- What are Installment Loans?
- Variable term
- Clearly-determined schedule
- Impact on your credit score
- What Types of Installment Loans You Can Get Online
- Personal loans
- Auto loans
- Student loans
- Buy now, pay later loans
- How to Get Online Installment Loans for Bad Credit
- Stepwise Guidelines to Apply for Installment Loans Online
- 1. Check your eligibility
- 2. Consider your options
- 3. Apply for an installment loan
- 4. Get approved
- 5. Receive cash
- Who Will Benefit from Best Online Installment Loans?
- Those seeking quick money
- Those seeking installment loans poor credit no credit check
- Those seeking flexible repayment plans
- Advantages of Getting Online Installment Loans
Even a bit of extra cash can make a significant difference sometimes. If you need an urgent home renovation, have a huge medical bill, your car breaks down, or you face any other unexpected expense, an installment loan may be a lifesaver. Recent national and international events have shown us that it is great to have some extra money on hand, as the current economic situation can hardly be called stable. And while many Americans keep some cash in a bank or at home, it may not be enough in the event of successive emergencies. Therefore, installment loans from LoanUnion are a great way to make it through.
We will puzzle out the issue in detail so you know everything about your lending options and get back on track as soon as possible. So what is an installment loan? Will it work out for you? How do they work and how to get one for bad credit? We have the answers to these and many other questions.
What are Installment Loans?
Installment loans are a widespread form of quick financing available throughout the US. Its main peculiarity is an extended repayment period during which a borrower is committed to discharging the debt according to a prescheduled plan. Just like any other lending option, installment loans have their features and terms you should consider to determine whether such a money source will fit your needs. So LoanUnion highlights the main facts about installment loans:
Most installment loans offer an extended repayment period, so you can return money to the lender for as long as 30 years. But there are also short installment loans that work the same as their longer counterparts but feature a smaller debt repayment period. And you are typically allowed to pay off short-term advances for up to 12 months.
No matter what installment loan you are taking out, they all come with a pre-scheduled repayment plan. This makes the process of loan discharging more organized. In addition, LoanUnion allows you to adjust your schedule in a convenient way to pay off the borrowed money easier. So you will know when and what amount you need to give back. And it’s a great way to successful budget management.
Impact on your credit score
It is no secret that a high credit score gives you access to the best installment loans. And its value is calculated based on your credit report, namely:
- Number of credit accounts
- Payment history
- Debt-to-income ratio
- Recent or new credit
- Length of credit history
But do installment loans help your credit? What is their impact? The point is that when you borrow money, the loan shows up on your report as a new account. And all new credit accounts are subject to a hard credit check, which lowers your credit score by 1-2 points. But that’s not a big deal since timely payments will make things much better gradually increasing your FICO score. No wonder installment loans are considered a good credit-building option.
What Types of Installment Loans You Can Get Online
The term “installment loans” is generic. In other words, this is a broad category of lending products that differ in terms, rates, and purposes but are all repaid in increments. And a good thing about legit online installment loans is that you can compare their types and get quick cash assistance from the comfort of your home. So what options are available for you? LoanUnion is happy to walk you through.
What is a personal installment loan? This is a flexible loan product distinguished by the widest range of usage. Unlike other types of installment loans, it can be used to cover any expense. The most popular cases include:
- Home renovations
- Major purchases
- Bill payment
- Debt consolidation
- Credit card refinancing
Personal installment loans also come in lump sums, usually flexible and rather big. So you may get both $1 000 and $50 000 depending on your credit score and repayment capabilities. The term of these loans does not exceed 7 years, and APR remains fixed during the whole period. The interest is affordable and may vary up to 36%.
A mortgage is a type of financial support provided to homebuyers. You make an initial payment, and the lender grants you the rest of the amount needed to cover the cost of your property. The loan is secured, and your home acts as collateral in this case. That is, you can live in the house during the whole repayment period, but in case of default, the lender will confiscate your property and sell it to get back the money. Mortgages are distinguished by prolonged terms of up to 15 – 30 years and come with fixed interest.
Auto loans target those who need a new vehicle but have no money to cover its cost. This lending option is similar to mortgages since the installment loan organization gives you funds upfront so you can afford a car, and you are committed to repaying the balance in monthly installments. The term varies from 2 to 7 years, and the interest is determined by several factors:
- Your creditworthiness
- Loan amount
- Loan term
- Your vehicle’s value
In addition, auto loans differ by type:
- Used car loans
- New auto loans
- Private party car loans
- Lease buyout
- Auto refinance loans
This is a popular form of flexible installment loans designed for those who seek financial assistance to cover the costs of higher education. This lending option features fixed or variable interest rates and different repayment plans. Consequently, the term of the loan is flexible as well and may be as little as 1 year or reach 30 years. The borrowed funds are sent directly to the college in several disbursements or a lump sum. Meanwhile, the loan is used to cover a whole range of expenses:
- Room and board
- Transportation and many more
Buy now, pay later loans
BNPL loan is a form of point-of-sale financing offered by many retailers. It is designed to help borrowers afford major purchases by splitting their amounts into smaller payments. The items you can finance with buy now, pay later loans include clothing, electronics, furniture, home fitness equipment, and the like. Moreover, there are 3 basic forms of BNPL financing:
- Pay in 4: this form is perhaps the most popular since it often comes with no interest and offers a convenient repayment plan. Thus, the cost of your purchase is broken into four parts: the first one is repaid immediately and the other three – within six weeks (one payment per two weeks).
- Pay in 30 days: This form of BNPL loan allows you to use the item before paying for it. And as the name implies, you have 30 days to cover the cost of the purchase (in case you decide to keep the item).
- Monthly payments: this form usually comes with interest and resembles personal installment loans for poor credit. Indeed, you make a purchase and pay off its cost in installments during a certain number of months.
How to Get Online Installment Loans for Bad Credit
If you have ever tried to get an installment loan with bad credit, you already know that this task is far from easy since lending companies impose certain credit score requirements. The point is that the better your credit history, the more trustworthy borrower you are. After all, this is a sign of your financial awareness and good money management skills. Although many lenders may deny you cash assistance, you can always get installment loans for bad credit from LoanUnion.
We impose our own borrowing rules and requirements and offer various financial products to support people with checkered credit history. Thus, you have an opportunity to compare different installment loans and choose the one with the most amenable terms to bridge your financial gap as soon as possible.
If you are concerned about paying greater interest rates for your loan, you can repair your credit score to fix the situation. And to deal with credit challenges, you need to develop proper money management skills and acquire good financial habits. Although the process is not so difficult, it requires some time. However, if you are in dire need of money and looking for quick installment loans for bad credit to get right now, LoanUnion is here to help – just submit your application to access cheap financing.
Stepwise Guidelines to Apply for Installment Loans Online
LoanUnion offers quick and secure funding for people struggling with money emergencies. We offer a fully-online lending experience so you can get back on track in the shortest possible time. Therefore, if you are looking for favorable loans with adjustable monthly payments, LoanUnion may be a good solution. The whole process is customer-oriented and takes little time. So this is how to apply for installment loan online:
1. Check your eligibility
While exceptional credit is not required when applying for cash assistance from LoanUnion, there are still some requirements every borrower must meet. But do not fall into despair, we are loyal to our customers and impose minimum eligibility criteria for each type of installment loan. Check them out in advance to make sure you can qualify for the desired lending product.
2. Consider your options
Once you have determined which types of money installment loans you qualify for, learn all the ins and outs of each and choose what will work best for your financial stability. Pay attention to amount limits and repayment terms, as well as the purpose of a particular type of loan.
3. Apply for an installment loan
The first step of getting online loans implies completing an application. You can fill out the form directly on LoanUnion or browse the Internet to familiarize yourself with its samples. But it’s not at all difficult or time-consuming, so feel free to start the borrowing process right away. We just need some of your personal and income information to determine your ability to pay off the money.
4. Get approved
Approval is quick, you receive the response immediately after submitting the application. After that, you get access to the details of a loan you are eligible for, including its interest rate, fees, monthly payments, term, and so on. If you are satisfied with the offer, sign an agreement and wait for your money.
5. Receive cash
Money transaction is traditionally performed quickly once you get the approval. Thus, borrowers receive their fast installment loans within 12-24 hours. The cash is credited directly to the bank account and must be repaid according to the schedule.
Who Will Benefit from Best Online Installment Loans?
Top installment loans provide a full range of possibilities for those struggling financially. A great number of people from all over the US opt for this lending option to handle their money troubles. And the reasons for loan requests vary since the circumstances are different for everyone. However, LoanUnion experts managed to identify the main types of borrowers for whom installment loans prove to be the most beneficial.
Those seeking quick money
An installment loan is one of the best options to get some extra cash. Online lenders process applications more quickly than banks or credit unions, allowing borrowers to get their hands on money in no time. And a smaller number of requirements makes the approval process hassle-free.
Those seeking installment loans poor credit no credit check
Although credit score does make the difference when getting loans, borrowers may still be approved with bad credit. Meanwhile, some installment loans like mortgages or auto loans often come with no credit check since they are backed up by collateral. This expands the funding options for people with checkered credit history.
Those seeking flexible repayment plans
Installment loans are convenient to discharge since the whole balance is split into smaller parts and paid off during an extensive period. Thus, borrowers give back the money with almost no effect on their monthly budget. Moreover, each applicant can set up a flexible loan installment plan to manage their finances more efficiently.
Advantages of Getting Online Installment Loans
Any borrowing decision should be well-considered, and installment loans are no exception. This financing option is really popular and useful, but many people still have doubts and concerns about whether they should take it out or maybe it is better to look for alternatives. Of course, the decision is yours, but LoanUnion is here to help you figure it out. So check out the benefits you can get with legit installment loans online.
- Low rates: LoanUnion offers the most favorable interest rates on both regular and bad credit loans
- Convenience: access funds whenever you need since online loans are issued 24/7
- Diversity:best personal installment loans, mortgages, student and auto loans are all provided online
- Flexibility: get the needed amount for a preferred term and pay off your loan conveniently
- Availability: it’s easy to find installment loans near me in your city since they are legit throughout the US
- High-class service: quick and easy application, no paperwork, no waiting in lines – LoanUnion invests every effort to provide you with an excellent borrowing experience
What are personal installment loans?
Personal loans are the most popular type of installment cash advances which are granted for an extended period, so borrowers repay their loans from 1 to 7 years. Amount limits are also large and vary up to $50 000. The greatest advantage of personal loans is that you can use the money for whatever purpose, be it debt repayments, big purchases, car repairs, or home improvements.
What do you need for an installment loan?
Installment loan requirements may differ depending on where you are going to borrow money. Banks and credit unions impose stricter eligibility criteria, so if you want to increase your chances of getting approved, it’s better to turn to online lenders. The basic loan requirements include legal age, US residency, and stable income. You are also required to attach documents that prove your eligibility.
Where to get an installment loan?
Since installment loans differ by type, there are a lot of places where you can borrow money for a specific purpose. Thus, installment cash advances are offered by banks and credit unions, online lending companies, storefront lenders, car dealerships, and debt consolidation agencies. But if you are looking for quick and easy loans at low rates, LoanUnion is your best choice.
Do installment loans affect credit?
Installment loans may be both good and bad for your credit, depending on how you manage your payments. Thus, late payments lead to additional fees and cause your credit score to drop. But if you return the money according to the specified schedule, your FICO score will gradually increase.
Can I get an installment loan with bad credit?
You have all chances to get good installment loans for bad credit from online lenders. For example, LoanUnion never denies money assistance to people with checkered credit history. So you can get the desired cash amount at favorable rates.