An installment loan is a type of loan that is payable over time and not all at once. Customers could apply for a larger loan amount depending on the state where they are located and this amount is payable over a longer period of time with smaller and easier payment amounts. Installment loans are not offered by all loan companies and may not be available in all states. If you are interested in getting an installment loan, please use our form below.
An installment loan can help people that are in dire need of cash or those who cannot wait till next payday to purchase something or to pay off a bill. An installment loan can be used for a variety of purposes; the money can be used to pay off debts, pay credit card late payment fees, pay for medical expenses and so on.
Loan applications are fast and easy especially when you apply for a loan from trusted online sites. Usually applications are approved within a few minutes and the cash is sent to the borrower’s bank account the same day or the next business day. Therefore it is easy to pay off bills and purchase anything you need.
You don’t have to have a stellar credit record to apply for an installment loan. So people with bad credit histories could apply for a loan provided that they meet all the important requirements such as:
As soon as all the requirements are submitted, the loan amount is released.
The minimum and maximum loan amounts vary according to where you are located. At present you can borrow as little as $2,500 to $5,000 if you live in California and from as little as $200 to as much as $2,000 if you are located in Delaware, Missouri, New Mexico, Ohio, South Dakota and Texas.
But even if installment loans are handy and easy to apply, it is not the answer to long term financial problems. People that are looking for ways to get out of debt and to improve their financial situations should seek financial planning advice and to use a loan product that is more applicable for their current situation.
People that are looking for fast cash will definitely benefit from installment loans because it is so easy to apply and be approved. It is also the right kind of loan for people that have tarnished credit histories. There are no credit checks to be approved for installment loans. You only need proof that you are currently employed and receiving a paycheck that is equivalent to a certain amount to be approved.
You can find installment green loans from online credit or loan companies as well as from actual lending institutions. Reading online reviews of loan companies and asking out will help you decide on a company that will best suit your needs. Do not hesitate to ask questions about a loan before you agree to its terms.
If you wish to avail an installment loan, you must follow these steps:
Repayment for the loan will be deducted from your bank account. Installment loans are paid in smaller individual payments and you will be notified via email that a payment for the loan was deducted from your account. Once you have fully repaid your loan, you can apply for another installment loan or other types of loan products.