When you are in a financial jam, you would want quick funds. Waiting for weeks to get a bank loan doesn’t seem wise, and being a self-dependent man that you are, you probably don’t want to ask from friends. Fret not because online installment loans can help. Below are seven facts worth knowing.
- Online installment loans are not same as payday loans. If you want no credit check loans online instant approval, the former is a better option. Unlike payday loans, installment loans are paid over a period of time, in easy monthly installments.
- You can get a loan with bad credit score. While lenders may want to know your credit score, it is possible to get an instant loan from others who don’t follow the traditional methods of credit check. Just be ready to repay the loan in time.
- There are no prepayment penalties. In case of other short-term lending options, there might be a charge for repaying the loan ahead of the due term, but that’s not the case with installments. If you have the money, you can easily repay back.
- You can approval in a day. That’s true too. There are websites, where you can send your application, the fate of which will be decided on the same day. In most cases, money is transferred to the borrower’s account within 24 hours.
- You can get a bigger sum than payday loans. Depending on the state you live in, you can get up to $3,000 with installment loans. All you need is a stable job with decent salary, an active bank account, and required documents.
- You can renew the loan if required. In case you cannot repay the loan on time, you can talk to the lender and renew the term. Please check the laws related to online personal loans in your state, because many don’t allow renewals.
- Interest of installment loans can be high. This is an obvious fact, because you are getting instant loans and that too without any collateral. As such, lenders do make money by charging a higher rate of interest. With that said, this is also a highly regulated industry, and there are norms that lenders must adhere to.
Note that credit score may not matter extensively, but it can have an influence on the terms of lending. If you want to get an installment loan, apply online now.