What Exactly Are Installment Loans? Five Facts ExplainedInstallment loans are just one type of many payday loans that our lenders offer to borrowers just like you. For variety in borrowing, you can turn to our network of lenders instead of relying on the one-size-fits-all loans you’ll get from other lending services. Before you decide which of your many options to take, find out more about what installment loans really are.
Installment Loans Are Payday Loans
Payday loans are smaller, short-term loans that you mostly get approved for based on your paycheck. If you have a regular paycheck and you earn a reasonable amount of money each payday, you can get approved for a quick, small loan. People like installment loans as payday loans because they are easy to get and they provide just a small amount of money for those times when it’s needed.
Installment Loans Are Fast and Affordable Loans
Installment loans are also fast and affordable. From the time you apply for one of these loans to the time you get the cash in your bank account, you will likely wait no more than 24 hours. Approval for the loan will take just 90 seconds or less, and then you only need to wait for your lender to make the transfer. These Installment loans are also affordable, with interest payments that are reasonable and not too costly because these loans have short terms.
Installment Loans Are Loans with Individualized Repayment Plans
What sets installment loans apart from other types of payday loans is in how these loans are repaid. For a typical payday loan you would expect to repay the amount in full with your next paycheck. With installment loans, you get a little more flexibility. You repay on an installment plan worked out with your lender. This is a great choice for anyone who is concerned that they will not have enough money in the bank when the full amount of the loan is due.
Installment Loans Are Bad Credit Loans
These are also bad credit loans, which means that a low credit score does not automatically disqualify you from getting approved. As payday loans, approval is based more on your income, your paycheck, and your job history than your credit score. In fact, the lenders we work with do not use the standard credit score from the three main reporting agencies, so you can relax and now that your low score won’t necessarily prevent you from getting approved for installment loans.
Installment Loans Are Loans That Save the Day
The best thing for most people using installment loans is that these loans provide the cash that save the day. For those times when you need money, but don’t know where to turn, these loans and the lenders offering them are standing by, ready to help. No matter what time of day or night it is, even on the weekend, you can apply for these loans, get approved, and get the cash transferred right to your bank account.
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