Have you ever had student loans, a mortgage, or even a car loan? Then you’ve had an installment loan. An installment loan is repaid in a fixed number of payments of the same amount over a set period of time. Most installment loans have monthly payments, but some lenders do allow weekly or bi-weekly payments too.
Keep reading to understand the ins and outs of installment loans so that you have the right information when making financial decisions.
What are Installment Loans?
Installment loans are granted to a borrower with a fixed number of payments and amortized to include a certain amount of principal and interest. When used effectively they can be an excellent tool to strengthen your personal finances.
Installment loans are very straightforward and have a set amount, set loan term, set monthly payment, and (most of the time) a set interest rate. The team at LoanAtLast prioritizes transparency and encourages all of our customers to view our Terms and Conditions and Availability & Rates so that loan terms are clear and the entire loan process is simple.
Typically, they are helpful in covering large lump-sum expenses that were unexpected or out of your reach through average savings.
What Can Installment Loans Be Used For?
- Rent and Home Repair
- Utility Bills
- Vet Bills
- Lost or Broken Cell Phones
- Car Repairs
- Moving Expenses
- Owed Taxes
- Pursuing Higher Education
The list goes on and on, but if you’re unsure about whether your need is covered, let’s talk! One of our customer service experts can help you find the appropriate financial solution. Unfortunately, costs like these can lead to people using credit cards, which may have negative consequences on your finances in the future.
If you want to keep your financial standing in a good place or you’re looking to improve, an installment loan could be the answer. LoanAtLast will make sure that paying off your loan is manageable and in line with your means. Let’s get into some other common questions.
Is it Hard to Get an Installment Loan?
LoanAtLast makes it simple for people with all types of credit backgrounds to apply for the loan they need as long as they are 18 years of age. We also verify income, banking history, and your ability to repay the debt, as well as that you are free of any current debtor status in a bankruptcy case and not presently seeking to file for bankruptcy.
Some easy ways to improve approval are:
- Have proof of income—not necessarily a full-time job, this may be disability, public assistance, or even a part-time job, for example.
- Have an open and active checking account
- Valid identification
Do you meet the above criteria so far? Great! All you need to do is fill out a simple online application and once verifications have been completed, you will be presented with transaction documents and applicable disclosures for your loan. If you agree with everything, then you will be asked to sign the documents electronically. In most cases, your money is deposited as soon as the next business day. If you need a quicker resolution, just get in touch with our customer service team at (844) 676-8550.
Installment loans can be great financial resources that not only allow you to invest in yourself, but they can also increase your buying power when you are mindful of how much you borrow and keep installment payments within your means.
3 Questions to Ask Yourself About Installment Loans
Now that you have the basics down, here are a few important questions to take into consideration when looking into installment loans.
- What Can I Pay?: Before entering into any loan agreement, you should consider how much you can afford. Create a monthly budget and then speak with one of our experts to determine a loan payment estimate. Don’t forget that taking on debt may mean cutting back on savings.
- When Do I Have to Pay the Loan Back?: The amount of time you have to pay back your loan (loan term) will depend on a few things, like the amount you borrow and the type of loan you choose. While some lenders penalize borrowers for paying off loans early, LoanAtLast does not and encourages paying off loans as quickly as possible to avoid finance fees.
- Do I Meet All of the Requirements?: In order to apply for a loan, you’ll need to meet certain requirements. LoanAtLast makes the process simple for our customers—be at least 18 years of age, be free of any current debtor status in a bankruptcy case, and not presently seeking to file for bankruptcy.
Applying for an installment loan is a simple task, but requires some thought beforehand. Hopefully these 3 questions will help shed some light on this financial decision. If you have other questions you can check out our FAQ page.
Comparing Different Installment Loans—What To Consider
When considering the different options for installment loans, there are various characteristics you should keep in mind. Each lender will have something different, but the most important things to consider include:
- APR: This is the cost of your loan plus the interest you’ll pay over the total life of the loan. Compare the APR of the different loans you’re considering. APR was designed to allow consumers the ability to evaluate a loan product over the course of a full year or 365 days, but our installment loans are designed to be paid back over a period of five to ten months which is why the APR at LoanAtLast may seem higher than others.
- Fees: Does the lender you’re looking at have early repayment fees? Although some lenders opt to penalize borrowers for repaying early, LoanAtLast does not. Familiarize yourself with the potential costs so that there are no surprises.
- Payment Dates: Life can be full of surprises and it may not always be possible to pay on the scheduled payment date. If you find yourself in a situation like this, LoanAtLast’s customer service is happy to assist in establishing a payment solution.
- Terms: These will determine just how much your loan will cost you per month meaning you definitely don’t want any surprises here. Our mission is grounded in being completely transparent so that all of our customers understand 100% their loan.
- Speed: How quickly do you need your money? Will you be able to receive the funds you need by the time you need them? When you borrow from LoanAtLast you can expect that our loan applications fully verified and approved Monday-Thursday by 6:30 PM Central Time will be funded as soon as the next business day. Loan applications fully verified and approved Friday by 6:30 PM Central Time will be funded as soon as the following Monday so long as the Monday is not a bank holiday.
What is most important to you when it comes to your financial needs? Is it the speed of the loan? Perhaps it’s the overall cost? Take some time to analyze what your priorities and needs are when seeking an installment loan.
The Benefits of Installment Loans
Now that you have some clarity on what installment loans are and how to apply for one let’s get into why exactly they’re a good idea. Applying for an installment loan online, through lenders like LoanAtLast, can offer various benefits. Here are a few of the top reasons.
- Convenient Application: When you seek an installment loan from LoanAtLast you can enjoy the entire process from the comfort of your own home or on your mobile device while out and about. Just fill out our online application!
- Open Eligibility Criteria: LoanAtLast lends to people from all credit backgrounds. However, we do require verification of how you can repay your loan by confirming your income, reviewing your banking history and assessing your ability to pay back the debt.
- Transparent Terms: We strive to be completely transparent with our customers and want you to feel involved and aware throughout the loan process. We have posted our rates and terms here so that you have an idea of the big picture before getting started.
- Get Your Money Fast: If everything checks out, meaning your information was received and approved by 6:30pm Central Time, you can receive your cash by the next business day! The specific time for availability of funds will largely depend on your bank’s processing schedules, policies, and any holidays.
- Encourage Early Repayment: The LoanAtLast mission is unique in that we do not penalize our borrowers for paying back their loan ahead of schedule. Actually, it’s quite the opposite! We encourage all of our customers to pay back quickly in order to avoid finance fees.
Installment loans are not long-term financial solutions and should not be treated as such. While it can be an expensive form of borrowing it is an effective option, we hope that all of this information has been helpful as you assess your options for resolving unexpected financial burdens.
LoanAtLast operates to help you get what you need, when you need it! We want to help you in your time of need so that you can focus on the important stuff. By offering transparent terms, an easy and accessible application process, and quick funds transfer we get you the help you need. We also offer customers the right to cancel, if you find that an installment loan does not adequately fit your needs you may cancel by 4pm CST of the next business day after the cash disbursement date.
We don’t always lend in every state and frequently change our states of operation; presently we can offer loans in every state except to residents of Arkansas, District of Columbia, New York, Pennsylvania, Vermont, Virginia, West Virginia and Wisconsin. Please check back as we frequently add new states.
LoanAtLast is Here to Help
To make things as easy as possible for our customers we are proud to offer a user-friendly online system that allows you to keep track of your loan details or re-apply for a loan. You can also find a copy of your loan agreement by signing into your account. We offer solutions for short-term borrowing needs and are not intended to be long-term financial answers.
We take your privacy very seriously and employ various security measures, like computer safeguards, secure files and buildings. We also maintain physical, electronic and procedural safeguards such as computer virus protection software, firewalls, and a 256-bit Secure Socket Layer. In an effort to keep our customers engaged and educated about important financial resources as well as essential money management tips, we frequently post to our Money Matters blog—you can check out our previous posts here!
You don’t have to take our word for it though, instead check out our more than 1,300 customer reviews and see what we’ve been able to help our customers with!
Get In Touch
You can learn more about LoanAtLast, our mission, and our principles here. If you’re ready to fill out your installment loan application you can do so here. Have questions or concerns? We’re ready to give you answers! Give us a call at (844) 676-8550 Monday-Friday 7AM-8PM CST and Saturday 8AM-4:30PM CST, or send a message to [email protected].