Online Installment Loans Instant Approval for Bad Credit
An installment loan can be a great solution to the most common financial challenges. Whether you need to make a big purchase or consolidate your debt, this kind of loan is easy to get.
What is an installment loan?
Installment loans are personal loans that aim to help people with financial needs. Installment loans for bad credit are personal loans that aim to help people with a bad credit reputation or no credit reputation at all who are dealing with financial emergencies. Due to high risks, this kind of unsecured loan is mainly issued by direct lenders. However, some banks and credit unions may also approve such applications.
How do online installment loans work?
When you want to buy something but don’t have enough money, you can take one of the installment loans online. Let’s say that you need $20,000 to buy something. And you want to borrow money that would cover the whole purchase. So, you submit an application for an installment loan online and wait for the lender’s approval. If all is fine, you can the requested amount of money on the same business day.
To finalize the agreement, you get an installment loan with an interest rate of 4.5%. Within 5 years, you will have to pay $372.86 each month. Once the repayment plan is covered, your debt gets automatically closed.
Bad credit installment loans borrowing possibility
The higher your credit score is, the more chances you have to get an installment loan. If your credit score is low, you may find it hard to get approval. This is because lenders will most likely view you as a risky candidate who may not cover the debt on time. Nevertheless, you still can send your application and get a positive response.
Key features of installment loans for bad credit
Poor credit loan installment functions just like any other type of loan. Its major features include:
- Loan amounts may be as high as several hundred or thousand dollars.
- Repayment schemes consist of fixed payments covering a certain period of time, from several months to several years.
- Interest rates come along with installment loan scheduled payments.
- Fixed rates remain unchanged throughout the repayment process. Variable rates are based on a particular financial index, which makes it fluctuate from one case to another.
An interest rate and fee usually vary from one lending company to another. Here are the terms:
- Higher interest rates. Borrowers with a bad credit score have higher interest rates than borrowers with a good background.
- Higher (or more) fees. Bad credit installment loans usually come with higher fees.
Most common types of personal installment loans
Most lending companies deal with the same type of installments. Before you make the final loan decision, you should know the whole list of options. Here they are:
Personal installment loans are money borrowed for “personal” reasons. Whether you have a medical treatment, home repair, large purchase, or debt consolidation, you can cover it with a personal type of borrowing. Depending on the requested sum of money, a specific interest rate and fee will be applied.
Auto loans happen to be the most popular type of installment loan. While getting a new vehicle at once can be quite complicated, taking a loan to make a purchase turns out to be a reasonable solution. An average interest rate on auto loans ranges from 3% to 15%, depending on credit score, income, and some other factors.
To purchase a home, you may need to take a mortgage installment loan. The required sum of money is typically higher than an average personal loan. Due to the loan length, the interest rate is about to be high.
Installment loans rules and regulations
When you apply for bad credit installment loans, you agree on certain terms and conditions offered by the lending company. This is why you should check everything properly to not miss some significant details. These include the sum of money, longevity of installment loan plan, fixed monthly payments, potential penalties, etc.
The rules, laws, and regulations associated with installment loans online for bad credit may also vary from state to state, and from lender to lender. Most states dictate interest rates and fees a company is allowed to charge. This way the national government tries to protect every borrower from scammers.
By the way, make sure that you don’t go for guaranteed installment loans online. Because they don’t exist. No one can promise you anything when it comes to fast funding online.
Are there installment loans near me option?
Most direct lenders offer installment loans near me option. It allows you to find physical offices of lending companies in your city. But this option is not so important if you consider requesting same day installment loans online. Without visiting a near me facility, you can apply for short term or long term installment loans quickly and easily.
Do installment loans have no credit check?
If you are afraid of a credit check and you want to avoid it, then you have to apply for a secured type of loan. By leveraging the value of your house or vehicle, you will get access to quick funds. In this case, the value of your belonging is more important, as the lender uses it as protection from potential risks. Consequently, your credit score happens to be less important, so no credit checks are involved. Installment loans online with no credit check can be issued to your bank account or debit card in a short time.
Alternatives of installment loans online
While installment loans for bad credit often have better policies than payday loans, interest rates can still be considerably high. Before starting an application process, you might want to check some alternatives. Thus, you can go for credit counseling, ask your creditors for more time to repay money, or look around for a lower-interest credit card.
Some lenders issue payday alternative loans. These small-value borrowings are offered by some federal credit unions. Due to more affordable terms, they are often requested by people with a good score. If your financial background is less favorable, you have lame chances of getting this kind of loan.
In the end, it’s important to find good direct lender online installment loans with instant approval. You might not need an alternative if you refer to a decent lending company.
Pros and Cons of installment loans instant approval
If you’re interested in online installment loans with instant approval, you should be ready for positive and negative nuances. Here they are:
Guaranteed Installment loans online advantages
The popularity of installment loans is determined by the numerous benefits. Let’s see some of them.
- Predictability: Installment loans are predictable compared to other types of loans. Regardless of personal circumstances, you will have better budget control and more stability.
- Freedom: Installment loans don’t put you in a trap. Due to fixed interest rates, you don’t feel like there’s no way to escape the debt.
- Convenience: Installment loans come up with instant approval. You can get evaluated in a matter of hours, and receive the requested sum of money on the same day. All this can be done without leaving the comfort of your home.
Online installment loans disadvantages
- Limited flexibility;
- Increased high interest rates;
- Hidden prepayment consequences.
Installment loans vs payday loans: significant differences
While an guaranteed installment loan online has less friendly terms and conditions, these loans are not equal to traditional payday loans. Here are some differences to be known:
|Installment loans||Payday loans|
|APRs may range considerably from 5% to 36%;||APRs may reach up to 400%;|
|Loan amounts may range from one hundred to several thousand dollars;||Loans are suitable for small amounts, reaching the maximum of $500;|
|Loan background may be reported to credit agencies;||Loan background don’t need to be reported to credit agencies;|
|Repaid in a range of fixed payments over a certain period of time;||Repaid in a single payment with your next paycheck;|
|Direct lender takes a look at your credit upon an approved response.||Direct lender doesn’t conduct thorough research and analysis.|
Eligibility criteria for instant approval installment loans
Eligibility requirements for installment loans from direct lenders vary from one lending company to another. You’ll usually need to provide the following details:
- Full name;
- Age and proof of identity
- Valid Social Security number
- Evidence of your stable income
Direct lenders may let you find out if you’re likely to qualify and check your monthly payments with no direct deposit. When looking for pre approved installment loans, look for reliable lenders that provide all the information with a quick credit check only.
Installment Loan Application
Installment loans are easy to get. But you will have to go through the application procedure. It includes several steps:
- Complete an application form. An online application form requires some of your personal, financial, and employment information. It is required to provide an immediate decision on your loan application.
- Wait for the response. It takes just a few hours to get your application processed. If the provided information is accurate, the process may be even shorter.
- Read the offered terms and conditions. After receiving approval, you need to put an electronic signature. Make sure to look through the offered policies not to miss some crucial details.
- Receive your funds. Then, funds will land in your bank account on the same day.
To apply for an installment loan, you don’t have to go through a lengthy process. Our offering is pretty clear. Moreover, we tend to keep things simple when it comes to quick cash for urgent purposes.
Why choose Instant Cash Advance
When you have a bad credit score but need money here and now, Instant Cash Advance can save your day. The best no credit check installment loans can help you receive funds with easy approval. While paying the borrowed sum of money back, you will go through a simple and clear procedure. So, don’t hesitate to rely on this lending company next time you face a certain financial emergency.