Apply for installment loans online 

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.

Types of installment loans 

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 loan rates and terms 

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.

Why are online installment loans a good option? 

Installment loans have grown increasingly popular in recent years, for a few reasons that set them apart from other short-term loans.

  • Availability. Installment loans are available to many borrowers, including those with a bad credit history. The interest rate for borrowers with poor credit will usually be somewhat higher than for those with good credit — but an installment loan can still cost less than late fees and penalties.
  • Transparency. Installment loans are designed to be straightforward. Because the interest rate and payment terms are fixed, you know your equal monthly payment in advance, and it stays the same until the loan is repaid within the agreed period.
  • A set payment period. Installment loans are typically repaid over 6 to 12 months in equal monthly installments, so you can calculate in advance how long it will take to pay one off. Amounts are often smaller and rates lower than a payday loan, which can make an installment loan easier to manage.
  • Convenience. Most lenders now operate online and offer installment loans over the web. You can apply online at any time from home, without faxing documents or traveling anywhere to sign an agreement.

FAQ Installment 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?

Do installment loans require a credit check?

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.

Can you get an installment loan with bad credit?

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.

How to spot a legitimate installment loan company

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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