Apply for up to $1500 with 6 months to repay
Are you in need of a loan that requires no credit checks? You can do so within the comforts of your room with online installment loans. Even if you have little to no, or poor credit score, you’re still eligible for an online installment loan, and what’s best about installment loans is that monthly payments are manageable.
There are a few caveats of online installment loans though, such as the amount you can borrow or the maximum will entirely depend on your lender, and the financial situation that you’re at.
In installment loans, you don’t have to stress about how much interest you’ll be paying this month as payments are fixed, and an interval of a monthly or weekly payment, depending on the terms you’ve agreed with your lender. And another good thing about installment loans is that it’s significantly better compared to a payday loan in regards to the amount you can qualify to borrow, it being significantly higher compared to payday loans.
When you have a bad credit, you are severely limited to your loan options, but with an online installment loan, they don’t require credit checks, thus making it one of the best options when you’re in need of funding for your major project.
How Does Installment Loan Work?
You have two options when you want to apply for an installment loan, either through a physical office, or online. Both have significant advantage over each other, such as having a more physical interaction with a loan officer, online on the other hand means that you can apply for a loan in the comforts of your own home, all you need to do is fill-up the form and wait for the approval.
In applying for a loan, it’s necessary that a loan officer or a lender will have certain requirements that you have to meet, and some personal information may be needed from you so it’s best to have it all prepared to make the process smoother and much faster. Some of the most common information that may be asked from you are the following, obviously your first name, an ID, phone number, and an email address.
Some may even ask for your Social Security Number when they need it to get a hold of your credit reports. But that doesn’t take priority as lenders will often prioritize your employment history, how well you manage your finances, and if you can afford to repay the loan you’re taking out.
Even though some lenders advertise their loans to have no credit checks, sometimes it’s necessary to check your history so they can have a proper assessment of how much are they willing to let you borrow and how much interest are they going to charge you.
There are two types of installment loans, a secured and unsecured one. A secured loan is one way of having a higher chance of getting approved, but is riskier compared to unsecured loans as you need to offer something of value as a collateral. While unsecured loans on the other hand, the only thing you’re offering to the lender is your promise of repayment.
Online Installment Loans vs Bank Loans
Compared to online installment loans, a bank loan is a lot stricter, and sometimes even have higher rates. Banks do hard credit checks that may damage your credit even further, and most of the time require a collateral to keep their money safe. Online installment loans however require none of that and just do soft credit checks, on top of that, online installment loans have a quick turn-around and you can have your funds in as little as 24 hours, while banks will often take a week.
An installment loan should be taken out responsibly by you, the borrower. You must conduct the needed research and look for the right lender that you can work with. That way, you give yourself the chance to improve your credit score while you get your funds for your project.
Online installment loans will generally have better interest rates and payment terms compared to a traditional bank loan, so that’s a huge plus. In addition to that, here are a few advantages that an online installment loan has over a traditional bank loan or an online payday loan.
• Easier to manage your payments, by not having to pay a single lump sum. The monthly payment almost never changes, and will keep consistent until you have paid off your loan.
• Online installment lenders are much easier to work with. You can come up with a plan and set terms and repayment schedules to make it easier and comfortable for you to repay.
• Very easy to qualify and a good substitute to traditional lenders.
• With an installment loan’s easy payment plan, it gives you a chance to build your credit score up.
When is an installment loan a good option?
It doesn’t matter if you have a good or bad credit score, Installment loans are an overall good option especially if you are in need of a larger amount of cash in a short amount of time.
Almost, if not all online lenders provide quick feedback on whether your loan gets approved or not. So if you find yourself in an emergency situation where you need quite an amount of cash, instead of getting a payday loan, why not go for an installment loan in which you can get a larger amount of money with a better repayment plan and with a more forgiving interest rate.
Installment Loans vs Credit Cards
Some say that an installment loan is just like a credit card, and yes, they both have similarities, but only a credit card is a type of revolving loan – which allows you to borrow money continuously as long as your bills on time.
While on the other hand, an installment loan needs to be fully repaid before you can take out another one. If you’re in need of more cash, you have no choice to but apply for another one, which will certainly hurt your credit.
Types of installment loans
There are various types of installment loans that has little to no credit check that are available to you depending on what you need the funds for.
There is one installment loan that’s famous among lenders and borrowers, the personal loan. A personal loan has no limitations on how you spend your money, as opposed to an auto loan, and a student loan. Those three are the different kinds of installment loans.
Requirements to apply for an installment loan
As pointed out time and time in this article, many of the online installment lenders doesn’t require you to have a stellar credit score. In order to qualify for an installment loan, a lender will only require you of the following:
• You must have a good and steady source of funding, and you must earn enough to cover your debt.
• You must have a valid checking account as it is where your funds will likely get wired.
• Must be 18 years of age.
• They must have a way of contacting you, through phone or email.
Some lenders may ask and check your credit score and history, but that’s only to determine how much money you’ll be able to borrow and how much interest would you be given.
It’s important to look for a good lender that is willing to work with you in order to have a flexible repayment plan.
If you want to get yourself an installment loan, come contact us at https://loanstotale.com/
Tips To Maintain Good Credit
Stuck in a debt trap? You’re not alone. Learn more how to get your credit up…
5 Effective Ways To Control Your Finances…
Learn how to manage your finances before you end up broke. Here’s how you do it …
Tips On Choosing A Loan…
Loans can be alluring. But knowing which loans to apply for makes a difference…
Ready to Start Streaming?
You’re just a step away towards financial freedom. Apply now!