Do you need cash fast but don’t want to pay stratospheric interest? You can get it in the form of an installment loan that is one of the safest we can offer today. Such a loan will not be impossible to repay and can change your life completely — from returning your debts to making all your dreams come true.
The Peculiarities of Online Installment Loans
Today, getting loans of any kind has become extremely easy. Most lenders simplify their screening process and lower interest rates. No surprise because, as it happens to any other market, as more companies face greater competition. Unfortunately, there are still lending stores acting like they do their borrowers a favor and, therefore, can treat them differently. As if these people haven’t struggled enough and now can be treated like they are unworthy, owing, and unsuccessful.
But the majority of decent companies have not inherited such attitude from old-fashioned pawn-brokers. Instead, they make respect to their clients a priority and never stoop to threats and rudeness. In fact, there are regulations for lenders’ and collectors’ actions, and legitimate companies always stay within their boundaries. So, if you have been recommended a certain bank or a private lender or read positive customer feedback about it, be sure that you will receive the best attitude. It doesn’t matter how financially secure you are, what clothes you wear, and what car you drive.
Applying for installment loans doesn’t need your physical presence in the office anymore. Everything can be arranged online. Provide the required information about you as a prospective borrower. We will discuss it later on, but before, let’s make sure you understand all the notions and terms connected to installment loans.
What Are Installment Loans
A personal installment loan is often a way out for a lot of US residents. The circumstances might not be that hard, but they could have been better. Unlike other loan types, installment loans are aimed at improving your life quality rather than addressing major financial difficulties. They are versatile and affordable, so they don’t drag you lower in debt. With their help, people purchase houses and cars, pay for their education, and many other things that wouldn’t have been accessible to them without borrowing. An applicant can usually manage installments in time because the schedule meets their requirements and capabilities.
The Characteristics of an Installment Loan
- There is a specific loan term. Once it ends, the loan has to be fully repaid. In some cases, like a student loan, delays are possible, but they have to be agreed with a lender and lead to more money spent on repaying the interest. Installment loans can sometimes be returned before the term ends. Check if you have such a possibility before you apply for a loan. With small personal loans, it is usually no problem. Most reliable lenders are eager to encourage you to repay your debts as soon as possible. So, there are no fines for advanced repaying. More substantial loans are a little bit different from this perspective, but still, you can repay them in advance more often than not.
- Diverse goals. Smaller installment loans, also called personal, don’t require one to specify how the borrowers spend the money. You can get cash and pay your bills, purchase appliances, clothes, gadgets, obtain medical services, etc. Lenders usually understand that a couple of hundred dollars can be invested in literally anything, so they don’t ask many questions. More significant borrowings can be dedicated to particular reasons: buying a new car or a house, for example.
- Different levels of effecting your score. Here everything depends on the subtype of a loan you apply for. Personal loans can get repaid in two or three payments. Typically, no more than twelve installments are possible, as a loan like this is issued for a year or less. That is why they are effortless to return and can’t have any negative impact on your credit score. However, mortgage, car, and student loans have longer terms and installments. So, try to avoid any delays with repaying them. Otherwise, your credit history will be severely damaged, and you can even lose the property you bought with the money you borrowed.
The Most Common Types of Installment Loans
Different terms and conditions of applying for and repaying installment loans differ from lender to lender. However, the main types remain unchanged for many decades and are subdivided by the borrower’s primary goal.
Unsecured Personal Loans: Easiest to Get
These are issued for a shorter term. It will take one less than a year to repay it. This makes such loans more affordable because no matter how high the interest rate is, you will not have to deal with it for long. The sums are rather small, too. Usually, they are sufficient to pay for something, go on a vacation, or buy something you urgently need. Such loans are perfect in a dire situation when you need the money as soon as possible. The application process is simplified, and there is no credit check. All the other information an applicant provides is secured and not accessible to anyone else. For this reason, personal loans are suitable for borrowers with bad or fair credit.
Loans for Students: For Your Future
In many countries, students (or more likely, their parents) have to pay for education in advance. If they don’t, they get expelled because no deferment is possible. Luckily, we have another option, which is a student loan. This is a kind of an installment loan that has a variety of subcategories.
All in all, student loans are considered to be safe. Normally, the installments are not paid before students graduate. But even when they do, they can postpone paying. However, they are still billed with the lender’s interest during this time, so eventually, they overpay a lot.
Car Loans: Get a Vehicle You Want
With this loan, everyone could have afforded a sports car, if they didn’t have to return the money with interest. Being an installment loan, a car credit presupposes that you are going to pay a fixed amount of money per month. Unfortunately, if you regularly fail to do so, your brand new car will be taken away from you. So, it is only reasonable to borrow as much money as you can give back, including interest. Mind that a car applies some additional expenses rather than just a one-time purchase. So, take it into account before you make the final decision as to how much you want to ask from your lender.
Mortgage Loans: A Dream Home Is Achievable
Mortgages are installment loans you can use to buy or build a house. For many people, this is the only way to get their own home, that is why this type of loan is prevalent. This is the longest-term one on the list and can take up to 30 years to deal with it. It is imperative to pay installments in time because anyone can survive if they lose their car to a bank, but losing a house is a totally different thing. On the positive side, the installments are fixed, just like with any other loans we discuss here. So, you can plan ahead and not get in trouble.
Advantages of Installment Loans
- The majority of installment loans require no collateral, which makes it risk-free for a lender. However, if the sum is too large or the term is too long, you may be asked to offer some for your property as collateral. This is supposed to ensure the lender’s security.
- Fixed payments are not just convenient. They are a guarantee that nothing is going to change in terms of the money you pay. It is stressful enough to think that something might happen to your income, but it would be ten times harder to know that an installment can raise.
- Plenty of online cash advance companies. The niche is huge, and the competition is enormous. This is one of the reasons why it takes borrowers less effort to get an installment loan. Before, anybody who had to borrow money has been considered unsuccessful. Today, the economic system dictates that only close collaboration can bring both lenders and borrowers to the next level of well-being.
- Getting approved with bad credit. Bad credit, so what? If you had any problems repaying loans before, it doesn’t mean you can’t do it now. Besides, everyone knows that some negative traces in one’s credit history can be a result of falling victim to crimes like identity theft. Small personal loans are issued with no regard for such or any other traces. If you need more money, the soft checking will take place but, again, it doesn’t mean that direct lenders will reject your application.
What to Think About Before Getting an Installment Loan
We always state that we do everything for our clients’ best. That is why we feel our duty to warn you about some hazards that can be caused by his type of loan. Besides, we’ll discuss the situations when you think you need it, but in reality, you don’t.
Not paying loan installments in time leads to:
- Stress. In turn, it may influence your ability to work persistently. This way, debts become a vicious circle. It may sound strange about financial issues, but the logic still applies: take it easy. If you have received cash, you will have to give it back. Just make your peace with it and monitor the dates scheduled.
- Bad credit score. Yes, we have told you that it doesn’t matter. To us. But other people care about it. These are not only lenders but also companies who do (or will do in the future) their business with you. Once your credit decreases, it is hard to improve it.
As for needing a loan, this is a problem of our society that allows for constant advertising of newer and newer things not everyone can afford. While loans are often a necessity, sometimes, they can be a mere fancy. Don’t overestimate stuff you want. A new car is an excellent reason to get a loan under one of the following circumstances. You may not have a car at all but really need it in your everyday life. Or the old one has to be replaced soon, and you will be able to pay for it over time. But if you crave for a lovely brand-new vehicle but don’t have a well-paid job, this is not why you should apply for a loan. So, if you truly need the things you want to buy with a loan, as well as your ability to repay it every month. Only if your arguments are really valuable, you should turn to a lender.
Being Ready to Borrow: What Does It Mean?
These aspects predetermine the readiness to get a loan. You should:
- be sure that you can return a loan. The papers listed below will show a lender that you are. But if you doubt yourself, take a pencil and try to count whether it is even possible for you to pay a monthly charge.
- be able to make installments a part of your finances. This follows the previous step: just make a plan and stick to it. Besides, get a backup plan, too, in case you temporarily lose your income.
- make sure it won’t provide too much strain to your family budget. If you have a family to support, think about what is better for everybody.
If you have all these aspects checked, you definitely should go for it and get an installment loan for any needs.
How to Get a Loan for Good and Bad Credit
Don’t worry about your credit history! You can get a loan for bad credit as soon as you provide proof that you currently can pay a lender. Here are the things you need to submit:
- a valid government-issued ID of a US citizen that proves you are older than 18 years and has a photo
- your current bank account
- a mobile phone number
- Social Security number
- pay stubs (an applicant has to be employed and have proof of stable income
If all the information delivered to the lender is full and correct, you shouldn’t get a problem with being approved for a loan.
Guaranteed Installment Loans Online from Our Team
You have probably heard the recommendations from your friends and, after a brief online research, you will be absolutely sure that our company is the best choice for you. We approve the lion’s share of our clients’ applications, giving them the best interest rates we can.
If you have any borrowing experience, you know how essential it is to find a reliable partner to give you the financial support you need at the moment. We do everything to become such a partner for each of our clients. That is why they come back whenever they want to get another loan.
Over the years, we have become one of the most trusted personal loan companies in the country, and we can’t help but be proud of it. But we are not the only ones who should get credit for this. We strongly believe that when a client feels secure, respected, and supported in the hour of need, they want to meet all the lender’s terms. And this is what happens, exactly. People have no difficulty paying our loans. They are not terrified with excessive interests and can go after their dream life with a little assistance from our side. Try us, and you will see the difference between owing someone and being guided through financial struggles.
In addition to the loan you choose (obviously), you will get all the information you need in this area. The knowledge we are willing to share with our customers gives them a new mindset — one of the well-off, successful people.