Reviewing Online Installment Loans: A Guide For New Applicants!

When in financial distress, the only thing that matters is quick money. A bank loan doesn’t fit in, because it can take weeks before you get a nod. Instead of waiting for someone to lend, consider the choice of online installment loans. An installment loan is a medium-term advance, usually with a term that doesn’t exceed beyond 24 months. In this post, we are discussing the basics that first-time applicants should know about Online Installment Loans | $3000 Instant Approval | Slick Cash Loan.

How much can I borrow?

It depends on many factors, including lender, state laws, and your financial status. Generally speaking, you can borrow anywhere between $200 and $3,000, and the loan must be repaid in equal installments with a fixed interest rate.

What are the basic requirements?

Online installment and personal loans are available to those who are US residents aged 18 and above. You must be an employed professional with a stable job and decent income. Also, it is necessary to have an active bank account, where the money will be transferred. The credit score of the applicant doesn’t always matter to the lender, but it’s on their discretion and can depend on other factors.

How quickly can I get the money?

That’s often one of the first questions that applicants have in mind. With online installment loans, you can expect approval within a day. Since the entire process happens online, most matching services try their best to use their network of lenders for quick approval. In many cases, money is also transferred on the same day.

Are online installment loans same as payday loans?

No, online installment loans are medium-term loans, while payday loans must be repaid within 30 days or on your next payday. Also, you can borrow more (as much as $3,000), but payday loans don’t offer more than $1,000. With installment loans, it is easier to repay the sum over a period of time, which further helps with financial planning.

Can I take as many loans as needed?

There are cooling-off terms, but these vary on many aspects, including the lender’s discretion and state laws. It is never a good idea to take many online installment loans at the same time. Responsible lending is something that lenders and experts recommend. Eventually, you will have to pay each penny with interest, and if you don’t, it will affect your credit score and have other consequences.

Check online and apply for online installment loans now!