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Installment loans are radically different from ordinary payday loans, and even more so from cash loans offered by various banks and authorized institutions. First, it is worth knowing that the premise of an installment loan is to reduce the monthly cost of paying the liability, at the expense of extending the repayment period. Doing so may lead to an increase in overall costs, so it is a compromise that focuses on low-income people. An installment loan, unlike a bank loan, has lower requirements. Lenders pay less attention to the presence of a given person in the databases and registers of debtors. So, this is an opportunity for people with financial difficulties to improve their situation and obtain the necessary funds. At the same time, it is a considerable convenience, because installment loans on A+ Community Finance require fewer documents and certificates.
How to Get an Installment Loan Online
To get an installment loan, you need to follow a few simple steps:
- Browse the ranking of installment loans, select one of them and click the “Take a loan” button;
- On the loan page, fill in the form – select the loan amount and the repayment period;
- Create a free account and provide additional data – you will need your ID card;
- If you have chosen an installment loan online, the next step is to verify your identity by transferring one dollar;
- Sign an online contract;
- After obtaining a positive decision, the money will be transferred to your bank account.
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What are the main requirements?
Online Installment Loans are one such option that allows you to improve your financial situation by paying interest and/or commission. Special favorable conditions are often offered to new customers, because creditors want to get a permanent customer. To borrow online, you must meet the following criteria:
- age barrier (usually 18 years);
- must have a bank account number (this will allow you to check your identity, transfer money) in one of the American banks;
- must have an active mobile phone connection (you will receive a confirmation SMS, if necessary the lender will contact you) and email,
- have regular income.
Loans on the Internet are designed when you need quick money and for any purpose. Fast loans should not become a habit, because for each delayed day you have to pay penalty interest and if you borrow recklessly, you have to live with less funds each month. Customers who are included in debtor databases can count on the fact that in the absolute majority of cases, loans with a negative credit history will be granted with higher interest rates.
Installment Loan Rates and Terms
Let’s take a look at the main Installment Loan government regulated parameters and their value so that you understood in detail what expects you if you borrow money this way.
| Max Loan Amount | The maximum amount that you can borrow with a payday loan | $5,000 |
|---|---|---|
| Min APR | Minimum interest charged for borrowing that shows the yearly cost of the loan as percentage | 6.63% |
| Collateral | No need to provide any kind of collateral to apply for a loan | Not required |
| Min Loan Amount | The minimum amount that you can borrow with a payday loan | 1,000 $ |
| Max APR | Maximum interest charged for borrowing that shows the yearly cost of the loan as percentage | 225 % |
| Terms | The term for which the loan is issued | 2-36 months |
| Additional fees | The amount that is added to the loan for additional services | from 1% to 10% of the loan amount |
| Minimum credit score required | Required credit history for a loan application | available for bad credit |
| Turnaround Time | The time it takes for the loan to reach your account | one business day |
Notice! Installment Loan rates and terms may differ by state as every state regulator has their own laws concerning short-term loans. So, choose your state at first to check what regulations there are:
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Best Installment Loan Alternatives
If you don’t want to apply for FundedJustice installment loan, there are several good alternatives:
- Bad credit loans
- Payday loans
- Cash Apps
- Online Personal loans
- Secured or Unsecured loans
- Online Car Title loans
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Frequently Asked Questions
I took a loan and I am not paying back - what are the consequences?
Failure to repay the loan on time causes a number of consequences - first of all, charging additional interest for each day of delay and initiating the debt collection procedure, the last stage of which is referring the case to the court and the bailiff.
Do I have to have a guarantor when applying for an installment loan for those in debt?
No, because not all loans for debtors require a surety. This is only necessary in some loan companies that specialize in granting loans to people who are very indebted or without creditworthiness. Then the person guaranteeing such a loan (i.e. the guarantor), who should have good creditworthiness, guarantees the repayment of the liability in a situation where the borrower will not be able to do it.
Will I be checked in debtors' databases?
When applying for a loan for indebted people, you can easily check whether the lender uses debtors' registers. Such information is available on his website - most often in the loan information form, which you will find under the slider for specifying the parameters of the obligation. If you are listed as a debtor in a specific database, select a loan company that does not check this database.
Can I get a loan without creditworthiness?
Lack of creditworthiness is quite a serious obstacle to receiving an installment loan. In this case, take advantage of a loan without creditworthiness verification. Remember that these are more expensive products.