An installment loan is a type of loan where a specific amount of money is borrowed and repaid over a set amount of time in multiple repayments. An installment loan term can range from as little as a few months up to 30 years. Usually, the longer term loans are for a specific purpose such as a mortgage or a motor vehicle.
Familiar examples of installment loans are mortgages, personal loans and auto loans: these are all repaid in a fixed schedule. A credit card is not a type of installment loan, even though you are required to make regular payments. An online installment loan must be applied for each time you need to borrow money, whereas revolving credit allows you to repeatedly borrow and repay a line of credit.
Getting loans online if you have bad credit can be difficult, whether that’s because you have a bad credit score, or haven't got any credit history. For that reason, many people search for “guaranteed installment loans for poor credit” when they need money for a cash shortfall. The truth is that no lender can offer a guaranteed installment loan. Even people with good credit ratings cannot get a guaranteed loan.
However, it is completely possible to borrow money even if you have poor credit. Find Me A Loan Today believe that there is a credit product for everyone, which is why we work with a variety of lenders that offer payday installment loans and various other types of bad credit loan. Based on your application we will find several lenders that will be suitable for your situation.
No direct loan lenders can legitimately offer an instant approval. Even if approval for a loan looks near instantaneous, every loan application is subject to the appropriate checks to ensure that they are suitable for a loan. Find Me A Loan Today can instantly find the best installment loans online near you, simply use our calculator to select your loan amount and fill in a few small details and we’ll do the rest for you!
Many installment loan direct lenders claim that they can offer installment loans with no credit check, but this is untrue. Every direct lender has to perform credit checks to ensure they are lending responsibly to a borrower who can afford to repay the loan. A certain type of credit check: a “hard pull”, will show up on your credit report and therefore may affect your score.
Before making the financial decision to apply for a loan that could affect your credit score, it’s important to check if you are eligible. To be approved for a payday loan or other similar types of credit you need to be over the age of 18 and have the income requirements and proof of work, a checking account, US citizenship, and a mobile phone.
It’s advised to check your credit score before applying for a loan, incase there’s anything on there that could affect your likelihood of being approved. You can use Experian to check your FICO® Scores.
If you fail to make a repayment on an installment loan you’ll be charged a late payment penalty and interest will build up on your account. It can be difficult to make repayments if an unforeseen cost means you’ll be short on money to repay a loan. The best thing to do is to always speak to your installment lender to discuss what the next steps are. If you do not call, a lender will attempt to contact you to see why a repayment hasn’t been made.
These missed repayments will be reported to the credit bureaus and will negatively affect your score.
Searching for the best payday lender can be time consuming and stressful. Your short term credit could be only two applications away.
We only work with reputable lenders, so we know they are lending responsibly. We’ll search our panel of lenders to find the right loan for you.
We’re a broker not a lender, but we’ll still make sure that the loan is affordable. Even if you don’t have a perfect credit history, we’ll try to help.