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An installment loan is a type of consumer loan that is paid back over time on a fixed number of payments. Installment loans are generally used to build credit, consolidate other debts, or finance large purchases like an engagement ring, car, or house.
Installment loans allow you to make big purchases, build credit, or consolidate debt using borrowed money instead of your own. With a refund term that lasts several years, the payments are comparatively small, making things like automobiles and homes affordable.
An installment loan is usually a one-time loan that provides funds in a lump amount. Lenders calculate your monthly payment so that every payment reduces your loan balance and covers your interest costs, ultimately bringing your balance to zero over the term of your loan.
Generally, the lender will let you see what your monthly payment will be before you accept the loan they offer. Additionally, personal loan lenders often provide beginning monthly payment quotes without affecting your credit score.
The most common types of installment loans are auto loans, student loans, Mortgages, and personal loans.
Typically, this type of loan is repaid in monthly installments over a range of 12 to 96 months, although not all lenders issue loans with the same duration of monthly payments. Long-term loans often come with higher rates than short-term loans.
A Student loan is an installment loan used to borrow money to pay the full cost of their education.
A mortgage is a type of installment loan used to borrow money to purchase a house. Mortgage loans are usually repaid over 15 to 30-year terms with monthly payments.
Personal loans can help if you need extra cash to consolidate debt, pay off sudden bills, finance a major purchase, or cover unexpected expenses. Normally, personal loans should be repaid within 12 to 96 months.
Installment loans offer more certainty than other forms of credit loans. Consider following the pros and cons before you apply for an installment loan.
The payment amount normally stays the same throughout the loan term options for any credit score. Typically possible to save interest charges by paying off a loan early Easy to Manage Small Installments.
Even if you have a bad credit score, you may still be eligible for an installment loan. With an installment loan, you can borrow money at once and pay back it over time by fixed payments.
To find out whether to approve you for an installment loan, several lenders will consider your current debt and available income, rather than exclusively your credit history or credit score. Let’s discuss deeper into installment loans with bad credit.
The most common credit scores range is from 300 to 850. The higher your credit score can indicate that you may be less risky to lenders. Here are common credit score ranges and their ratings.
800-850 Exceptional
740-799 Very Good
670-739 Good
580-669 Fair
300-579 Very Poor
If your credit score is fair or very poor ranges, you may find it hard to get approved for a personal loan. This is because the lending company will likely view you as a risky borrower who may not repay the money.
However, installment loans, cash loans, and payday loans from Easy Qualify Money will not prohibit based on your credit score alone. This option allows borrowers with bad credit to be eligible to apply and maybe get a loan approval when they need money most.
To apply for an Installment Loan, you will need to provide an active checking account, government-issued ID, proof of income, checking account, and valid ID showing you meet the minimum age requirements.
When looking for installment loans, look for the following features:
Your interest rate determines how much your loan will finally cost you. Having a good credit score will help you be eligible for the lowest interest rates.
Loan amounts: Your loan amount may determine which lender you choose, as some lenders have loan amounts as low as $100 and others extend loans as high as $50,000 to $100,000.
Your credit score is one of the most significant factors in determining your eligibility for an installment loan, lenders may also look at your source of income and debt to income ratio. Meeting a lending company’s standards is the best way to get the lowest interest rates.
Most loan lenders set refund terms at 2 to 5 years, although some offer terms as high as up to 10 years. Choosing a short-term repayment will increase your monthly payments but you will get lower interest overall.
Qualifying for an installment loan may provide a short-term solution to cover emergency expenses or consolidating debt or paying off sudden expenses like medical bills. Unlike Easy Qualify Money loans, which are usually due to being paid in full on your next payday, Easy Qualify Money installment loans normally offer a longer repayment period, and sometimes you may be able to qualify for a larger loan amount than a payday or other loans.
At least, you will need the following to qualify for an installment loan:
Be at least 18 years old
Active Checking Account
Government Issued ID
Source of Income
Social Security Number
Working telephone number
Opportunely, alternatives to installment loans are available. The alternatives to installment loans we will be covering below are:
1. Title Loans
2. Peer to Peer Lending
3. Credit Unions
4. Payday Loans
If you need money now, then you need to work with skilled professionals who will make sure that your money is deposited as fast as possible. Contact Easy qualify money today or fill the form online to get started with your application process!
