Payday loans have been getting a lot of attention lately with interest rates upwards of 500% a year. The topic brings up another type of loan called installment loans.
Some instalment loans don’t even require a credit check and most offer fast online applications with instant approval.
How are Installment Loans Different from Other Loans?
Installment loans generally are paid off over six or more payments on a monthly or bi-monthly basis versus the one-time payment required on a payday loan.
How to Use Installment Loans to Get Back on Track
One of the most overlooked benefits of installment loans is the increase in your credit score. Installment loans are usually available for three- or five-year terms.
How to Use Installment Loans to Get Back on Track
An installment loan will almost always be cheaper versus a payday loan. That’s because most states have maximum interest rates that can be charged for loans.
How to Get an Online Installment Loan from a Direct Lender
The application includes your contact information, bank account, monthly income and employer info.
How to Get an Online Installment Loan from a Direct Lender
Installment lenders will make a soft check on your credit to estimate your rate. If you agree to the rate and the payments look manageable, the lender will deposit the money directly into your bank account.