Q: How much cash can I get via an installment loan?

You can get up to $1000 when you request an online installment loan from Paydaychampion.

Question 1

Can I get an installment loan with bad credit?

Accepted Answer

Bad credit is not the sole factor that can rule you out from being eligible for an online installment loan. You can request personal installment loans for bad credit online. It can turn out to be a fast alternative source of cash with an instant decision on your loan request.

Being online, the loan request procedure is very easy and convenient. Even if you have bad credit, you can still get approval for an installment loan, provided that you meet the minimum requirements and have all the information in order.

Installment loans are repaid back over a series of payments rather than a one-shot repayment, as is the case with a payday loan.

Question 2

How is Paydaychampion different from traditional lenders?

Accepted Answer

When you request an online installments loan with Paydaychampion, you can expect the entire application process to be fast and convenient.

We do not make you wait as traditional lenders do. In fact, working with Paydaychampion means that you have the benefit of getting connected with a network of lenders. We connect you to the lender that offers you the best loan.

Question 3

What exactly is an installment loan?

Accepted Answer

An installment loan is a loan that can be repaid back via a series of regular repayments or installments. The amount of each installment depends upon the interest rate and the tenure of the loan. Installment loans can normally also be repaid back early without a pre-payment penalty. You can use for anything like medical bills, repay credit cards or any other common type of outstanding personal loan.

Question 4

How much cash can I get via an installment loan?

Accepted Answer

You can get up to $1000 when you request an online installment loan from Paydaychampion.

Question 5

At what locations does Paydaychampion offer installment loans?

Accepted Answer

Paydaychampion offers installment loans across all states where it is authorized to do business. Paydaychampion works with its network of lenders and offers installment loans to eligible borrowers. There are some states where Paydaychampion does not offer loans.

Question 6

What is the cost of borrowing an installment loan?

Accepted Answer

There is a cost associated with borrowing an installment loan. The interest rate offered, the duration of the loan, the amount of the loan being offered, and some other factors determine the total cost to the borrower.

Question 7

How long do the loan request and approval process take?

Accepted Answer

The request form can be filled out online within minutes. Once we receive your information, we give an instant decision on your eligibility. If you are approved, then we send you the terms and conditions of the loan. Upon acceptance of the loan offer, the amount gets disbursed and can reach you within one business day if all the information from your end is in order.

Question 8

Does my credit profile matter in successfully getting an installment loan?

Accepted Answer

Paydaychampion works with borrowers of all credit levels. So, whether you have good credit history or bad credit, there are chances of getting approved for a loan. We have worked with bad credit lenders in the past. Much depends on the decision of direct lenders from our network.

Question 9

Is a credit check conducted when requesting for an installment loan?

Accepted Answer

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 is one that involves pulling up credit reports from major credit bureaus. So, if you are worried about your low credit rating going even lower, a soft check is something that will be suitable for your situation.

Question 10

How do I begin the process to request an installment loan?

Accepted Answer

Go to our website at paydaychampion.com and head over to the loan request page (insert link). 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.

Question 11

What are the requirements for making an installment loan request?

Accepted Answer

You will need to provide us with your personal information, your age, your address, your employment details, your bank account information, and contact information. We pretty much ask for basic information.

Question 12

Is it possible to get an installment loan even after having a payday loan?

Accepted Answer

If you already have a payday loan and wish to further application of an installment loan, then it is possible to do so. However, your approval will depend on whether you have enough cash flow to service both of those loans. You will have to demonstrate your ability to repay back both the loans.

Question 13

Is an installment loan better than a payday loan?

Accepted Answer

It depends on what your requirement is. The main difference between an installment loan and a payday loan is that an installment loan generally is long term. The repayment periods are longer as a result. A payday loan is generally repaid back by the next payday.

Payday loans also have quicker approval since they are short-term loans. The approval rate for payday loans for bad credit borrowers also tends to be higher as compared to the approval rates of installment loans.

Question 14

What if I am unable to repay back my installment loan?

Accepted Answer

If you do not repay back your installment loan and miss your repayments, then you will ultimately default on that loan. A loan default results in severe penalties, charges, interest, and fees. You will end up owing more than your outstanding loan amount. An even worse effect will be a downgrade of your credit rating.

Question 15

But what if I genuinely am in difficulty and cannot repay the loan?

Accepted Answer

If you are in financial difficulty, then you should immediately get in touch with your lender and explain your situation. You should try and work out alternate possibilities or solutions. Paydaychampion does not guarantee any alternate solutions, but there is a chance that communicating with your lender will lead to some sort of discussion on alternative repayment methods.

Question 16

What are the actions taken by the lender on a loan default?

Accepted Answer

If there is a loan default, then 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. Recovering from a loan default can take a while.

Question 17

Are installment loans bad for my credit score?

Accepted Answer

Not necessarily. In fact, if you repay your installments on time, then an installment loan can boost your credit. However, defaulting on an installment loan can have a reverse effect. If you are a responsible borrower, then installment loans are not bad for your credit score.

Some important things to note

Any debt-related service or product has major financial implications for the borrower. There are a few points that you must understand before you request for an online loan. In fact, you should know these things no matter where you seek a loan (online or offline).

APR:

APR stands for annual percentage rate. It represents the interest that a borrower pays on the loan. This interest is expressed on an annualized basis. Installment loans do not use the term APR because they are rarely 1 year or longer in duration.
Most times, installment loans last for a few weeks to a few months.

But, if you were to normalize the interest rates on shorter-duration loans to annualized figures, then you may notice that the APRs are considerably higher. The principal or the loan disbursal amount also affects the APR. A higher principal and longer-term generally results in a lower APR.

Fees:

Lenders tend to charge a flat fee towards any installment loans that are approved and disbursed. Many lenders generally charge a fee for every $100 of funds that are borrowed. Amounts over $500 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 or an installment loan.

Credit Checks:

Borrowers are worried about their credit scores or credit rating especially if they have bad credit. Paydaychampion works with a wide variety of lenders. Some of those lenders may require a credit check from one of the major three credit bureaus. These bureaus are Equifax, Transunion, and Experian.

Some other lenders may not pull up your credit report from a major credit bureau. Rather, they would focus on other information such as your employment details, your income levels, your borrowing history, etc. They will try and evaluate your ability to repay the loan through these details.

Some lenders conduct a hard credit check (pulling reports from bureaus), while others conduct a soft credit check. A hard check can potentially pull down your credit scores. But, lenders have to conduct some form of credit check to evaluate your profile.

Debt Recovery:

If a borrower defaults on a loan, the lender will first make an effort to recover the funds. This effort can be either in the form of phone calls or by figuring out a repayment plan in sync with the borrower’s personal situation.

If these efforts do not succeed, then the account may be handed over to a third-party debt collection agency. Therefore, it is advised that you contact your lender if you believe that you will not be able to repay the loan or if you foresee a default.

Responsible borrowing

The decision to borrow a loan should be based on a borrower’s personal situation. Short-term loans like payday loans, payday advances, and installment loans are meant for temporary financial problems.

Therefore, they should never be used to address deeper or more chronic financial needs difficulties. Longer-term financial problems should be addressed by creating a financial plan and working with a financial advisor or a debt counselor.

The other thing to keep in mind is to borrow only as much as you can repay back. Borrowing more than your capacity creates a risk not just for you, but also for the lender. If you have bad credit, then by being a responsible borrower and repaying back the loan on time, you can actually improve your credit score.

When you request a loan from paydaychampion, your profile is evaluated instantly and you get a decision on your eligibility right away. Then, you are offered a loan along with the terms and conditions.