Installment Loans

Information verified correct on September 26th, 2017
Short term installment loans are provided for repaying the money borrowed in fixed installments during a certain time period. Once you apply and get approved, your lender will transfer the money you need directly to your bank account. The terms of getting installment loans differ from state to state. To get a better view of the matter, find the answers to your questions here.

Rates last updated September 26th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
Netcredit
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$10000 300 1 business day(s) Varies based upon state of application Go to site More
LendUp
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$250 300 1 business day(s) Varies based upon state of application Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know
Rates last updated September 26th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
Avant
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$35000 300 1 business day(s) Varies based upon state of application Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

How installment loans work

Larger amounts are available for installment loans as compared with payday loans. Here one can apply for up to $5000-loans and make the repayment part by part rather than at once. What concerns the terms of the repayment, you can get as long as up to fourteen months' time for repaying your debt. Anyway, if you find you are able to repay the loan earlier than set, you won't face any penalties. Nowadays, one can apply for an installment loan either through a direct lender or a matching service. The latter is designed to match the applicant's requirements and criteria with lenders' offers and reveal the best options.

Installment loan features

  1. The easy application process is the first feature worth naming. It takes only a couple of minutes to fill in the application form and find out its status. Moreover, there are lenders which offer mobile apps through which it is possible to make the entire process. Once you have your application approved and you sign the contract, the money is transferred to the mentioned bank account within one business day like in the case of personal and payday loans.
  2. The eligible criteria for installment loan providers are somewhat more flexible. These services, as a rule, don't make inquiries on the applicant's credit score, yet need a proof he is able to repay the money.
  3. Fees are diverse here. Such aspects as the amount of the installment loan, the terms and the state's regulations all together determine the fees you are to pay.
  4. The state's laws play a major role in deciding how much can be lent to the applicant and on what terms. There have been and are cases when applicants have got up to $10.000 and the term for repaying the sum has extended to five years.

Pros and cons of installment loans: consider before applying

  1. The quick turnover time period is definitely one of the major advantages installment loans provide.
  2. Installment loans are a great way out for those employed people who didn't manage to keep their credit history clear. As a rule, banks provide credits taking into great attention the credit score of the applicant, whereas installment loan providers only need to make sure the applicant will somehow manage to repay the debt (is employed).
  3. The repayment structure of this loan type is much more manageable than those of advance cash loans or payday loans. In the case of the latter, the applicant is due to repaying the money on the next payday, installment loans provide a longer time period for this. Moreover, it is you who is to choose to make the payments once or twice a month.
  4. If we are to turn to the cons of installment loans, the first that comes to mind is the higher fees.
  5. Not only the fees but also the APR rates of installment loans are much higher than those of bank credits. And even though the borrower doesn't notice it at first sight (he pays it back over time), the total repayment sum, in the end, turns out to be much greater than the money borrowed.

Ask a Question

You are about to post a question on loansradar.com

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • loansradar.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At loansradar.com we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the loansradar.com privacy policy.

feedback