Online Installment Loans: How Do They Work


Direct lender online installment loans are a fast, easy, and effective way to quickly get the money you need to tide you over until payday or cover your emergency expenses. As an online installment loan company, we give borrowers the money they need immediately and make a repayment schedule for them with loan installment payments spread over weeks or months. Our loan purpose amount is usually $1,000 or less and our applicant qualifications and repayment terms are so easy, most people can qualify. Our online installment loans are perfect for people who need small amounts of money fast and can’t get it from banks.

Easy To Apply And Qualify

With our online installment loans, the application and qualification process is a breeze. We eliminate the endless paperwork and forms traditional bank loan applicants need to fill out. Instead, you simply go online and spend about five minutes filling out our loan application. Our online installment loan approval process is fast and easy. We don’t run credit checks with the three major credit reporting companies, so you don’t need good credit to qualify. All you need is:

1. A Valid Phone Number

2. A Working Email Address

3. A Checking Account That Accepts Electronic Transfers

4. A Verifiable Source Of Income

No Hassles Or Hoops To Jump Through

People love our online installment loans because they provide the money you need without hassles or making you jump through endless hoops. You can apply online from your home using a computer or a smartphone. We aren’t interested in your credit history. All we need to know is you are over 18 years of age, have a solid source of income, a phone, an email address, and a checking account. Bad credit, slow credit, or no credit history are all okay. Once the online loan application is submitted by 5 p.m. on weekdays and you are approved, the money can be in your checking account the next day.

We Verify Your Source Of Income

One of the most important parts of the loan approval process is the verification of your source of income. One of the questions on our application enquires about your recurring source of income. You are asked to give your employment details or to list the source of the recurring income that you receive. We don’t sell your personal information to third parties, we simply use it to verify your identity in order to make a loan approval decision. If you list an employer, we will contact them to verify your employment status or we will use electronic means to research your source of income.

More Money At Lower Cost

We are an online installment loan company that provides a path borrowers can follow to become eligible to earn the ability to qualify to get access to apply to get larger amounts of money at lower repayment rates. In some instances, borrowers who always repay their online installment loans on time and in full can have the option of their stellar payment record being reported to the credit bureaus. This can help to build and improve your credit history. As an online installment lender, we offer access to free credit education courses, as well as a friendly, responsive customer support team.

Online Installment Loans No Credit Check

One of the most helpful things to many people who need money fast is our online installment loans no credit check policy. Often a single mistake a person makes with money matters early in life haunts them for years. That bad credit can prevent them from living the quality of life to which they aspire. You may be relieved and happy to know our online loans no credit check policy means even if you have bad credit, you can qualify for the emergency loan you need. Plus, by continually taking online installment loans and repaying the fixed rate on time, you can help to improve your credit score and rating.

An Excellent Short-Term Loan Alternative

For many people, direct lender online installment loans are a much better short-term loan alternative to the options they had before. Prior to learning about and gaining access to direct lender online installment loan, many people faced the embarrassment of having to ask family or friends for loans. They often felt less than a responsible adult because circumstances forced them to swallow their pride and ask a loved one for financial help. Others were sometimes forced to face the indignity of having to pawn their automobiles, jewelry, or other valuables to quickly get the money they needed.

A Fast Emergency Loan

If you have ever had car trouble and couldn’t get to work, take your children to school or go to the supermarket because you didn’t have a few hundred dollars to have your vehicle towed to a shop and have needed repairs done, you understand the importance of a fast emergency loan. Our easy-to-qualify for online installment loans can get the cash you need into your empty checking account fast without having to beg the marish and the parish to loan you some money until your next paycheck. Plus, a secured loan can prevent you from having to rack up late fees or skimp on the food you buy your family.

A Harsh Reality

It’s a harsh reality that many people face tough financial choices and are often forced to live lives of quiet desperation and despair because of fluctuations in their income. Often servers, bartenders, and others with paychecks that can vary in size from week to week find themselves facing overdue bills and not enough money. If you need a short-term loan so you can feed your family or pay your bills on time, our online installment loans may be the perfect solution when credit cards and bank loan options are just a fantasy. Our online installment loans may be the solution to your short-term cash flow problem.

Clear, Easy-To-Understand, Terms

You don’t have to be an expert in high finance to understand how our online installment loans work. The loan term is so simple, clear, and easy-to-understand, the average 18 years old can figure them out and use them effectively. There are state laws and regulations that are designed to protect borrowers and ensure our loans are properly and fairly administered. As long as you live in a state where our loans are offered and meet the basic requirements, you have the option of applying for online loans to help you out of a jam when you run out of money and the month is far from being over.

Your Private Information Is Protected

One of the concerns people sometimes have when they are considering applying to an online lender for a loan is will their private financial and employment information be safe during the online installment loan application and loan proceeds. You can also rest assured that your personal, sensitive, financial, and employment data that you provide to us will be well protected. We have very effective systems in place to ensure your important information does not fall into the hands of nefarious characters. All your banking and employment details will only be used to approve your loan request.

How Online Lenders Verify Income And Employment

Our online loans require you to present proof of your employment and income. As lenders, we verify this information before we make decisions on loans. We will attempt to call your employer and verify you are employed there and the amount of your salary. We sometimes ask your employer to simply fax us your employment and salary information. In some cases, loan applicants may be asked to show us pay stubs as proof of their employment and salary amount. Self-employed people can use their most recent tax returns, IRS Form 4506-T, and their business license to verify their annual income and annual percentage rate.

Technological And Electronic Tools

If for some reason we are unable to get in contact with employers to verify salaries and employment, we have several technological and electronic tools that we can use. If HR departments are slow to complete and provide employment your income verification, we can use cutting-edge software applications to verify applicants’ employment and salaries. For contract workers, we use technological tools to verify when their contracts will end. However, if you provide your employer’s name, address, and phone number, it lets us quickly verify your employment information.

Technology Provides Better, Faster Online Loans

As socially responsible direct online lenders we’ are dedicated to helping people meet their short-term financial needs. Our application process can take as little as 5 minutes, doesn’t require you to have good credit, and can provide a near-instant decision. Leveraging technology has helped to redefine the online installment lending experience. Its brought new levels of transparency and innovation to online loans disrupted the industry and improved it significantly. If you’re facing a financial shortfall in your personal or household budget and need a fast short-term loan, effectively using new technologies we can quickly provide you with the small loans that you need to get to a payday loan.

FAQ

How do online loans installment payments work?

It is important to remember that, the installment loans are known as personal or business loans that borrowers must return with routinely scheduled payments or installments. This can be a good option for anyone who is establishing credit, demands instant cash, or can secure regular payments. It is vital to know that for each installment payment, the borrower repays a portion of the principal loaned and also pays the interest on the loan. Installment loans can include an auto loan, a mortgage loan, home equity loan, and, indeed, a personal loan. One of the advantages of installment loans is that they include flexible terms and lower interest rates. Still, there are also disadvantages, as these can include the risk of default and loss of collateral in the bank account.

How fast can you get a loan?

When in a hurry, speed is an absolute must for anyone. Depending on the specific lender, becoming qualified for a personal loan can take as little as minutes or as long as weeks. It is for this reason that online direct lenders are the fastest option for getting a loan. When we fill the data out on an application, it doesn’t technically take more than fifteen minutes as fast if we have all the documents at hand. At certain lenders, users can be approved in a few minutes. Others may want to reexamine the applicability before requesting documentation. In other words, It can take up to a few weeks for banks and a credit union to accept a loan application, although direct loans are a major benefit. This is primarily attributed to the assumption that an online personal loan prefers to use algorithms to handle the demand, while banks and credit unions often depend on workers to sign up.

Can you get a loan if you have no credit?

Many times people who have no credit are denied a loan. To build a history or to access other loans outside of the banks that have denied your application, people should open a history. Users can basically start by paying on time for a cell phone or cable TV plan. Secondly, get a credit: Asking for a credit or loan from the bank where the individual is a frequent customer is more accessible than another financial institution that does not know the person. Feeling excluded from the credit system can be frustrating. However, not all is lost, especially with the modernization of businesses. Good payers will always be compensated.

Will paying off a personal loan early help your credit?

If an individual pays in installments on a savings credit or loan, he or she will pay less interest. Early repayment of a personal loan is quite possible nowadays. Sometimes we wonder if it is better to keep paying the monthly payment to pay the debt, or to arrange the loan payment in cash advance. Most of the time, this is a sizeable cost-benefit in terms of the interest rate paid to an institution. That is, the person will get back all the money or, at least, the loan amounts of the monthly payment that was expected. In the end, it is advantageous for the person as they will have the possibility to make other investments and apply for other different credits. It will also give a positive impression and image in front of the bank and in the existing credit control records, and they can also prove the debt consolidation loan, which will help to get a secured personal loan more easily in the future. In this way, the person will be seen as a good payer. Moreover, it does not matter if the person owns a bad credit loan. However, some banks, therefore, find that if a client does not return the online payday loan as planned or usual, and makes it in advance, it will be discussed as a prepayment penalty. Nevertheless, the main thing is to investigate and be aware of it before any action.