Installment loans - when you need them

Maybe you’re interested in getting a loan, but you’re not sure which type of loan is best for your situation. A lot of different words and terms get thrown around, like payday loans, installment loans, personal loans, and it can be confusing to keep them all straight.

For many potential borrowers, online installment loans are an option worth considering. When looking for installment loans online, it’s important to do the proper research, so you know the loan entails. At GetCash, our online form can help connect you with a lender who may offer long term installment loans, installment loans for bad credit borrowers, or other types of installment loans.

So before you make a decision about whether or not an online installment loan is right for you, read on to learn more about these types of loans and some important facts.

What Is An Installment Loan?

Simply put, an installment loan is a cash loan that requires a fixed number of equal-amount regular-payment installments, which are to be repaid completely by an agreed-upon date. One of the most common types of installment loans are home mortgages, which you have most likely heard of.

Installment loans are an option if you need fast cash and have less than perfect credit. Plus, taking out an installment loan and making your payments on time can actually improve your credit score over time. So it’s definitely worth considering if you need some extra money fast and you’re confident you can stick to the terms of the loan.

GetCash can help you start the process of requesting an installment loan online with our simple form. It can get you connected with a lender, and if you are approved, you might get the funds as fast as the next day.

Of course, like most loans, the terms can vary based on certain factors, including credit history income level, and the amount requested. Lenders might offer loans from anywhere between $1,000 to $5,000. So, for example, if you need $3,000 to help pay auto loans or $4,000 for medical bills, an installment might be an option to consider if you get approval from a lender for the terms you desire.

installment loans

Should I Consider Online Installment Loans?

Unfortunately, getting a loan from a traditional source may require a lot of paperwork and long wait times when it comes to requesting a loan or cash advance. Financial institutions like banks often take longer than online loan companies, so if you’re looking for a fast and convenient way to start the loan request process, looking online might be a good option. There are lenders online who offer long term installment loans and some may even offer guaranteed installment loans for bad credit borrowers. It may be difficult to find small installment loans with no credit check, since most lenders will want to know your credit history, even if they operate primarily online. Still, there are lenders out there who can offer bad credit installment loans if you meet the right qualifications. So don’t be afraid to start the loan request process, even if you have bad credit.

Online personal loans can also be a useful resource for people who live in small towns, where local banks and credit unions may no longer be in business. And if your schedule doesn’t permit you to get to the bank during their normal working hours, searching online can allow you to start the loan request process from anywhere with an internet connection, at any hour of the day.

How can I use an installment loan?

Installment loans can be used to help fund a variety of different purposes, which is why they are a good option to consider if you run into an unexpected major expense and need some extra cash on hand.

Like other personal loans, there are many common types of expenses that you can take care of with an installment loan. You could use a loan to:

  • Help consolidate debts
  • Pay for medical bills
  • Make down payments on things like cars, houses, RVs, boats, or condos.

You can also use an installment loan to help fund home repairs, so if your home has recently experienced damage, it might be an option to consider.

And if a lender approves you, you may get the funds as fast as the next business day, so online installment loans can be especially useful for people who need cash quickly.

What are the Advantages of Installment Loans Online?

Some of the many potential advantages of online installment include a potentially fast request process. Once you fill out GetCash’s simple online form, you can be connected to a lender as quickly as a few minutes. Also, requesting a loan online allows you to carefully review the terms if you do get approval from a lender. And it’s important to review these terms carefully.

There may be an origination fee on the day of funding, and you’ll want to know how much your potential monthly payments will be. One of the most important things to keep in mind before taking out a loan is whether or not you’ll be able to adhere to the loan terms. A potential advantage of installment loans is that if you keep to your payment schedule and pay back the loan in a timely manner, you can actually improve your credit score over time. This, in turn, can help you get better, more competitive loan terms in the future.

And when you request a loan online, there is often less paperwork and less time spent waiting than if you were to try and request a loan at a traditional financial institution like a bank. Plus, the myriad possible expenses that an installment loan can be put towards can make it an option worth considering if you need some extra cash for medical bills, credit card debt, or other costs.

Important Things to Know About Installment Loans

Different states may have different rules and regulations when it comes to interest rates, loan amounts, and other details regarding loans. So depending on where you live or where a lender operates, there might be certain restrictions on what type of loan you can get.

Bottom line, it’s important to do your homework and make sure a loan is really the right option for you before you get the process started. One of the worst mistakes you can make is to take out a loan with terms that you cannot adhere to. If you miss payments or if you default on the loan, it can seriously impact your credit score.

On the flip side, if you make your payments on time and show that you can be trusted with a loan, your credit score might improve, which could open up the possibility for more favorable loan terms down the line.

GetCash can help you connect with a lender quickly via our simple online form. We work with a variety of direct lenders and loan companies, some of which offer loans to borrowers with bad credit or poor credit. So if the bank has let you down in the past, or if you don’t have time to wait in long lines and would rather start the loan request process from the comfort of your own home, on your time, consider using GetCash to get started.