Installment Loans Online

These loans can be used for a wide variety of financial needs. Many borrowers use them for emergency expenses like rent, bills, repairs, or medical costs. But they can also be used for large purchases in order to spread payments out over time.

To qualify for an installment loan, borrowers typically need to share certain personal criteria, such as having a stable income, a checking account in good standing, and valid identification. Credit history requirements vary by lender, but some may require a minimum score or a credit check for a monthly installment loan.

While many lenders use the borrower’s credit score to determine loan approval, there are also lenders who specialize in bad credit loans. Many secured loans, like title loans, are catered to borrowers with low credit because you don’t need a great credit score to qualify. With these types of installment loans, lenders usually care more about the equity in the borrower’s collateral than their actual score. 

There are also bad credit installment loans where borrowers don’t have to offer collateral, but these kinds of unsecured loans may come with lower loan amounts and higher APRs. Bad credit borrowers may also be able to receive approval for certain types of personal unsecured loan products by asking a close family member or friend with good credit to cosign for them. However, keep in mind that not all lenders offer cosigned loans.

No credit check loans are a type of funding where the lender doesn’t perform a traditional credit check during the approval process. Instead, the lender pulls a soft credit check to confirm the borrower isn’t currently going through the bankruptcy process or pre-bankruptcy counseling. You may be able to find a no credit check option that is also an installment loan.

Usually, when you apply for an installment loan, the lender must perform a hard credit check, which is an official request for a copy of your credit report. 

These reports will contain financial data reported by the major credit bureaus (TransUnion, Experian, and Equifax). However, many lenders will only perform their hard credit checks at the end of the application process. That way the lender has a better idea if the applicant will receive approval before they submit a hard credit check to their credit profile. Whether or not your installment loan will require a credit check depends on the lender you choose.

Yes! Many lenders offer an online or virtual installment loan process. That means borrowers can fill out a personal loan application and go through the entire approval and funding process without having to leave home. CreditNinja offers online loans so borrowers can conveniently complete the application from their computer or smartphone. 

But what if an installment loan applicant has issues filling out their application or an existing borrower has a question about their loan? To help people in these kinds of situations, online lenders usually have live chat features or agents available over the phone to offer customer service.

Wondering how long does CreditNinja take to approve? CreditNinja borrowers may receive their installment loan as soon as the same day they are approved.*  

To expedite the process, have your personal and financial information ready to go. This includes your name, address, and Social Security number, as well as your bank account and routing numbers. The faster you submit your correct information, the faster you could get your installment loan!

Funding amounts for personal loans can range from a few hundred to a few thousand dollars. How much money you can borrow will depend on factors like your credit history, loan type, and income. 

When deciding how much money you want to apply for, think about what you want to pay for with your loan. Debt consolidation loans or auto loans will usually require higher loan amounts, while covering an unexpected medical bill may be done with a smaller personal loan amount. 

Remember, your loan amount will determine not only the cost of your loan but also how long it will take you to repay your balance. For example, you may be able to pay off small personal installment loans with just a few monthly payments, while a more expensive installment loan may take longer to repay or may require higher monthly payments.

An online installment loan is usually the exact same thing as an in-person installment loan. With both online loans and in-person loans, you’ll still need to apply to receive approval, funding, and repay the installments like normal. The main difference is that installment loans online can be more convenient. If you’re considering personal installment loans online, make sure you do the same research you would for a conventional loan.

Borrowers can repay their installment loan over the course of a few months or a few years. Higher loan amounts usually result in longer repayment terms, and smaller loan amounts can have a shorter repayment schedule.

CreditNinja repayment terms were designed to help keep your fixed monthly payments low and affordable, so you don’t have to stress about repaying your personal installment loan. However, borrowers are encouraged to repay their installment loan early if they can to reduce interest costs. 

You can reduce your interest by paying more than your minimum amount due each month. That way you can reduce the amount of monthly payments you have to make as well as potentially save money on interest rate charges during the life of the installment loan!

Interest rates on an installment loan can vary depending on the loan type and the borrower’s financial history. For example, payday loans usually come with extremely high interest rates, no matter how great of a credit report the borrower has.

 Other types of loans, like personal loans from a direct lender, have more flexibility when charging interest rates. Usually, borrowers with a better credit history and higher credit scores are able to receive lower interest rates. If you want to qualify for better interest rates on personal loans, work on improving your credit to show lenders you are a responsible consumer. 

CreditNinja interest rates will vary depending on a few different factors, like the borrower’s history and loan amount. However, we always strive to provide every customer with the best possible deal for their financial situation.

CreditNinja never charges prepayment penalties for personal installment loans. However, some lenders do charge these fees. These penalties are intended to compensate the lender for the interest they lose if the borrower defaults.