installment loans let you borrow up to $5000 and pay it back in installments over the term of a few months or even years. They can be also called personal installment loans and work the same way as personal loans:

  1. You apply for an installment loan online or in a store with a simple application form
  2. If you qualify, the lender provides a guaranteed instant approval for the necessary loan amount
  3. And you get the money deposited into your banking account within 1 - 2 business days

What can i use an installment loan for?

One of the benefits of an installment loan is any purpose of usage. Direct lenders don't restrict the way you're going to use an installment loan. You buy something, play urgent bills, use it for debt consolidation, car repair, home redecoration, etc. 

Just to make sure that's your reason is really borrowing an installment loan paying extra interest for it.

Can i get an Installment loan with bad credit?

You surely can get online installment loans even with a poor credit score. But you should be careful and compare all the options before choosing a bad credit installment loan. Many lenders can offer guaranteed installment loans for bad credit, but charge too high interest rates for their product.

Check the rates and pre-qualify online before making a decision. It will help you to save your time and money, and eventually find the best loan solution.

What to consider applying for Installment loans online

  • Choosing an installment loan for emergency financing, make sure you take into account the following factors:
  • Competitive interest rates and affordable monthly payments
  • Soft or hard credit check done by direct lender
  • Lender’s requirements which should include no collateral, no hard credit check, no faxing, no penalty fees, etc.
  • The duration of a loan
  • Legal status of a lender
  • No minimum credit score requirement

We charge no early pre-payment penalties, no hidden fees, no additional finance charges.  Bad credit is ok. Applying is easy and financing is really fast.

Installment loans Pros and Cons

Making any life decision, wish you would consider all the pros and cons. Speaking about online installment loans, it's necessary to mention that they have more advantages then drawbacks. Among the most important benefits of bad credit installment loans are:

  • They are a good way to raise your credit score
  • You get the money fast for any emergency
  • You can apply 24/7 online with a quick and easy loan request
  • Direct lenders guarantee approval even for bad credit borrowers
  • Most lenders don't do hard credit checks
  • No collateral is required
  • You repay the loan with flexible monthly installments
  • Interest rates are lower than for other types of cash advance
  • Longer terms provide you with at convenient affordable loan repayment
  • It's safe and secure to apply for installment loans online
  • You can get your cash same business day

Ready to make a decision? Start your installment loan application now to get the money within 24 hours.