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A variety of loans are currently familiar to today's consumers, including home loans, car loans, home equity loans and credit card advances. Online installment loans are a relatively new type of short-term loan primarily intended for borrowers with bad credit or even no credit. Borrowers typically use these loans to pay for essential living expenses. Online installment loans usually receive instant approval, as compared to the lengthy approval process that's common for traditional loans.
An installment loan is generally a loan for a specific sum of money that the borrower repays with interest through a series of fixed payment at regular intervals. The interest rate depends on factors such as the lender, size of the loan and borrower's financial history. Installment loans are often unsecured, meaning they don't require any type of collateral.
Most states allow installment loans, but you'll need to check with your lender to determine if they're available in your state. These loans generally require you to have a job or other means of regular income and a checking or savings account. You'll also need to be at least 18 years of age and provide contact information such as a phone number and email address.
Lenders typically provide the interest rate on an installment loan as an Annual Percentage Rate (APR). This rate is the cost of the loan expressed as a percentage of the amount borrowed when converted to an annual rate. Use the APR to compare the interest rate on an installment loan with that of other potential lenders such as banks, credit cards and friends to determine which lender offers the best terms.
The application process for an online installment loan with instant approval is completed entirely online and is usually very fast, about 10 minutes for most people. You'll know instantly if you've been approved in most cases. However, some applicants may need to provide a voided check as proof of their identity before they can be approved. The loan is usually deposited directly into your bank account within one business day.
The options for making payments for an online installment loan may generally be classified into automatic and manual methods. An automatic payment is debited directly from your bank account and is the easiest way to ensure you make your payment on time. This method will require you to contact your lender to set it up. Manual payments generally consist of mailing a check or money order to your lender's mail processor.
Most lenders of online installment loans with instant approval require at least two business days to make changes to a borrower's account. These may include changes to the payment method, amount or schedule. A manager will typically need to approve these changes.
Comparison with Online Payday Loan
Installment and payday loans are both short-term loans, but there are distinct differences between the two products. You can choose the term of an installment loan, which is usually a few months. The payments apply to both interest and principal, and you can pay off the loan early without penalty. A payday loan has a fixed term, usually no more than two weeks. You need to repay the entire amount at this point or roll the loan over for another loan period, which will incur additional fees.