What is an installment loan?
Loans that are designed to be repaid in multiple installments over a set period of time are known as installment loans. The different types of installment loans include mortgages, car loans, student loans, and most other common loans. Each typically requires you to make equal monthly payments until the loan is paid in full.
Our lending partners offer installment loans that are designed to help with immediate needs. They can help with any kind of unexpected expense, from home repairs to utility bills and anything in between.
How much does an installment loan cost?
There is no cost to fill out our form and submit your information to our network of lenders. If a lender decides they would like to work with you, the lender will provide detailed information about the cost of your loan in the offer they send you. Please carefully review any offer you receive from a lender to make sure it meets your needs and you fully understand the terms.
How soon can I get my money?
If a lender offers you a loan and you accept, you may be able to get the money deposited directly into your account as soon as the next business day. Accepting a loan offer on a weekend, holiday, or any other non-business day may affect how long it will take for you to get your money; in these cases, it may take a bit longer.
How will I know if a lender decides to work with me?
After you submit your information, lenders will review it to determine if they would like to work with you. If a lender would like to work with you, you will be transferred to the lender’s website. If the lender makes you a loan offer, you will have an opportunity to review and approve the terms and conditions of your loan offer.
What are the terms of my loan?
Short Term Loans, LLC is not a lender. So that information is not available to us. Once you have found a lender to work with they will send you the terms and conditions of your loan offer. It should include the interest rate, dates for repayment, finance charges, and more.
Different lenders offer many different kinds of loans. Remember, you have a choice whether or not you want to accept the loan offer. If you don’t agree to the terms, you can decline and resubmit to find another lender.
How do installment loans work?
After applying for and accepting an installment loan, the lender will fund the loan in full. Typically, they do so by depositing cash into your bank account. Once you receive the funds, you must repay the loan, usually with interest, by making regular payments as scheduled in the loan terms. After repaying the loan in full, the lender will close the loan account.
What are online installment loans?
Online installment loans are simply installment loans offered over the internet. In most cases, taking out an online installment loan is faster and simpler than visiting a bank to apply in person. Here at Short Term Loans, you can get lender-approved for an online installment loan in as few as five minutes.
Online installment loans are not typically long-term financial solutions. Instead, they’re meant to help with immediate needs. Before accepting an online installment loan, be sure to read the rates and terms carefully to confirm they meet your needs.
What is an unsecured installment loan?
Installment loans fall into one of two categories: secured and unsecured. Unsecured loans do not require any form of collateral. Secured loans require the borrower to put up some form of collateral to guarantee repayment.
If the borrower fails to repay a secured loan, the lender may repossess the collateral. Home equity loans are one example of a secured loan. The borrower puts up their home as collateral. As a result, the lender can be confident that the borrower will repay the loan, either by making payments or by forfeiting the home.
What do you need to get an installment loan?
Our lending partners make it as easy as possible to get an installment loan online. To do so, you’ll need the following:
- Email address
- Social security number
- Driver’s license or state ID
- Regular source of income
- Checking account
If you have all of this information, you can get started now and have cash in your account as soon as the next business day.
Why do loan companies ask for employer’s details?
Loan companies ask about your employment information to determine how likely you are to repay the loan on time. Consistent work history and salary both suggest that you are an excellent candidate for a loan.
Can I get a loan without a payslip?
Yes! Our lending partners generally do not ask to see a payslip. This makes it far easier for self-employed borrowers to take out a loan.
Can a 17-year-old take out a loan?
No. In the United States, you must be 18 years of age or older to take out a loan. 17-year-olds are still considered to be minors in the eyes of the law and are, therefore, ineligible to take out loans in their name.
Where can I get an installment loan?
You can get an online installment loan right here on our website in a matter of minutes.
Can I have more than one installment loan?
Yes, taking out multiple installment loans is common. Many people have one installment loan for their house and additional installment loans for their vehicles.
However, when considering additional loans, you need to make sure you can make the payments on your existing loan(s) and the new loan(s). With this in mind, we generally do not recommend taking out multiple loans from our lending partners at the same time. Instead, we suggest you determine the full amount you’ll need and take out a single loan for that amount.
Do installment loans help your credit?
It depends. Taking out a loan and making all of the payments on time will help your credit score if the lender reports the loan to the credit agencies. However, not all lenders will do so.
Generally speaking, taking out any loan or line of credit and making every payment on time will boost your credit score. And, generally speaking, failing to make loan payments on time will negatively impact your credit score.
Can installment loans be paid off early?
Yes, most installment loans can be paid off early, and doing so can reduce the total interest you owe on the loan. But every loan is different. So be sure to read through the loan terms to determine whether or not you can pay off your loan early.
