How Do Direct Lender Installment Loans Work?
An installment loan is a type of loan that is repaid over time. The borrower pays back the loan in equal installments, with the size and timing of each payment being determined by the lender. You can borrow one from many leading online direct lenders. The main variables in an installment loan include:
- Loan amount. This makes installment loans ideal for financing significant purchases such as cars, boats, or even second homes.
- Interest rate. The longer it takes you to pay off your debt, the more interest you’ll pay over time.
- Loan term. Most lenders offer terms ranging from 18 to 60 months, which depends on the lender’s requirements.
Benefits of Installment Loans with Direct Lenders
There are many benefits of installment loans from direct lenders:
- The application process is quick and straightforward, taking only minutes to complete.
- Once your request is approved, the money can be deposited directly into your bank account as soon as the same day.
- If you have bad credit, you may still be able to take out an installment loan from a direct lender based on several other factors such as income and employment status.
- Loans can be borrowed and used for anything. That said, borrowers are usually advised to take out only what they can realistically afford to pay back without overly straining their budget.
- Their interest rates are comparatively lower than many short-term loans.
- They are usually paid over a longer period compared to a few other loan types like payday loans. The loan term can be as long as 36 months.
However, finding a reliable direct lender requires extensive research. That's where lender-connecting services like iPaydayLoans play a significant role. We expedite the flow by simplifying the application process and submitting your information to a massive network of reliable lenders in one click. Lenders will then contact you directly to offer the loan terms.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
Are There Instant Approval Installment Loans?
Instant approval installment loans are very possible.
Most traditional lending institutions run hard credit checks on your profile and assess your affordability, which involves a long turnaround time and tedious paperwork. And that's how online lenders can stand out. Their eligibility requirements are easy to satisfy, and their approval rate is quite high. Most importantly, they can process installment loans to you almost immediately, about the same day or the following business day.
However, applying to individual lenders restricts you to what they have on offer. The experience can be better with loan broker services like iPaydayLoans, which can connect you with tens of lenders in one application. With this, you can see a handful of offers at once and choose which is best for you.
When You Need Instant-Approval Online Installment Loans?
people opt for instant-approval online installment loans when:
- They need cash urgently, as quickly as the same day or the next business day.
- They need to settle very urgent bills like overdue power and heating bills payments.
- They need loans with a high chance of approval.
- They need a loan with relaxed or easy-to-meet eligibility requirements.
- They need a loan that involves zero paperwork and stress involved.
Can People with Bad Credit Be Approved for Installment Loan from Direct Lenders?
Lenders consider many factors other than credit scores when deciding whether or not to approve a loan application. This includes income, assets, and additional information that can help determine if the borrower can pay back their debt on time. Therefore, even if you have bad credit, you can still get your loan approval with trustworthy loan repayment ability.
Different Types of Direct Lender Installment Loans
Here are the main types of installment loans available from direct lenders:
- Auto loans: These loans are needed to be repaid by monthly installments. Borrowers are able to use the loan for purchasing vehicles.
- Mortgage loans: They are secured loans that use your property as collateral.
- Personal loans: Personal loans also belong to a kind of installment loan that can be used for lots of purposes. Featured with longer terms, they are also having higher interest rates compared to other types of loans.
- Student loans: They are intended for attending colleges, universities, or trade schools.
Secured And Unsecured Installment Loans
The two most popular types of personal loans are secured and unsecured loans. Each has its own merits and drawbacks, here's a quick primer on how they differ:
Unsecured installment loans: There’s no collateral involved when asking for these loans. That's why interest rates are higher than those for secured loans.
Secured installment loans: These loans require the borrower to put up collateral. The lender will keep the collateral until you pay back the loan fully
How to Request An Installment Loan from the Direct Lender?
Step 1: Submit Info
You'll need to provide some basic details about yourself and your financial situation. Submit the information online via iPaydayLoans.
Step 2: Receive Offer
Once our lender has reviewed your submission, they will send you an offer quickly if you meet their requirements.
Step 3: Get Funds
If you identify the offer that fits you well, just sign the agreement with the lender. After that, your money will be transferred into your bank account as fast as the same day.
How much would you like?
FAQs:
What Requirements Do I Need to Satisfy to Apply for An Installment Loan with Instant Approval?
The requirements for an installment loan are pretty basic. They are that the borrower must be at least 18 years old, have a government-issued ID, be a resident of the United States, and have a checking or savings account with a bank. Some lenders may also require you to provide some proof of employment or income. If you are unemployed, but get benefits, you can turn in the documentation of the benefits showing you have an expected income.
What Are the Advantages of Getting Installment Loans from a Direct Lender?
- Installment loans can finance large purchases such as appliances, furniture, and cars.
- The interest rates on installment loans are lower.
- You can pay back your loan in equal installments over time.
What Are the Disadvantages of an Installment Loan from the Direct Lender?
Although interest rates on installment loans tend to be relatively low, these loans generally have very high processing fees and other charges. The longer the repayment period, the more interest you will pay on your loan. If you miss payments, this may lower your credit score and accrue higher interest rates.
Is It Possible to Get My Installment Loan on the Same Day?
As long as you qualify for the loan you asked for and reach an agreement with your lenders, you will receive the money with the approved request. But the exact time that you can access your funds depends on many factors, such as your bank policy and whether it is a weekend or weekday.
Installment Loans with Direct Lenders: How Much Can I Borrow?
You can borrow up to $5,000 from direct lenders via the help of iPaydayLoans. The amount you're eligible to borrow depends on your income, debt, and credit history.