Anatomy of a Personal Installment Loan
When you need to finance a purchase, or raise money to cover an emergency, you might consider personal loans as a funding option. These are good choices for a lot of reasons. Not only can you get personal installment loans fast, but the application process is simple as well. Here is what you need to know about fast personal loans, as well as tips for your application and loan payoff.
How Personal Installment Loans Work
With installment loans, you borrow a fixed amount of money and agree to make scheduled payments until the loan is paid off. Installment loans have a longer payoff period than some other loan types and the payments are exactly the same for the duration of the loan (except the last payment). Both of these factors make installment loans a manageable option.
A personal loan is a short term loan that can range from just a few hundred dollars to a few thousand, depending on your needs and qualifications. You can use the money from short term installment loans to pay bills, cover an emergency expense, or make a special purchase. Unlike some other options, interest rates on installment loans are fixed and the lender should disclose all fees so you won’t be surprised later. Short term installment loans are generally easy to obtain and you don't have to have outstanding credit to qualify. In fact, you may not have to have a credit history at all.
Qualifying for Personal Loans
Qualifying for personal installment loans is easier than most think. This type of loan is also referred to as an unsecured loan because they are not “secured” by collateral such as a car or home. For this reason, they are sometimes called signature loans. Online personal loans have a very easy application process, because there is no in person visit required. You need only complete a simple online application and meet a few requirements for the loan. Applicants should be 18 years or older and a permanent U.S. resident. All applicants must have a phone number and a working email address. Most importantly, you need an open bank account in good standing and a steady, verifiable income each month.
The particular loan terms will depend on a variety of factors, such as your income, length of employment, and other credit information. Once your application has been approved, you will receive loan terms. You could have money deposited into your bank account in as soon as the next business day.
Paying Off Personal Loans
When you take out a personal loan, making your loan payments should be a top priority. If you elect to make payments by direct debit, the lender will likely set up periodic payments that automatically draft from your bank account. This autopay feature is a benefit because it helps you to better plan your spending and to avoid late payments on your loan.
There are many types of loans that you can use when you need a source of quick money. Some are better than others. When you choose installment loans, you have the benefit of knowing upfront how much your payments are going to be so that you can make an informed borrowing decision. Also, once you've made those required payments, your loan will be closed in good standing.
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Consumer Notice: Our loans should be used for short-term financial needs only, not as a long-term financial solution. Individuals with credit difficulties should seek credit counseling. For more information, please see our Financial Wellness Page.