Installment Loans Online

WHAT IS AN INSTALLMENT LOAN?

Don’t worry—there are many forms of online loans out there, so it’s not a big deal if you aren’t quite sure what a personal installment loan is. But in the world of personal loans, it’s important to understand the distinction between financial products. An installment loan is a type of loan that allows you to borrow a certain loan amount, which you then pay back over set periods. These periods are known as installments.

An Installment loan is usually a larger loan needed by consumers to pay for something they can’t afford to pay for outright. And if they can’t afford to pay for it outright, they take out the loan, use the funds however they need to, and pay the loan back in increments. You can get an online installment loan from a direct lender, bank, or credit union.

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REASONS TO TAKE OUT AN INSTALLMENT LOAN

An Installment loan can be used for a variety of purposes, such as covering medical bills, car repairs, or other unexpected expenses.

Many common loans you may have heard of or used, like personal loans or auto loans, are types of installment loans that offer the convenience of monthly payments.

  • Auto Loans: Car loans are among the most common types of installment loans, with lenders offering varying interest rates.
  • Home Loan: A mortgage is an installment loan used to pay for a home upfront.
  • Personal Loan: These types of installment loans are ideal for debt consolidation, allowing you to combine multiple debts into a single, manageable payment. The annual percentage rate (APR) for installment loans is often lower than other types of credit, making them a cost-effective option.
  • Student Loan: Students pursuing higher education can qualify for this type of installment loan.

Installment loans online are a good choice when you can’t afford to pay for an item upfront in a lump sum. These unsecured loans offer predictable monthly payments, usually fixed over longer repayment terms, so you won’t feel rushed or overwhelmed trying to pay off the loan amount.

Moreover, paying off your installment loan can bolster your credit score and demonstrate to creditors that you are reliable and can be trusted with loans. Ensure you have a bank account ready for the loan transactions, as this is typically a requirement for approval.

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FAQ

Can You Get an Installment Loan with Bad Credit?

Yes, you can. Some banks and credit unions might consider lending money to someone with bad credit, but it is less likely. There are also installment loans online for bad credit—if you have bad credit, getting installment loans online is generally going to be easier than through a bank or credit union.

Can You Have Multiple Installment Loans?

Yes, you can have multiple installment loans at once. This is usually easier to accomplish if you’ve established some trust in paying back one loan initially. Then, even if you have regular monthly payments to make on that loan amount, you’re more likely to be approved for a separate loan because you’ve proven to your creditors that you are trustworthy.

If you need to take out multiple installment loans, consider mixing and matching the lenders you use for each loan. You can get easy online installment loans on top of a loan from your bank, for example.

What Are the Requirements for an Installment Loan?

Lenders use several factors to qualify borrowers. When it comes to installment loans, lenders are usually going to look at the following information:

  • Evidence of Credit History:A lender typically wants to see your history of debts and payments, as well as any warning signs such as bankruptcy or bad credit. They’ll typically run a credit check through major credit bureaus to verify your credit is in good standing.
  • Credit Score:While you don’t necessarily need a good credit score to qualify for an installment loan, you do need a score of some sort.
  • Income Verification:When you borrow money, lenders like to know that you have a stable source of income that will allow you to pay them back.
  • Debt-to-Income Ratio:This is a ratio that measures your monthly obligations to your income. Lenders prefer to give money to people with a lower DTI.
  • Collateral (potentially):This is a move that provides security for the creditor and depends entirely upon your assets, the amount of money being borrowed, and the lender you’re trying to borrow from. These are considered secured loans.

What’s the Difference Between Payday Loans and Installment Loans?

A payday loan is usually paid back in a lump sum at an agreed-upon date based on the loan terms. In contrast, installment loans are paid back with regular, fixed monthly payments over time. Payday loans also tend to be smaller than installment loans.

Does Paying Off an Installment Loan Increase Your Credit Score?

Yes, but don’t think that getting ahead on your payments will necessarily do you any good. Paying your installment loan early won’t usually increase your credit score. Paying back your loan steadily and consistently throughout the loan’s life is actually a better move. It will be better for your credit score. In fact, since you can get legitimate installment loans online these days, some people will get one to pay it as agreed to bolster their credit and achieve their financial goals.

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