Most frequent questions and answers
The installment loan definition is “a loan that is repaid over time with a set number of scheduled payments.
We offer quick cash installment loans. Our installment loan could give you the cash you need to help you with unexpected expenses, break up a large cost over several months, keep up with bills, avoid overdraft fees, etc. Our installment loans carry a longer term than a typical payday loan, but are not as long term as some installment loans (such as mortgages and auto purchases).
Both loans can provide quick cash in an emergency. The main differences between the two loans are the repayment term and the fee structure. With a traditional payday loan, your loan principal and fees are due on your next pay day, and carries large fees. An installment loan typically is paid back over a longer, set period of time, and costs three to five times LESS!
The amount you can borrow with an installment loan depends on several factors, including your monthly income, and credit score. Our loans have a maximum loaned amount of $1,400.00.
Think of an installment loan like car payment. You pay a specific amount monthly. Once you’re approved for a loan, your repayment schedule is determined, and your loan principal and interest will be due over a scheduled period of time.
We make the installment loan process easy by phone, online or in one of our offices around the state.
If you’ve been thinking, “I need a loan fast”, we are the place to go! We are committed to get your money to you as quickly as possible! Funding times vary depending on how you choose to apply. Here is a breakdown of when you can expect to receive your money:
Apply at one of our Locations
Simply apply for a loan, providing documentation of your age, identity, income and checking account. You could be approved for a loan on the spot – often in just 10 minutes or less. Upon approval, you will receive your cash right away.
Apply Online – Complete your loan application in a matter of minutes. Upon submitting your application, we will provide you with an instant lending decision. If approved, you can select how you would like to receive your loan funds – which can change how long it will take to receive your installment loan.
To apply for an installment you will need to be at least 18 years old and have the following:
- Valid ID
- Steady source of income
- Open bank account
If you choose to apply online, you will also need a valid email address and to provide your social security number.
Several factors may be taken into consideration when processing your installment loan application. Depending on the state you live in and the lender you borrow from, these factors may include: your current income, your ability to repay the loan, your credit score, and if you have any outstanding short-term loans.
Unlike payday loans – which are usually due in full on your next pay day – installment loans are paid back over a longer period of time, typically over a specified number of months.
Your loan will be due over a set number of payments that are scheduled at the time you take out your loan. Payments will be spread out over the entire length of your loan, which will vary depending on the amount you borrow.
When each payment is due, you will only have to pay the regular minimum payment to keep your account in good standing. We do recommend paying off your loan as quickly as you can to avoid large interest payments.
Installment loans are usually paid back over a series of payments over time – your repayment schedule is defined when your loan is originated. Multiple payment options are usually available, including the ability to setup automatic payments. If you elect to let your payments happen automatically – without interference – then your installment loan payments will be automatically setup to be processed when they are due. If you want to pay off your installment loan in full before you reach full term, then give us a call. We have options available to pay off your
Financial hardships can hit, leaving you unable to make a loan payment. When this happens, we will work with you. As soon as you suspect your payment is in jeopardy, contact us immediately. In many cases we can make alternate payment arrangements.