While traditional California payday loans are great for very small unexpected expenses, you may find yourself in need of a larger loan. Paying for major auto repairs, consolidating bills or managing multiple unexpected expenses will require a larger loan amount and a small dollar payday loan will not be enough to help you meet your financial objectives. This is when it may be time to look into larger loan options like Personal Loans or Online Installment Loans in California. Online Installment loans allow eligible California residents, who may not qualify for a bank loan, access to the larger credit amounts that they need.
Online Installment Loans in California have a higher maximum loan amount and a longer repayment schedule than small dollar payday loans.
How California Installment Loans Work
Once a state licensed online lender has approved your application for an Online California Installment Loan, your loan will usually be deposited into your checking account within 1-2 business days.
The minimum loan amount offered by most state licensed lenders is $2, 500.
Since California Installment Loans Online have a medium loan term and a larger loan amount, the installment loan is typically paid back through a series of payments over 18 – 24 months.
Most lenders will set each installment payment amount to include principal and fees, payable as a series of payments over the loan term.
Since your circumstances may change a lot in 18 - 24 months, many direct lenders will allow you to make partial payments or pay the loan in full, ahead of schedule, with no penalty. This option allows you to reduce the overall amount of interest and/or fees payable on the loan.
Am I eligible to apply for a California Installment Loan Online
Installment Loans offered by most direct lenders ask that you meet their minimum requirements in order to be eligible to apply. These requirements vary by lender with some of the most common minimum requirements being that an applicant must:
- Must be 18 years of age or older
- Reside in the State of California
- Have an checking account
- Have a regular source of income
- Have a valid contact number and active email address
- Have a valid Driver’s License
- Not currently have filed or anticipate filing for bankruptcy for the duration of the loan term
Does a California Installment Loan Help Build My Credit
Some lenders will perform a traditional credit check to determine whether or not you qualify for an Installment Loan. Where a traditional credit check is completed and the lender has approved your application for an installment loan, the lender may report your payment history to a credit bureau.
This means that borrowing and successfully repaying a California Installment Loan can help establish, maintain and rebuild your credit status. Having a positive payment history by paying back your Installment Loan on time will therefore assist in improving your overall credit score. For example, having a higher credit score may help you secure a mortgage, car loan, or possibly a lower interest rate on future loans.
Kwedit was a website that helps people without credit or debit cards to purchase virtual goods online. People could purchase items online and promise to pay for the items later, through mail-in payments, payments at a 7-Eleven store, or through a credit card online. Kwedit ceased operations, but their Kwedit-Direct offering became PayNearMe, a...
An online wallet is a program or web service that allows users to store and control their online shopping information, like logins, passwords, shipping address and credit card details, in one central place.