Installment Loans in the USA

Contents:

What is an Installment Loan?

What is the Difference between Personal, Installment and Payday loans?

Bad Credit Installment Loans.

NO Credit Check Installment Loans.

How you get an Installment Loan.

Secured vs Unsecured Installment Loans.

Installment Loan Calculator: rates and cost.

Instant Approval Installment Loans.

Online and in-store Installment Loans.

What is an Installment Loan?

Compacom.com service offers you to compare and find the best Payday Loan, Installment Loan and Personal Loan companies both online and in-store. There are more than 300 direct OLA certified lenders on the website. Borrowers looking for average amount cash advance should pay attention to Installment loans. They vary in the amounts from $1000 to $5000 and are given for 2-36 months requiring neither a guarantor nor collateral and paid back in fixed equal installments, usually monthly.

It’s usually unsecured, i.e. doesn’t require any guarantor or collateral which makes it even easier and faster to get ¹.

Installment Loans - National Consumer Law Center (pdf)

What is the Difference between Personal, Installment and Payday loans?

To choose the loan most profitable in your particular situation you must understand the difference between Payday, Personal and Installment types of cash advance ². Installment Loans are given in the amounts ranging from $1000 to $5000 for the period of 6-60 months and paid off in scheduled monthly parts. If your financial needs are more serious, apply for a Personal Loan. They are characterized by long terms and rather high amounts of cash advance, up to $35,000. If $1000 is enough to cover your needs and you feel the ability to repay it with your next paycheck – apply for a Payday Loan.

Just to give you some brief information and a chance to compare we present the following table:

As you can see, Installment Loans are different from personal only by the amount, having the same terms and other conditions. The difference with Payday cash advance is much bigger. It concerns both sums and terms. Payday APR is rather higher while the repayment period considerably shorter. So it’s up to you to decide how much you need and when you can pay it off and we’ll be glad to help you get the money.

Bad credit Installment Loans. 

When it’s decided whether ti approve you for an Installment loan, it’s necessary to learn how risky you are. To measure it the lenders check your credit score. “A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual”.⁵

90% of lenders rely on FICO (Fair Isaac Corporation) score. It’s based solely on your credit report and is determined by such factors as payment history, current level of indebtedness, types of credit used, length of credit history and new credit accounts. It ranges between 300 and 850 and divides all the borrowers into 5 groups ³:

The majority of our service visitors are the US residents with a Fair or Poor FICO Credit Score. Such people are not eligible for a loan from banks, credit unions or other official organizations. For our lenders your credit history is not the only important criterion. Your application for an Installment Loan, as well as a Payday Loan or Personal Loan will be considered in any case.

The lender can check your credit report but just in order to decide on the amount you are able to borrow and pay off. Sometimes installment cash advances can even help you to consolidate your debts, pay some urgent bills and improve your credit score.

     FICO credit score.               Raise your FICO score.         Loans to improve your credit.

NO Credit Check Installment Loans. 

Every time you apply for a loan, you are subject to a credit check. It’s not a must but is included into the lender’s rights. As they consider your application they firstly will inquire some information from you on the phone or the Internet concerning your income, liabilities and assets. If these data satisfy their approval conditions, they may request a credit check which will be the key factor whether to give you a loan or not.

Credit checks, or inquiries can be soft and hard. It’s soft in case you check your own credit score or the lender preapproves you for a loan. If it’s already the matter of making a lending decision, it’s hard inquiry. They usually occur when you apply for any kind of loan ⁴.

Soft inquiries can occur without your permission, but don’t worry – they won’t affect your credit in any way. Hard inquiries are made only with your allowance. It’s usually a typical part of a lending process. They can slightly lower your credit score and will stay on your report for two years. Payday and Installment loans are usually granted without hard check, thus not affecting your credit history.

How you get an Installment Loan:

"Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame". Muhammad Yunus

That's why if you can't get approved for a loan by a bank or credit union or other traditional financial institution, a good option is bad credit unsecured Installment Loan. All the process of taking an installment cash advance is very simple, safe and convenient. It consists of several steps and takes less than 24 hours from applying for a loan to getting it. Using Compacom you have two main options:

1. Choose the amount you need, it will mainly determine whether Payday Loan, Installment Loan or Personal loan will suit you better, compare all the direct partners offering this kind of cash advance, learn their rates, terms and fees and choose the most suitable, reliable and profitable from your point of view.

2. Fill out a simple free application form online and get instantly connected with more than 300 direct lenders both online and in-store to get their approval and have the money deposited into your account in less than 24 hours.

• Both ways are easy, quick and safe.
• Application doesn’t involve any obligations to accept a loan.
• There is no prepayment, it’s absolutely free.
• Be sure all your personal information is protected.

In order to get $5000 Installment Loan you just need to meet some simple requirements of our direct lenders. They are:

• Being over 18,
• Being the resident of the United States,
• Working in the US,
• Having a valid bank account under your personal name,
• Having a stable income.

What is really cool about Installment Loans is that all of them will be considered and for those of you who have a Bad Credit history there’s a definitely good chance of being approved. Besides applying doesn’t affect your credit anyhow.

Secured vs Unsecured Installment Loans. 

All loans sre devided into secured and unsecured depending on whether you back it up with some guarantor or collateral. ⁶ 

Installment Loans are absolutely unsecured. They are lent without any collateral, which may be required in case of a mortgage or a car loan to pledge a security for loan repayment. Our direct lenders don’t ask you for a guarantor either. You don’t have to feel embarrassed asking friends or relatives to sign up for you. You don’t have to ask your friends or relatives to sign up for you. Still you need to be careful and read the agreement carefully before signing as some companies may have different conditions.

Installment Loan Calculator: rates and cost. 

"No loan is free. The costs are in your loan somewhere, maybe rolled into the amount to be refinanced or even coming at a higher interest rate".

Barbara Corcoran

Installment Loans are one of the most convenient cash advances to pay off. The amounts are rather small, and they are distributed over a reasonable period of time. You repay the loan in arranged fixed installments. You are always prepared for these expenses, so it’s easier for you to calculate the budget and to make sure you’ll be able to make the payments on time. Use our calculator to find out the total cost of your INstallment Loan:

Paying off in advance is not a problem either. There are no prepayment penalties or additional fees. Just on the contrary, doing so you can make your debt smaller.

Lorraine Charlton, Debt Expert at Citizens Advice, has the following advice: 

a) Work out how much you owe;

b) Prioritise your debts;

c) Work out how much you can pay;

d) Pay urgent debts;

e) Consolidate your outstanding loans;

e) Pay non-urgent debts. 

If you have some problems and miss a payment or default a loan it can harm your credit score. You may get under some penalties, or even get under control of some debt collecting agencies. They are forbidden to take any criminal actions against you but still it can be unpleasant to receive their constant phone calls. Be careful! Remember, your rights are reserved. For any question or complaint contact the Consumer Protection Financial Bureau (CPFB) ⁵ (855) 411-2372.

Instant approval Installment Loans. 

Applying for a bad credit Installment Loan you expect to get approval and get it fast. You are ready to pay higher interest rates as you badly need the money quick and without any additional requirements, checks, paperwork, etc. Approval for an Installment Loan is easier to get online from a direct lender or broker than from traditional banks and credit unions, but we can’t say it’s 100% guaranteed. We offer the best way – fill out a free Compacom form right now and in some minutes, you’ll learn if you qualify for a loan.

Online and In-store Installment Loans. 

If you want to apply for an Installment Loan, you have two main options: search for the nearest Cash Store or switch on the computer and surf the Internet. It’s up to you to decide which way to choose: to do the paperwork, drive a car, wait in traffic jams or lines and look for the store or get up to $5000 Installment loan in a few clicks from the comfortable armchair in your house.

Using our service you get access to more than 300 direct lenders both online and in-store, all of them verified by time and thousands of clients. We work only with reliable authorized partners. We serve American residents in all the states 24 hours 7 days a week.

When shopping for the best most profitable Installment Loan, we would advise you to compare different lenders. We give you this opportunity absolutely for free. You should pay your attention to:

• Interest rates
• Fees
• APR
• Prepayment penalties
• Automatic rollovers
• Debt collecting

All these criteria are described in each lender’s description in detail. Besides you get their contacts if you still have any questions. With us you can be sure to get matched with the most reliable lender with the lowest rates and fees. Borrowing with the help of our company is quick and easy from start to finish. Apply now – fill out a one-minute application form – wait 2 minutes for it to be processed and sent to the lender – get money in less than 24 hours.