You have multiple Loan options available when you require funds on an instant basis. Some of them are provided for particular purposes, such as mortgages, vehicle loans, and many more. Using the credit cards might be an option but remember the interest rates may not favor you. The online installment loans are surely among those lending options where there is a fixed borrowing amount and repayment term. Personal loans and student loans also fall into the category of these credits.

When the borrowers seek for the online installment loans on instant approval, they need to review these factors comprehensively:

• Basic loan amount
• Flexible or inflexible interest rate
• Loan Duration
• Repayment Schedule
• Interest rates and other charges

Such factors also apply on other sorts of loans, but not the payday loans where the lender requires the full repayment on their next payday. Whereas, in the installment loans, borrowers can pay back the borrowed sum in easy monthly installments.

Loan Procedure

Prior to apply for the loans, it is important to look whether you can qualify for the loans or not. Nevertheless, these are the eligibility conditions, which generally a creditor looks for:

• 18 years of age and above
• A valid bank account
• Living in USA for a long time
• A Good FICO Score

Regarding the FICO Scores, borrowers have to be extra careful because any score below 579 may not bring fruitful outcomes for them. Keep your credit scores at least at the fair level i.e. 580-669 or above.

Once qualify for the loans, the time is for starting the application procedure. Since these loans are ONLINE, you have to visit at the selected lender’s site and look for the ‘Apply now’ form. Fill the form with the amount required, name, age, contact number and other relevant details. After completing the form, you should click on the submit button and wait for the approval. Everything is online and thus, the creditor does not take too much time in verifying the details. However, there are few creditors in the USA, which are open to the policy of installment loans with no credit check.

The approval process may be quick and the transfer of funds may happen within 24 hours. But remember, it entirely depends upon the lender’s policies.

Installment Loan vs. Payday Loan

The installment loans and the payday loans are often being compared at the marketplace. Before coming on to the differences between them, it is important to know that both these loans have the similarity of the high interest rates. It generally happens when the borrowers have either the low income or the bad credit history.

The payday loans are often the subject of criticism from the financial authorities across the USA. It is because of the some loan sharks. The repayment method is also different from other loans, and it is already discussed above. A borrower can avail money up to $1,500 and that would be in an unsecured manner. These are indeed the crucial benefits of availing guaranteed payday loans.

The installment loans, on the other side, also have the high APR but there is no burden of making the full repayment. Easy monthly installments are applicable and manageable for the borrowers, which is good for their overall credit scores. Pledging the collateral can also keep the rates down and getting funds does not seem a burden.