What Is an Installment Loan?
An installment loan is an amount of money you borrow for a fixed period of time, which may last longer than when you get a payday loan. The loan payments may spread for several months. Compared to short-term loans, an installment loan has a longer repayment period. One of the benefits is that this loan option costs less than a payday loan. However, there are certain things to bear in mind if you are going to apply for an installment loan online.
What Makes Installment Loan a Good Solution for Me?
An installment loan is a good option for you to choose if your situation is as follows:
- I need over $1000 now.
- I won't be able to repay a loan in one lump sum next month.
- It is more convenient for me to make loan repayments in equal parts over the whole period.
An installment loan option should be chosen when a payday loan can't satisfy your current needs. The main features, which make this type of loan different are the larger amount of money you can get and the longer period of time for the loan repayment.
How Can I Get It?
The procedure of getting an installment loan doesn't differ from the process of applying for a payday loan online. Hartloan.com has made it easy to get the necessary amount of money in just several clicks. So, what are the steps you should make to get the desired loan? Check them below:
- Fill out a website application form online.
- Provide the direct lender with all the necessary information.
- Wait for the loan decision.
- Get your installment loan directly into your banking account.
When filling out an application form, you should be very careful. Check your contact, employment, and deposit details before submitting an application. If you make a mistake, it may prevent the lender from the loan approval as the decision is taken on the information provided.
How Much Can I Borrow?
When choosing an installment loan online, you can get up to $4000-$5000. Installment loan amount varies from lender to lender. In any case, you can get several times more than when applying for a short-term loan. The loan amount is divided into equal parts for you to repay. Installment loans are intended to be paid back in installments during the period agreed between the direct lender and the borrower. It can last for several months or sometimes even reach one year depending on the lender and the borrowed amount of money.
When Will I Get Money?
The process of getting money is convenient and fast. You don't have to go anywhere. The lender is going to send you the approved loan amount directly into your account. In most cases, it will take no longer than one business day.
- How much will an installment loan cost me? An installment loan costs less in comparison with a payday loan due to the fact that installments are spread out for several months. Only after being matched with the installment loan lender, you will be able to know the exact APR as it may vary from lender to lender reaching 30%.
- How should I make the loan repayment? Before signing the loan agreement, you should agree on the repayment date with the lender. An installment loan supposes that the borrower will repay money in installments on the regular monthly basis. There is no need to go anywhere to pay the loan back. The fixed amount of money will be withdrawn from your banking account on the due date every month until you pay the loan back in full.
- What if I delay my installment loan repayment? If there is no money at your account and you can't make the repayment on time, the lender may charge extra percentage for violating the repayment schedule.
Get an installment loan to realize your big projects but take this decision seriously not to delay monthly repayments.