An installment loan is a medium-term loan repaid in installments. This type of loan lets you borrow a fairly large amount and repay it in fixed payments over several months. Installment loans keep the same fixed interest rate for the entire repayment period, whereas credit card rates can change over time. They also have a set repayment period, so the loan doesn't continue indefinitely.
Lenders offer a variety of installment loans, differing in interest rates, fees, and available amounts. Common types include personal loans, mortgages, and car loans.
Installment loans are repaid in equal monthly installments. Before applying, work out how much you can set aside each month for the payment. This helps you avoid getting stuck in debt and pay the loan off on time.
Installment loans have grown increasingly popular in recent years, for a few reasons that set them apart from other short-term loans.
What is an Installment Loan?
What are the repayment terms of the Installment Loan?
Can I repay my Installment Loan in advance?
Is it possible to get an Installment Loan with bad credit?
How much can I get with an Installment Loan?
This calculation is just a representative example. The estimates are preliminary and may vary in some cases. You'd better get advice from a finance professional. Using this calculator isn’t a guarantee that you will be eligible for a loan. Your lender will need to approve you.
Many people can't take out a payday loan because they can't repay the full amount from a single paycheck, so they look for a loan that fits their situation better. An installment loan is a good option for anyone who wants to pay off a debt in small installments over a longer period than a payday loan allows. An installment loan of up to $3,000 is repaid in small monthly installments, so you don't have to pay the entire amount back on payday.
Creditworthiness is one of the main factors when you apply for a loan. The lender needs confidence that you'll repay on time, and your credit history is the clearest evidence of that reliability.
Some lenders advertise installment loans with little or no review of your credit history — but think carefully before taking one. The interest rate on these loans can reach 400%, and some lenders add extra fees, so the total cost can be very high. Many lenders who offer this kind of loan are looking to take advantage of borrowers in a desperate situation, and it can be hard to tell a legitimate company from an illegitimate one. Be very careful.
If you're considering an installment loan despite the risks, you should know how to tell a legitimate lender from a fraudster trying to exploit a difficult financial situation.
What's the difference? A genuine installment loan is repaid in regular, fixed monthly payments, usually over a period of several months to several years. The monthly payment doesn't change over the life of the loan, so you always know what you owe. Fraudsters, by contrast, may demand repayment within a week or two — the whole point of an installment loan is to spread repayment over a longer period, so a very short demand is a warning sign the company may not be legitimate. You might also face interest that exceeds the loan amount itself. A bad-credit installment loan will carry a higher rate, but it should never exceed the amount you borrowed.
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I'm Maggie, the financial aid virtual assistant. How can I help you today?
Maggie MillarTo apply for any loan amount on maggieloans.com just complete the application form online. As you submit it the lender will contact you.
Yes, there're numerous loan offers for borrowers with bad credit. However, keep in mind that interest rates can be higher than on traditional loans.
No, applying for a loan online doesn't damage your score.
As soon as you've completed the loan request, the lender will verify it and contact you by phone or e-mail. It usually takes a fw hours.
If you apply and get approved before noon, you are likely to get financing fast same day. If the bank doesn't manage to make a money transfer today, you can get the loan on the next business day.
Yes, you can apply for a loan online at the weekend, but you will hardly get the money as most banks don't work during the weekend. If you apply on Sunday, you will get the funding on the next business day.