What are small installment loans?

Posted on: April 20, 2020
What are small installment loans?

All installment loans are a type of personal loan which can be used for any personal expenses. What makes this loan unique is that it has a fixed number of monthly installments, aka scheduled payments in which you have to pay it out. The contract term, interest rate, repayment schedules, and fees are set by lenders and may vary lender to lender. Usually, you can borrow a small installment loan of $1000 or more-up to $5000.

Where to get a small installment loan?

Visiting a bank is one option, finding a direct lender is another. You can try taking an installment loan from the nearby bank you have an account at. Or you can go online and check out direct lenders who offer various cash loans. If you choose the latter, remember to put time and look for a good, not just any direct lender.

If you’re a first-timer searching on Google for small installment loans, you would probably find it necessary to contact as many lenders as you can to see who’s the best. Or you can choose a third option and use an online loan-connecting service, that can do the work for you, for free.

Everybody requires some financial assistance at some point in their life, yet not everyone is able to always maintain a high credit score. Banks have strict rules pertaining to bad credit. For those people, installment loans with online lenders are, at times, the only option they can go with. Because these are private individuals or lending companies that provide loans to borrowers with their own rules.

There is a huge number of such lenders online. To find one, you can simply fill out the request form and click submit. We will pass it on to the top-rated network of loan lenders, who will contact you with an offer momentarily.

What are the requirements for small installment loans?

Though online lenders may have different requirements, most of them will certainly ask for your bank information. You will need to have an active account and submit your bank documents. Additionally, they may require other documents, like:

  • Proof of address (for example a utility bill with your name and address on it)
  • A photo ID (any governmental issued photo document will do)
  • Proof of income (talk to your direct lender to see what document will they accept as such proof).

The processing of your loan request is automatically initiated right after you submit the filled form. Our connecting software will find you an appropriate direct small installment loan lender in a matter of a few hours, making the whole process as fast and easy as technologically possible.

We do not require you to fax or email any documents when you fill out the form on our website. The request submission process is completely paperless and is available 24/7. However, note that as lenders start contacting you, they might ask you to send over documents regarding your employment or income or else.

Is there any risk involved in taking a small installment loan?

With us, taking a small online installment loan is completely risk-free. Yet, it is critical for a borrower to be extremely careful when taking out any personal loan for the first time. If you have taken an installment loan with a particular lender before and had a positive experience, you would obviously try contacting the same lender for the second time around.

Checking the credibility of an online direct lender or a connecting service is not easy. In most cases, you would just go for it and hope for the best. However, to avoid putting your personal info in shady hands, as well as to not be hit with unfair hidden charges, make the time to read payday loan reviews (2020) before you make the decision to work with a connecting service provider and, of course, we cannot stress this enough, read the terms and conditions of each lender before accepting their offer.

It would also eliminate your risks if you avoid taking more than you can handle and pay out in time, ask about the hidden charges, possible fees, and fines before signing any documents and being open about whatever situation you’re experiencing.