Put simply, installment loans are cash loans requiring fixed numbers of equal-amount, regular-payment installments to be repaid completely by an agreed-upon date.
One of the most basic types of installment loans are mortgages.
This is one option available to you if you need money right away, need a super-fast response, don’t have perfect credit, and want to improve your credit, while at the same time getting the money you need.
Unfortunately, traditional loans are often characterized by too much paperwork, long periods of time before you get an answer, and an inconvenient application processes, especially if you live in a small town or in a poor community with banks and credit unions that are no longer doing business.
Online installment loans, on the other hand, often include a simple form and/or lender application, quick approval process, and fixed interest rates.
People who may be most interested in an installment loan are those looking for:
Installment loans can be very handy if you run into unexpected major expenses or needs that you just can’t put off any longer.
You might also combine several debts into one installment loan (fast payments short) lump sum, including possibly paying off several credit cards most probably charging interest rates higher than you’d be paying with an installment loan.
Here’s a list of things you may take care of with an installment loan:
Some of the advantages to installment loans have already been mentioned; other important advantages to think about include:
A fast approval period & and process
Fewer obstacles (than traditional personal/business loans) in obtaining your money
Incredibly quick and a very-limited-bureaucracy approval process. In general, you won’t have to submit as much information as people had to supply in traditional personal/business loan transactions.
In fact, there is usually very little paperwork involved since much of the data collected and considered is electronically gathered, processes and stored.
It’s not true, as some people believe, that all installment loans (or lenders) are the same.
Just like everything else that you may shop for, it’s in your best interest to do your homework and compare fees charged, interest rates, APR and quality of service/reputation of the lender; you should also keep an eye out for automatic roll-overs and pre-payment penalties.
You can either shop around or you can find a professional service, like LendGenius, that helps do legwork for you and lets you connect to a lender quickly from the comfort of your own home.
It’s completely up to you to decide whether installment loans credit is exactly what you need.
If it is, then the next thing is to shop around and compare in order to get the deal that’s right for you. Each time you submit a request through our site, you could be connected with a different lender.
Get started with our online form to get quickly connected with an installment loan lender.
Now that’s genius.
Important Disclosures. Please Read Carefully.
Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you.
This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
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Our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria.
Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78
Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months.
In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
Lender’s or Lending Partner’s Disclosure of Terms.
The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
Late Payments Hurt Your Credit Score
Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.