Installment Loans Online
WHAT IS AN INSTALLMENT LOAN?
Don’t worry—there are many different types of loans out there, so it’s not a big deal if you aren’t quite sure what an installment loan is. But in the world of borrowing money, it’s important to understand the distinction between loans. An installment loan is a type of loan that allows you to borrow a certain amount of money which you then pay back over set periods of time. These periods of time are known as installments.
Installment loans are usually larger loans 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 money however they need to, and pay the loan back in increments. You can get installment loans online from lenders, from banks, or from credit unions.
REASONS TO TAKE OUT AN INSTALLMENT LOAN
Installment loans can be taken out for a number of reasons. Several loans you’ve likely heard of or even used are examples of installment loans:
- Auto Loans: Car loans are among the most common type of installment loans, with lenders offering varying interest rates.
- Home Loans: A mortgage is an installment loan used to pay for a home upfront.
- Personal Loans: Personal loans can be used for just about anything and are often used to consolidate debt.
- Student Loans: Students pursuing higher education can qualify for this type of installment loan.
An installment loan is the right choice for you when you can’t afford to pay for the item or service in question upfront. The payments for such a loan are predictable and usually fixed over a long period of time—so you won’t be rushed or overwhelmed trying to pay everything off at once.
In addition, paying off your installment loan can bolster your credit score and show creditors that you are reliable and can be trusted with loans.
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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 on paying back one loan initially. Then, even if you have further payments to make on that loan, 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 your different loans. 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?
Most lenders require some sort of information before allowing someone to take out a loan. When it comes to installment loans, lenders are usually going to look at the following information:
- Evidence of Credit History:Creditors want to see your history of debts and payments, as well as any warning signs such as bankruptcy.
- 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.
What’s the Difference Between a Payday Loan and an Installment Loan?
A payday loan is usually paid back in a lump sum at an agreed-upon date, while installment loans are paid back with regular, steady 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 off early won’t usually increase your credit score. Paying back your loan steadily and consistently throughout the life of the loan is actually a better move and will be better for your credit score. In fact, since you can get legitimate, completely online installment loans these days, some people will get one simply for the purpose of paying it as agreed to bolster their credit.
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