Small loans like payday loans are outstanding for emergencies; however, they are not always reliable enough for larger expenses. For example, you may need money to fund a significant repair for your home or get a new car. In such cases, an installment loan can be your best ally.
You may also prefer to pay back your loan over time and not all at once. Instead of rushing to find a way to repay your lender in full by a single due date, you can divide your worries. Opt for a weekly or monthly repayment term with installment loans.
Apply now on AdvanceSOS to get online installment loanswith instant approval today!
Why Should I Use AdvanceSOS for Online Installment Loans?
Finding a loan is a challenge for most new borrowers, especially finding an excellent place or person who has everything below:
Low-cost rates
Kind repayment terms
Easy application process
Accommodating customer service
AdvanceSOS offers all the above for FREE.
Quick and easy online option. Spare only a handful of minutes on our short online form using any device.
A vast network of reliable lenders. Protect yourself from predatory loans. Deal only with real, USA-based, OLA standards-approved loan installment lenders.
Instant decision and approval. Know your top loan option within a few hours, no hassle.
Wide variety of loan types. Have the option to choose between unsecured and secured installment loans online.
Affordable fixed monthly payments. Be able to look after your financial well-being without the pressure of paying your loan all at once. Opt for small monthly payments that you can handle.
Getting quick cash from top-tier online loans securely is challenging to find. But it is all possible with the accommodating services of AdvanceSOS.
How To Apply for an Installment Loan Online
Step 1: Application
Complete our easy online installment loan application form. Let us know:
How much you need to borrow (loan amount)
How long you need the money (due date)
What state you live in (zip code)
Step 2: Get a Decision
Your top online installment loan offer is ready for viewing. See the details of your request by clicking on it to go to your lender’s website.
Getting instant approval on your loan offer means you are only a signature away from cashing out. Make sure you agree to all terms to ensure everyone is on board before signing.
Step 3: Receive Funds
Receive your online installment loan funds by the next day. If all goes well with the agreement, you might even get your money as early as the same day. Make sure to look out for holidays and weekends as they can delay releasing.
Can I Get an Installment Loan With Bad Credit?
Do you need small online installment loans from direct lenders but have bad credit? AdvanceSOS gives you a chance! We offer easy-to-get short-term and long-term loans for people with poor credit. We have personal loans with no credit check, unsecured loans that do not need collateral or a cosigner, as well as big loans with monthly payments options.
With all the top-tier, legitimate lenders in our network, we have loans for everyone. So even with horrible credit, rest assured that you have fast cash and a secured option for you during an emergency.
Work only with the best. Get instant approval for your minor to large installment loan or online payday loans for bad credit needs today. Apply now!
Where Can I Get an Installment Loan Near Me?
If you are wondering where you can get an installment loan, there are two options. You can find a physical loan store or online through the Internet. If you are interested in getting a loan online, AdvanceSOS is here for you. We can help you find the best lending companies or people to offer you an installment loan.
AdvanceSOS offers a variety of loans, including installment loans in the states of:
Ohio
Texas
California
Florida
Illinois
If you are from any of the locations above, click “Get Started” to use our services.
What Is a Personal Installment Loan?
Personal installment loans are loans with monthly installment payments. The definition of “personal” means you can use the loan for anything that is legal.
A great way to define this loan type is by using payday loans. While payday loans are short-term, installment loans are long-term. You can borrow a personal installment loan online for as long as 12 months or more. This is in great contrast to payday loans that only last a few weeks.
Another thing about personal installment loans is that they are often low-cost. As installment loans are secured, rates are lower. Without the high interest rates, installment loans are more prospective for future payments.
What Are Common Types of Installment Loans?
Common examples of installment loans are:
Personal loans
Mortgage loans
Auto loans
Personal loans are loans you can use for any personal reason. There are no restrictions on how you can use a personal loan. Mortgage loans are loans you can only use to buy a house for yourself. Auto loans, finally, are loans you can take out to buy a car.
How Do Installment Loans Work?
Most installment loans are secured. The collateral or cosigner that secures the loan is why you can borrow more with this loan type your lender has something to hold onto in the case you cannot repay.
Your lender earns the right to repossess your collateral. For your cosigner, they assume the responsibility to repay your lender. This security eases lenders and makes them agreeable to extend more accommodating terms for personal installment loans.
What Can I Use an Installment Loan For?
Installment loans have great uses for:
Debt consolidation
Wedding organization
Home remodeling projects
Personal emergency expenses
Unforeseen medical expenses
Unexpected but essential bills
Much-needed home repairs
Coverage for increasing living expenses
Vehicle expenses (repair, maintenance, etc.)
Installment loans are best for expenses you know you can afford in the long run. You can repay the amount you borrow through fixed, regular payments. That way, you can get the best out of your loan whatever method you use.
Can I Get Installment Loans With No Credit Checks?
Traditional hard credit checks involve major credit bureaus banks and credit unions. You cannot get an installment loan from such lenders without a credit check as it is a necessity. Note that a hard credit check can hurt your credit, especially if the lender disapproves your personal loan application.
But this is not the case with AdvanceSOS. You can get online installment loans with no credit check and instant approval from direct lenders. Here at AdvanceSOS, we have the best short-term payday loans from direct lenders only and long-term guaranteed loans that only need proof of income.
Get anywhere between small loans or loans with monthly payments without worrying about credit.
What Do I Need to Qualify for an Installment Loan?
To qualify for an online installment loan from AdvanceSOS, you need to prove that you are at least 18 years old and a US citizen. You also need an active bank account to receive your funds.
Your lender may call to verify the details of your loan application. They may also ask for more paperwork if they need it before processing things.
How Do Repayments Work?
Installment loan terms need fixed, regular payments until the end of your payback period. The most common form of repayment term for installment loans is monthly. Every month for a certain period, you have to make regular payments on a pre-arranged due date.
Your monthly installment payment depends on the following:
Loan amount. The more significant the loan amount, the more there is to divide. So if the loan is only short-term, your regular payments can increase.
Interest rate/amount. A higher interest rate means you pay your lender more for their service every month.
The number of months. The more months your repayment term is, the more spread out your payment is. If you want to pay less every month, choose a long-term loan. You can hold your installment loan online with AdvanceSOS for at least 90 days up to 12 months.
Penalty fees (as applicable). If you are late paying your lender this month, expect extra fees added to your bill.
You can calculate your expected monthly payments by adding the interest to the loan amount. Then, divide the result by the number of months you borrow the loan. If you incur an extra penalty for late payment, you could add that to your monthly bill as well.
You can always pay your lender earlier if you can. Wrapping your loan can always be an advantage as it lessens your financial burden. Whether this discounts your interest amount is another thing. Talk to your lender if you can get a markdown on your payment if you repay earlier than arranged.
How Do We Choose an Installment Loan for You?
We find you the best online installment loan as a loan consolidation service. We do this by:
Comparing Annual Percentage Rates (APR). The lowest interest rate offer gets extra points.
Understanding penalties and fees terms. The looser terms for penalties and lower fee gets extra points.
Checking monthly payments offered. Depending on your situation, we can find loans with lower fees for the longer term. We can also find a shorter repayment term with higher regular payments.
Pre-qualifying your requirements. We have specialized lenders of every kind. We will find a lender that best suits your needs based on income and need.
We will find your best match among the reputable lenders in our network. Even a low income or poor credit history gets you the same service as everyone. So rest assured that your offer is the best you can find anywhere.
Are Installment Loans Worth it?
Installment loans are worth it to our most valued customers who:
Want to rebuild their credit scores.
Need fast funding for the cash needs.
Have collateral or cosigner to secure their loan.
Desire to build a savings fund.
We have lenders who can help you by offering installment loans for:
Good credit
Fair credit
Bad credit
Thin credit histories
Large loan amounts
Credit card debt consolidation
Unemployment protection
If you need the best uses for online installment loans, they are worth it. But as everyone has different needs, decide about this product yourself.
How Does an Installment Loan Affect Your Credit?
There are three stages to getting an installment loan where you can affect your credit:
Inquiring about getting a loan
Getting the loan
Repaying your loan
Defaulting on your loan
When inquiring about a loan, lenders often do credit checks. They can ask you about your credit past and do a soft credit check. But if they ask credit bureaus instead of you, that’s a hard inquiry that affects your credit.
Once you get a loan, its details will solidify your credit report for the next ten years. Who you borrowed from, how much you borrowed, and the terms of your contract become public information.
How you repay your loan can make or break your credit report. Making on-time payments can boost your credit score. Paying your loan in full can improve your credit. But, do the opposite things above, and you can hurt it.
Defaulting on your loan makes the worst impact on your credit. Lowered chances of getting good loan deals from other lenders are significant consequences.
Updated: Oct 6, 2023
Frequently Asked Questions
How Much Can I Borrow With AdvanceSOS?
You can borrow a minimum loan amount of $100 with AdvanceSOS. The maximum loan amount is $5,000, depending on the lender. Our most popular cash loans are $300, $500, $700, $1,000, $1,500, $2,000, and $2,500. To know for sure the large amount you can go with our lenders, inquire for free.
Can I Get a Payday Loan With Installment Payments?
No, the installment repayment option applies to installment cash loans only. A payday loan is a payday cash advance. So, all payday loans online are due in full on the next payday of borrowers.
When and How Are My Funds Deposited?
Your funds should be in your bank account after signing your personal loans agreement by the same day or the next business day. As another option, you can apply for short-term same-day payday loans. Short-term loans are designed for borrowers who need a quick cash injection to cover unexpected expenses or tide them over until their next payday. Same-day deposit payday loans are typically small, online short-term loans that come with high-interest rates but can be a lifeline for borrowers who need access to quick cash.
Can I Get an Installment Loan With No Job?
Yes, we have installment loan options for unemployed people. You only have to go through verification to prove you have another source of income. We accept unemployment benefits as well.
How Many Installment Loans Can You Have?
It depends on our partner lenders who have varying standards for customers on how many outstanding loans they can get. Send us a loan inquiry request to get the exact answer.
What Happens if I Default on an Installment Loan?
Defaulting on any loan can harm your credit score and get you in other problems with the law. With AdvanceSOS, we do not report to any of the credit bureaus. So rest assured that we will not harm your credit; however, your lender may have other rules that you need to read on your loan contract.
Can I Get an Installment Loan Over the Phone?
Yes, we can find and offer you an installment loan over the phone at AdvanceSOS. Our customer support line is +1 (918) 544-5299. Contact us any time from Monday through Friday, 8:00 AM to 6:00 PM. We are also available on Saturdays, but only from 8:00 AM to 2:00 PM.
Do Installment Loans Hurt Your Credit?
With banks and credit unions, all loan types can hurt your credit. Even as simple as asking a lender if you can borrow money can reflect on your credit report with the bureaus. But not with AdvanceSOS. You can inquire about your top loan deal without consequence to your credit.
What Are Installment Loans Alternatives?
Here are some alternative options to installment loans and their benefits: 1. Family and friends – lower costs, negotiability 2. Local nonprofits, charities, and religious organizations – free money, good credit score not needed 3. Credit unions – higher loan amounts with lower interest rates 4. Payday loans, cash advance – faster pay-out, shorter repayment method 5. Paycheck advance loan app – accessible, available 24/7
Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.
