What Are Installment Loans?

Need to re-do your kitchen? Require money to put down as deposit for your new home? If you need a large sum of money which you would like to pay back over a period of time, installment loans is probably what you would want to go for.

Online installment loans are like traditional loans which are borrowed in one go, but paid back over a period of time as per a set repayment schedule. Home loans, auto loans etc. come under the umbrella of installment loans.

The term ‘installment’ comes from the equal amounts (principle plus interest) which is paid at fixed intervals till the end of the loan term. Usually, such loans are secured using an underlying asset such as deposits, home, car etc.; but this depends on the lender granting you the loan.

Most online installment loan lenders, do not charge you a penalty for pre-payment or foreclosure. So in case you have ready cash, you can always close the loan.

If you prefer going the traditional route and want to build a favorable credit history during the time, installment loans might just be the loan type for you.

What You Need To Get Started

To get started on the paperwork for your installment loan, please keep the following documents ready.

For eligibility criteria, please see here. Certain lenders may ask you to provide an asset as collateral for your installment loan. As a borrower, you are requested to comply with the requirements of specific lenders in order to ensure a smooth loan availing process.

Advantages Of An Installment Loan

  • The interest rates on online installment loans are usually much lower than other short term loans. This means, your total pay out for the particular expenditure will be work out to be more cost effective for this kind of loan.
  • Installment loans are a way to build your credit score as it builds to showcase a steady repayment history. For credit scores, having a credit history is better than no history at all and this will help you acquiring a house or car loan in the future.
  • You have a longer time to pay off your dues. Unlike short term loans which might put you into a borrowing spiral, long term installment loans provide you the time buffer required to pay off the loan in peace.
  • Online installment loans,specifically, do not involve cumbersome paperwork or the need to stand in lines. You can get in touch with a host of lenders who would be willing to provide you a loan at the term and rate you can afford.

FAQ'S

An Installment Loan gets you the money you need today, with the ability to repay over time. Installment Loans are longer-term personal loans with terms from 3 to 24 months, depending on your state. We offer Installment Loans in both in-store and online in most states.
If you own the title to your vehicle, a Title Loan allows you to borrow money based on its value. Your car is used as collateral for the loan so you can get the money you need immediately, and keep driving your car while you pay back your personal loan. Title Loans are ideal for individuals looking for a fast solution to short-term financial needs.
A Line of Credit is the most convenient, safe and secure way to access money when you need it most. Once you are approved for a certain limit, you can request money up to that total amount. The credit line, or maximum amount of money that can be withdrawn, varies by state, and the funds you request will be deposited directly into your bank account. After your initial approval, there’s no need to reapply. Simply pay back your fees and the money you borrowed, then request to withdraw more money from your Line of Credit whenever you need it.

APR Disclosure:


Instantcreditloansus.com is a third-party aggregator & not a direct lender and therefore will not have say over the annual percentage rate (APR) you will be offered. Prior to loan application, we will provide a representative APR based on data aggregated from multiple lenders. Our APR usually ranges from 5.99% to 35.99% depending on a host of factors. APRs increase proportionately to the repayment terms which is anywhere between 61 days to 180 months. Your actual rate depends on your loan amount, credit score, loan term and credit usage & history. It is agreed upon between you and your lender.

Representative APR Example:


$1,000 loan over a 12-month term would have a total payback amount of $1,134.72, APR 29.82%. Loan amount doesn’t need to be paid at once and can be done in instalments.