An installment loan is, perhaps, one of the most common types of loans globally. As the word “installment” implies, an installment loan is to repay over a series of payments or installments. The number of installments depends upon the duration of the loan. Call our customer service if you prefer to apply by phone on (800) 456-3496
What exactly is an installment loan?
- 1 What exactly is an installment loan?
- 2 Guaranteed installment loans direct lenders?
- 3 Are installment loans bad for my credit score?
- 4 Installment loans, no credit checks?
- 5 How are credit checks performed on Installment Loans?
- 6 How much cash can I get via an installment loan?
- 7 Are Online loans easy to apply for?
- 8 Can I get a same-day Personal Installment Loan?
- 9 How do I apply for an installment loan?
- 10 What happens if I cannot repay my loan?
- 11 Some important things to note
An installment loan is a loan that can be repaid via a series of regular repayments or installments. The amount of each installment depends upon the interest rates and the loan term.
Installment loans can typically also be repaid early without a pre-payment penalty. You can use it for medical bills, repay credit cards, or other everyday use.
Guaranteed installment loans direct lenders?
Paydaychampion collaborates with direct lenders to provide clients with installment loans. Although we cannot promise everyone to get an installment loan, you will have more options since there are no harsh credit checks—Paydaychampion’s lender loans across all states where direct lenders are authorized to do on business day.
Are installment loans bad for my credit score?
Not necessarily. Before applying for an installment loan, you might wish to work on improving your credit score. If you repay your monthly installments on time, an installment loan can boost your credit score. However, defaulting on an online loan can have a reverse effect. If you are a responsible borrower, installment loans are not bad for your credit score.
This will keep your interest rates low. An Installment loan rate varies depending on your financial status as well as the loan terms, which refers to the payback period.
Installment loans, no credit checks?
The credit checking process varies from lender to lender. Paydaychampion works with lenders who do not conduct a hard credit check (they run a soft check).
A hard check involves pulling up credit reports from major credit bureaus. So, if you are worried about your low credit score going even lower, a soft check will be suitable for your situation.
How are credit checks performed on Installment Loans?
Some of those lenders may require credit checking from one of the major bureaus. These Credit Bureaus are Transunion, Equifax, and Experian. Paydaychampion collaborates with a diverse group of lenders.
Some lenders may ignore getting your credit report from the leading credit union. Instead, they would focus on other information such as your employment details, income levels, borrowing history, etc. They will evaluate your ability to repay your loans through these details.
Some lenders conduct hard credit checking (pulling reports from consumer financial protection bureau). A hard check can potentially pull down your credit scores.
How much cash can I get via an installment loan?
You can get up to $5000 when you request an installment loan online from Paydaychampion. PaydayChampion has online installment loans in most states in the USA. Apply Online in less than 5 minutes. Bad credit is welcome.
Are Online loans easy to apply for?
The online loans request procedure is very easy and convenient. Even if you have a bad credit history, you can still get approval for an installment loan. Bad credit isn’t the only thing that might prevent you from getting an Installment loan online or payday loans. To obtain the loan, you should meet the minimum requirements and have all the information in order.
Our online installments loans are for larger sums than payday loans online and are repaid with several installments over the long term. Online Installment loans are great when you know you need a loan for longer. Cash is deposited as soon as today if you apply early.
Can I get a same-day Personal Installment Loan?
You can fill out the request form online within minutes. If you are approved, we will send you the terms and conditions of the loan. Upon acceptance of the Personal loans offer, the personal loan amount gets disbursed and can reach you within one business day if all the information from your end is in order.
How do I apply for an installment loan?
Go to our website at Paydaychampion.com and head over to the loan request page. Fill out the short form. It will only take a few minutes, and you can do it 24X7. Once you submit the request form with complete and accurate information, you will receive an instant decision on your eligibility.
To apply, you’ll need the following details:
- Government ID
- Proof of income
- Active checking account
- Social Security Number (SSN)
What happens if I cannot repay my loan?
Installment loans are repaid over a series of payments rather than a one-shot repayment, like payday loans. The loan term can be six months or more. If there is a loan default, the account is usually handed to a debt collection agency. An installment loan default can cause major damage to your credit rating.
The lender can also take the defaulting borrower to court. The court may order wage garnishment of the borrower.
Some important things to note
Any debt-related service or product has major financial implications for the borrower.
You should know these things no matter where you seek a loan, online or offline.
APR stands for annual percentage rate. It represents the interest that a borrower pays on a loan. This interest will be on an annualized basis.
A higher principal and longer-term will generally result in a lower APR.
Lenders tend to charge a flat fee towards any installment loans that are approved and disbursed. Amounts over 0 tend to have a lower fee.
Ultimately, the amount of fee charged varies from lender to lender. Paydaychampion works with a network of lenders to provide you with solutions like a payday loan.
Kathy Jane Buchanan is a Certified Financial Planner, with more than two decades of experience in writing about personal finances. She has written a variety of articles for PaydayChampion and has helped to simplify lending, investing, banking and credit as well as other topics related to personal finance for consumers. Kathy has worked for major financial companies and also worked for small credit unions. she founded a fee-only financial planning firm, Approach Financial Planning, located in Houston, Texas.