Need money to pay unforeseen medical bills? Want funding for your next trip? An online installment loan can come handy. As the name suggests, you can apply for such loans online, and usually, you can expect an instant decision from the lender. In this post, we will talk more on online installment loans.
How does it work?
An online installment loan shouldn’t be confused with the payday loan or cash advance. In case of cash advance loans, the amount is repayable within four weeks and in a single installment. However, installment loans can be repaid over a period of time, with regular and fixed payments every month. Also, online installment loan allows you to get larger amount, often up to $3000, depending on your state. There’s one more difference – you have to pay payday loans within 30 days or less, or when you get your next paycheck. Online installment loans offer you better flexibility because you can repay the money in installments, over a much longer period, in case you cannot make the payment on time.
If you need a larger amount and for a longer period, online installment loans are certainly more useful. The term period is usually between six and eighteen months. A number of lenders may accept your loan when you have the money, and there are no prepayment penalties, which is a huge advantage. Credit score of the applicant is not a problem either. If you have an active bank account, relevant personal documents, and a stable job, lenders may not bother about your score. Not to forget, your personal assets are never at risk, as there is no collateral involved. The loan is secured against the income of the applicant.
How to apply?
Applying for an installment loan is very easy. There are websites, where you can fill up your details, and the application will be sent to lenders for approval. Once approved, you can expect to get your loan amount in one or two business days. Please note that the information you share on these websites are completely safe but do your homework before selecting a portal. Also, check the repayment terms and conditions in advance.
Short-term funding can be useful for emergencies but repaying loans on time is equally important, especially because it can affect your credit score with multiple defaults. Check online now to find more on quick and easy online installment loans.