An Installment Loan is a simple type of financing that provides a borrower with a fixed amount of money to be paid in regular monthly installments over a fixed period of time. Please note that each payment includes not only a part of the debt but also the interest on the loan. Installment Loans include loans such as Mortgages, Personal Loans, Title Loans, Student Loans, and more. An Installment Loan can also be either secured or unsecured, so the eligibility criteria will vary depending on the type of loan you need.
Installment Loans are popular because borrowers do not have to repay the debt in full on the next payday, such as with a Payday Loan. Moreover, the Installment Loan makes it possible to apply for a fairly large loan amount and has fixed interest rates. If you want to get an Installment Loan, then remember that a late payment can worsen your credit history.
An Installment Loan works like this: you apply, wait for approval and receive money directly into your bank account. You can fill out the form either in person or in the lender’s store, but the fastest and easiest way is of course the online application. All you need to do is provide basic information about yourself, such as name, address, contact information, income information, and more. After the lender reviews your application and makes sure you meet the basic eligibility criteria, they will contact you by phone to discuss the terms of the loan. After signing the contract, you will be able to receive the money directly into your bank account.