Same Day Installment Loans
Same Day Installment Loans
Barrowers with bad credit usually have to accept the terms quoted by online, same day lenders. There is little room for negotiation on interest rates for bad credit loans but it is worth exploring installment loans if you need more than 30 days to repay the loan.
Installment loans may be structured to stretch the repayments over 60 or 90 days allowing the barrower two or three months to cover the full repayment of the loan plus interest. An installment loan may be advantageous since it will allow you more time to repay the loan you will, however, pay more interest for the funds than you would if you paid the loan back in a shorter period of time.
If you need a loan of more than $1000 and/or you are looking for terms that allow you to pay back the loan over several months in smaller monthly payments an installment loan may be the answer to your financial problem.
Same day installment loans will provide you with the funds to take care of immediate financial obligations without late or overdraft fees and allow you to conveniently pay back the loan over several paychecks while paying only one loan origination fee.
Finding Same Day Installment Loans Online
You can find same day lenders which will loan money without credit checks and stretch the payments into 2 or 3 monthly installment payments on the internet. There are many same day lenders with online websites.
Many online lenders will have a credit limit of $500 or $1000 for unsecured loans and not all lenders will make the longer installment loans. Some same day lenders only make short term loans – generally to be repaid in full plus interest at the end of the month. So, you need to shop around until you find a reputable same day lender that offers monthly installment loans.
It is not difficult to do some comparison shopping online to find which lenders offer same day installment loans that meet your needs. You can check the lender’s sites yourself or use one of the broker’s online sites that will take your specific information and provide you with the lenders most likely to approve a loan that will meet your needs.
Before applying for a loan on a brokers or directly on a same day installment loan website check out the lender or broker with which you are considering applying. As with any internet business there are unscrupulous lenders and brokers on the internet who will take advantage of the desperate and/or the uninformed. The Better Business Bureau and customer references and reviews are a good place to start you research into the online lender you are considering. Also make sure the lender’s or broker’s website’s application process is secure before sharing your personal financial information.
Same day Installment Loans Online Application and Approval Process
Lenders offering same day installment loans will do an approval of your loan typically in minutes. There is no credit check to slow things down. Most lenders have representatives who will follow up your online application with a confirmation telephone call and the loan approval process will be complete.
The information required on the application is typically you name, address, telephone number, social security number, bank account information and proof you have a source of income to repay the loan. Once the application is approved if you determine the terms meet your needs you sign the loan documents electronically and the funds are directly deposited into your bank account - the next business day.
The monthly payment will be automatically deducted from your bank account. No need to mail checks. Just be sure you have the funds in your account to meet the payment withdrawal schedule as late fees and penalties for bounced withdrawals will build up quickly.
Secured Same Day Installment Loans
If you have real or personal property like a home in which you have equity or a car or other valuable personal property you may be able to find a same day installment loan lender which is willing to give you a better interest rate and longer payback terms on a secured installment loans. Offering collateral or security for an installment loan reduces the lenders’ risk so you are more likely to find better terms for secured loans.
While getting a secured loan approved may be quick secured installment loans may take a little longer to close. The lender will have to create a lien against the personal or real property to protect their interest in the collateral if you default on the loan. The trade off for not receiving the funds as quickly is a better interest rates and better payback terms.
The major drawback to a secured installment loan is failure to repay a secured loan will result in the lender taking the personal property or real estate used as collateral for the loan.
Summary of Advantages and Disadvantages of Same Day Installment Loans
Same day installment loans are quick and convenient even for those with bad or no credit history. You will pay more interest than those with good credit but obtaining a same day installment loan may be the help you need to get through a difficult financial time without defaults on existing debts, late fees or overdraft charges.
An installment loan is not the answer for everyone and the potential borrower should be confident they have the funds to repay the loan on time. Failure to repay the loan will only worsen your already bad financial situation. You need to evaluate your specific financial situation carefully to determine if an installment loan will work for you.