A short term installment loan is one that lets you repay the borrowed amount in fixed installments over a period of time. You have the option of applying for an installment loan online, and when you’re approved, the lender will transfer the money directly into your bank account.
Just how much you can borrow depends on the state you live in, and loan terms can also vary between states. If you apply for an online installment loan in Ohio, you won’t be offered the same terms as if you applied in Texas, and terms would also vary with installment loans that you find in California.
Trusted Loans Network Installment Loans
The Trusted Loan Network allows you to apply for an installment loan and have your application matched with one or many lenders.
- Min. Loan Amount: $500
- Loan Term: 2-60 months
- Turnaround Time: Next Business Day
- Total Costs: APR ranges from 25-450% based on your credit score.
- Must be 18+
- No security needed
- Confidential and secure!
Know what you’re applying for: Here’s how installment loans work
Lenders that provide online installment loans require that you submit an online application, and once your application is approved the money will be transferred into your bank account by the following business day.
Installment loans are generally available for larger amounts than payday loans – some up to $5, 000 – with the repayments being ongoing rather than being one lump sum, as with a payday loan. Repayment terms vary depending on the state you’re applying from, but could be as long as 14 months.
You can apply for an online installment loan through a direct lender or a loan matching service, with the latter helping you match your application with suitable lenders. You’re generally able to pay an installment loan off early without repayment penalties.
Want to know more? Read the guide to how installment loans work
What features do installment loans offer?
Online installment loans come with various features, and if you’re considering applying, here’s what you should know:
- Application process. You can apply conveniently online and some lenders even provide smartphone apps. With most lenders, you can find out about your application’s status in minutes, and if approved, then accept the loan contract. Once you do this you can expect the money in your bank account the next business day.
- Credit checks. Getting online installment loans with bad credit is possible, primarily because lending norms are slightly more relaxed. You can find no credit check online installment loans through direct lenders and loan matching services, but in both cases you’ll have to demonstrate an ability to repay.
- Fees. The state you live in along with the amount of money you borrow has an effect on how much you pay in fees. Not all lenders charge the same fees, so keep this in mind when comparing your options.
- Loan amount and terms. Both these aspects depend on state laws. In some states you can borrow up to $10, 000 and the repayment period can extend up to five years.
Installment loans: Weigh up the pros and cons
- Get your money quickly. Providers of online installment loans tend to process your application very quickly, informing you of their decision in a matter of minutes. If you accept the loan contract, you can get your money the following business day.
- Bad credit is okay. Conventional loans normally come with stringent lending criteria, but most employed people can consider applying for online installment loans with bad credit as long as they can show their ability to repay the loan.
- Pay over time. Unlike short term payday or cash advance loans that you have to repay by your next payday, you can take longer to repay your installment loan, and most lenders give you the ability to choose between making payments once or twice a month.
- Fees. Online installment loans normally charge higher fees especially in comparison with more conventional forms of credit.
“I want to apply, but is there anything I should avoid?”
There are numerous instances of people taking online installment loans even though they know they might have trouble making repayments. This is a situation you should try to avoid because it can lead to additional charges, collection activity, and it can also have a negative impact on your credit rating.
Once you get the loan, avoid making late payments or you could have to pay have to pay late charges, and make sure you have the required funds are in your account on every due date to avoid paying NSF fees.
Some questions you might have had about these loans
Since the 1970s Saudi Arabia has provided foreign assistance to many countries and organizations.
Between 1976 and 2006, Saudi developmental aid amounted to US$49 billion, second only to the United States of America. The ODA/GNP ratio averaged 4.2% over this period, well above the highest amount provided by Development Assistance Committee...
Student loans in Norway are issued by Norwegian State Educational Loan Fund (Norwegian: Statens lånekasse for utdanning, commonly referred to as Lånekassen). Loans are issued to students following studies at Norwegian universities and colleges, as well as studies abroad which have been approved by Lånekassen. No interest is paid until...
How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye: A Comprehensive Guide for First Time Home Buyers and Home Buyers ... Since the Mortgage Crisis of 2008 (Volume 1)
Book (Ponto Alto Publishing)