Online Installment Loans 101: All You Need to Know

 

If you’ve ever tried to borrow money before, then the chances are very high that you have heard of something called installment loans. It wouldn’t be too surprising, in fact, if you had already taken out some sort of installment loan already at some point in your life. 

Why is that? You see, installment loans are actually the most common type of loan given to people by lenders. Auto loans, home loans, and even longer term personal loans are all considered installment loans. Thousands of these types of loans are given out to people just like you, every single day. 

Are you facing a situation where you need a larger sum of money than a simple payday loan could offer you? Something you can pay back in small increments over several months, or even longer? Installment loans can be personalized to your needs, as every loan is unique, since every personal financial situation is unique. 

You’re not just limited to brick and mortar lenders or banks, either. Thanks to online installment loans, even people with bad credit can get a loan if they need it. Does this sound like you? If so, then you should learn more about installment loans online with Personal Money Network so you can get access to the money you need today. 

First Off, What Are Installment Loans?

This is a very simple question to answer. While some types of loans can seem rather confusing, installment loans are really rather simple to understand. With installment loans, you pay your loan back over a set period of time (usually a few months to even a few years), paying a set minimum amount per month. 

Since you’re paying it in installments instead of paying back the whole lump sum in one payment, it is dubbed an installment loan, and not a payday loan where you would borrow a smaller amount of money to pay back on your next paycheck. Your installment loan becomes just another bill for a set amount of time, until it is fully paid off. 

Is It Simple to Get Installment Loans Online? 

Many people think getting any type of loan online can be difficult, or that they don’t have any chances of getting approved. This usually couldn’t be further from the truth. In fact, more people who deal with credit issues find that they are far more likely to have their loan application approved online than at a local bank or brick and mortar lending institution. 

There are literally thousands of online lenders, all looking for your business. They all have different things going for them, so you will, of course, need to do your research on any lender you plan to do business with. Make sure you are aware of any fees and taxes that will get added to your loan, and read plenty of reviews online about your chosen lender. 

Once you’ve found a lender you like, though, getting access to the money you need is simple. You’ll log into the lender’s website, and you’ll begin to fill out your loan application. Be honest, and let the lender know exactly how much you need. You’ll provide more information, including your name, employment and banking details, and then you just wait for your loan decision. 

Decision Day: How Long Does it Take?

When applying for installment loans online, you obviously don’t want to have to wait very long to find out if you’re approved, because you’re hoping to have money in your hands as soon as possible. While it can take a while for traditional loans to be approved through the snail mail, you’ll find the world of online lending to be a little faster paced. 

For most people, they will find that they receive their loan application in just a few minutes after clicking the Submit button on their loan application. Whether you’re approved or denied, the good news is, you won’t have to wait long to find out. 

How Much Can I Get When Applying For Installment Loans?

The majority of installment loans are usually in the range of $1000. Some can be more, and some can be less, entirely depending on the needs of the loan applicant. The great part about installment loans as opposed to other types of loans, like payday loans, is that you don’t have to pay it back in one go. 

With installment loans, you can simply pay it off in smaller amounts every month until it is fully paid off. If you’re lucky, your lender will be one that reports to the main credit bureaus, so that your on-time loan payments will be reflected in your credit score. 

You’re Never Out of Options

From bigger installment loans to specialized installment loans for folks with bad credit, you’re sure to find a lender who is willing to work with you online. Once you’ve got your loan decision in hand, if approved, all you need to do is wait for your loan to show up in your bank balance, and then you will be able to cover whatever situation has arisen in your life. 

Rest assured, you’re never out of options. If you’re resourceful enough and know where to look, you can find a way to get the money you need, whenever you need it.