It is better to have some cash for emergencies. Yet, sometimes this money is not enough to pay for urgent needs. The most common thing people do is to apply for a traditional loan. This alternative is not useful because customers have to wait for approval, and there is a high risk of rejection. What to do to avoid such issues? In this case, an installment loan can be helpful.
An installment loan is a borrowing option when a client gets the needed sum and has to repay it until the due date. Its main difference is that lenders provide it with fixed rates. The repayment period can differ depending on the loan amount. It is possible to get money this way for all needs, and customers can count on these loans, even if they live in a remote area because they are available in most states.
The Main Pros of an Installment Loan
Installment loans are among the easiest ways to get money for people who need to pay for something desperately. Even though this alternative is more recent than other options, it has gained popularity all over the states. It is reasonable because installment loans provide borrowers many benefits, including the following ones.
Fast applying. These loans are available online. It means citizens do not have to visit their lenders to fill out the forms and provide all the documents. Customers only need to enter the Internet, choose the best company, and apply online. That is why this process will take no longer than 30 minutes, even if someone uses online banking services for the first time.
Fixed rates. A borrower always knows how much he needs to pay back to the lender. This option is more profitable if we compare an installment loan vs a payday loan because the sum you pay monthly does not change for the first alternative. So, you should choose installment loans if you need to know how much to pay next month.
No credit check. Financial companies do not look at customers’ credit scores while accepting requests. That is why people with debts can also count on such loans.
A legal option. This loan is legitimate because direct lenders have all the documents by the states and a state license. That is why they follow the law, and clients do not have to worry about hidden fees or other unexpected payments. Moreover, they will never have trouble with the law if they apply for a loan and pay it back in time.
Quick approval. Since borrowers do not need to come to the financial organization to apply for loans, acceptance is also fast. Online lenders check all the data automatically. That is why it takes only several minutes to make the decision. Customers receive an email the second they get accepted.
Only general data. Lenders do not require much. They only ask to provide contacts and some necessary info about the client. So, you do not have to spend much time looking for documents, making this procedure more comfortable.
Security. Financial organizations do their best to protect their clients. That is why they use encryption systems to provide protection. So, users do not have to worry about what hackers will access their private information. Moreover, lenders never send clients’ data to the government or third-party companies.
No deposit. A lender can provide an installment loan without any pledge. That is why clients do not have to look for a car or other properties to get money. So, they can be sure that they will never lose their vehicle, even if they cannot pay back in time.
Larger loan amounts. Except for being online loans, this alternative is useful for people who need to get more significant sums. Typically, a loan amount starts at $500, and the maximum sum can be $4,000. These numbers depend on the lender and a particular state. Yet, this sum is much more valuable than borrowers can get with payday loans.
Who Can Count on Installment Loans Online?
An installment loan with no credit check is an excellent solution for lots of people. Yet, lenders have some requirements for providing money. These criteria differ for all financial companies and depend on the state. However, some are common for all services. These requirements include:
To provide contacts. Borrowers have to send their active phone numbers, emails, and permanent addresses. Lenders require this data to communicate with their customers.
To be over 18 years old. According to the law, people cannot borrow money via financial organizations under this age. This age is higher for some states. Companies also ask to send copies of the documents proving this information. Mostly, they ask to provide ID cards.
To be a US citizen or live in the country legally. Financial organizations can lend money only to people who permanently live in the states. Furthermore, it is possible to get a loan only in the area where you live. Lenders also require to send legal papers proving this information.
To have an active bank account. Most companies lend money using this method. That is why everyone should provide a bank account. What is more, it must belong to the borrower.
Some organizations also look when a person opened this account.
To have a job and a regular income source. It is better to work for the same employer for at least half a year; most lenders also provide loans to self-employed borrowers. They pay attention to their salary and other incomes. This sum must be enough to make the repayment in time. Moreover, they do not count financial aid as an income.
These requirements are the most common ones, but they are not hard to follow. That is why most people applying for installment loans for bad credit can be sure to get money.
Yet, these criteria are the main, and companies include theirs to this list. That is why you should read a Terms and Conditions document carefully before applying to avoid any surprises.
Reasons to Get Installment Loans via LoanSolution.com
LoanSolution.com is a platform that helps Americans get installment loans for bad credit on the most favorable terms. This service cooperates with more than a thousand trusted lenders in different states.
We work only with licensed companies who have an excellent reputation and positive customer reviews. Moreover, we provide high-quality client support. That is why you should contact us if you are looking where to get an installment loan near me. Our managers will find the best companies according to your purposes, the sum you want to get, and rates you are ready to pay.
How to Get Installment Loans for Bad Credit
Installment loans are an easy option for people who need money desperately because clients can do everything online. This process will get quicker if you follow this step-by-step instruction:
Select the sum you want to get and the date of your last payment.
Fill out the gaps in the application. This form contains only general data and takes less than ten minutes to complete.
Check the data. Avoid making mistakes or providing incorrect information. Otherwise, the lender will reject your request.
Send your application and wait. This time depends on the company, but it will take no longer than half an hour.
Get approved. You will find out the company’s decision instantly in the email.
Get your money to the bank account and spend it on your needs.
The time you have to wait for your installment loan depends on the company. In most cases, it takes one business day. Yet, it is better not to send your application on non-working days because most lenders transfer money only from Monday to Friday. That is why you should apply in advance if you need cash on holidays.
It is better to ask your lender when you get your loan before applying. It will help you avoid dealing with inexperienced surprises.
Carl Packman is a researcher, broadcaster, and writer. He wrote several books, including Loan Sharks: The Rise and Rise of Payday Lending, which comments on personal debt and finance issues. Also, Packman wrote Payday Lending – Global Growth of the High-Cost Credit Market, which reviews the growth of the high-cost credit industry from the early 1990s. He boasts a BA in Film and Philosophy from the London Metropolitan University. Carl Packman is a valuable contributor on our platform, sharing great insights into lending. He has helped improve our website by doing his authoritative preview of different topics.
The process of getting installment loans is easy, regardless of the lender. Yet, you can make it quicker if you apply on a business day. By doing this, you will get cash faster because the transaction will take no longer than 24 hours.
Moreover, pay attention to the data you provide. Organizations have to reject applications with mistakes and incorrect information. As a result, you will have to send your form one more time, which will prolong this process.
Some lenders approve the application in less than 5 minutes if this client has already got long term installment loans no credit check in their company.
Where Are Installment Loans Available?
Installment loans are legal in most American states. That is why you can apply for such sums wherever you are. The only thing to mention is that it is possible to get a loan only in your state. Lenders prove this information by asking borrowers to provide documents with their legal address.
Is It Possible to Apply for Installment Loans Online With Bad Credit?
Lenders provide installment loans without requiring much information and do not look at credit. That is why people with bad credit can count on this alternative. They can get money, even if they have debts.
Yet, most companies do not provide money to people who have become bankrupts recently. They protect themselves from clients who will never be able to repay in time.
What Time to Wait to Get an Installment Loan?
The time of waiting for installment loans depends on the organization. In most cases, money comes to the bank account on the next business day. Yet, this period can differ for all lenders, and you should ask yours to determine it.
However, this process is longer if you apply on Saturday, Sunday, or holidays. Companies do not transfer money on weekends.
What Is the Maximum Sum of an Installment Loan?
Since it is an online loan, the sums here are not high. The maximum amount is different for all organizations. This sum starts at $500, but you can get up to $4,000 if you apply for long term installment loans no credit check. Yet, companies approve the sum of your loan only after looking at your regular income and other factors.
Can I Get an Installment Loan if I Have Poor Credit?
Even people with poor credit can count on installment loans. Nonetheless, some lenders can decrease the maximum sum if it is your first loan. So, get and repay the smaller loan first and then apply for greater ones.
Some customers get these sums to improve their scores. One has to pay back in time to do this. After that, legal organizations provide this information to credit bureaus. As a result, an installment loan can improve this criterion to let a particular person get more valuable sums to buy a car or other properties.
What Is the Maximum Number of Installment Loans to Get at the Same Time?
It is possible to get only one loan at a time. Yet, a client can get another loan type if you do not have enough money for emergencies. It is better to avoid doing this to avoid further debts.
Furthermore, customers can apply for the second installment loan exactly after repaying the first. This option will let you get such loans for more significant purchases.
Is It Safe to Provide Private Information to the Lender?
LoanSolution.com is a company working only with well-known lenders trusted by clients. These organizations have licenses proving that they follow the law. In this case, they use an encryption system to avoid scammers stealing your documents. Moreover, these companies do not send your information to someone else, including the government. So, you can be sure that no one will try to break your bank account open.