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Frank Glemstone is MoneyZap's authority on personal loans. He has been a writer and editor at the MoneyZap content team since 2021. Graduated from Texas A&M University with the Master's program in Economics Sciences. Throughout his career, Frank has achieved the Springeropen award nominee for Financial Innovation and won a SABEW award for outstanding knowledge in finance. Frank now lives with his beloved wife and son in Jackson, Mississippi.
An online installment loan from MoneyZap can get you the cash you need today to help you keep up with unexpected costs. In addition, installment loans have longer repayment terms and can be a less expensive option when you don't have the best credit.
Our lending partners offer various installment loans to help you pay a mortgage, buy a vehicle, or deal with other personal needs. The repayment period can vary greatly and will depend on the loan size and your financial background. The ideal installment loan would have a low interest rate and affordable monthly payments. You can also look for important features like adding a co-signer to reduce your rate or same-day funding.
What Is an Installment Loan Online?
An installment loan is a cash advance that comes with a specified repayment plan. These payments, known as installments, are fixed, equal payments over a set number of months, as determined by the lender. The loan amount you take can range from $100 to $100,000, depending on the lender, your eligibility, and other criteria.
Repayment terms on larger loans vary from two up to seven years. By contrast, small-dollar loans can have repayment terms as short as a few months. The most significant benefit of these loans is the fixed APRs and interest rate over the set repayment period instead of the revolving debt of credit cards.
Benefits of Installment Loans
There are many reasons why installment products are so popular. Here are some of the most common:
- Fixed interest rate: An installment loan online is very predictable compared to other types of debt. Having an installment loan that you can repay in fixed monthly payments offers stability to the person taking on debt.
- Higher loan amount: Unlike payday loans online, these cash products can give you access to amounts as high as $100,000. Our licensed lenders will work with your needs and eligibility factors to provide you with a loan that works for you!
- Fixed payments: Whether six months, a year, or more, the clear deadline and cost structure gives you a clear picture how that repayment period will look like. No hidden surprises or costs! This way, you can make an educated decision about what kind of loan will address their financial needs.
- No early payment penalty: Those who can pay off the loan early won’t get charged any fees. Plus, you can save on interest charges!
- Convenience: The accessibility of online installment loans is undeniable. When you apply for installment credit with instant approval, your request gets evaluated within minutes. A reliable lending partner will send you an offer quickly, so you can get back to what matters to you.
- Build your credit: Timely monthly payments allow you to improve your credit and show financial responsibility. One way to ensure each payment is on time is to set up autopay.
- Fast turnaround: The funding process is incredibly fast, unlike that of a traditional bank. Short-term money gets deposited into the consumer’s bank account within hours.
Installment Loan Terms and Fees
Most installment loans have fixed interest rates and a set maturity date. Once you agree on a due date, you must pay back the loan by that time. Of course, the terms will depend on the loan company and whether you request personal or title loans online.
Our lender partners offer loans with amounts ranging from $500 to $5,000 for up to two years. Your interest rate and terms will depend on your eligibility, application information, and credit history. The fees can vary, with APR ranging from 6% to 36%. For instance, if you borrow $2,000 with a 12-month repayment term and 11.8% APR, you’ll make 12 payments of $178 each. Meaning, you’ll pay back a total of $2,136.
What Do You Need to Apply for an Installment Loan?
While requirements vary from lender to lender, here are the most common ones that most lenders require:
- A valid ID showing you’re a citizen or permanent resident of the state.
- Proof of steady income.
- Your phone number, e-mail, and social security number
- An active checking account and routing number.
Applying for Installment Loans
Applying online is convenient, fast, and 100% safe. Once approved, a licensed loan expert will go over the details, including term options and minimum payment. If you would like to apply, follow the steps below:
- Apply: Complete the application through our website. Our lender partners require your personal, financial, and employment information to provide an immediate decision on your loan application.
- Get approval: Once you submit your request, our lender network will review your information, including your income and collateral. You will also get to discuss your viable financial solutions.
- Sign the agreement: After choosing your term options, you will sign the documents electronically.
- Get paid: Choose to receive the money on your debit card or as a direct deposit into your checking account (typically the next business day).
- Repay your loan: Make sure that you stick to the repayment plan. You can choose to go with the automatic payment option to schedule your payments ahead of time.
Why Get Installment Loans From MoneyZap?
MoneyZap’s lender network has been helping customers in selected US states for quite some time. Since our lender's products have equal installments, you shouldn’t worry about getting lost in revolving debt. If approved, you can get funded the next business day, even for bad credit loans.
We take pride in providing our customers with the top customer service in the state. Moreover, we take the needs of each consumer very seriously. Rely on MoneyZap to offer you access to a reliable network of lenders from the comfort of your own home!
Our service is:
- Top-quality
- Fast and professional
- Compliant with all applicable laws
- Convenient and transparent
No, our lenders work with clients with any credit history. Even if you have a bad or poor credit score, they will make an effort to tailor a loan offer to suit your budget. Our lender network offers no credit check installment loans to anyone who can prove their ability to pay off the balance on time.
Collateral is not essential to get an installment loan. Most of our lenders require that you provide your government-issued ID, proof of income, phone number, and a checking account. They may also need extra data, such as your social security number, to verify your application.