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Last Updated 03.11.2023
Last Updated 03.11.2023

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Do you need money quickly but can’t qualify for a traditional loan? Installment loans may be your answer. These types of loans are often called bridge loans, as they provide a way to finance a short-term financial gap, such as needing money to complete a home improvement project or to purchase a car temporarily while financing is being finalised. These loans are perfect if you have an immediate need for cash but cannot qualify for a traditional loan because of your credit history or income level. They will also not affect your credit score as much as other loans because they are repaid in fixed monthly payments with interest. Scroll down the article to learn what is an installment loan and how you can get one.

What are installment loans

What are installment loans

An installment loan is a loan that is designed to pay off a specific amount of debt over a period of time. The term “installment loan” can refer to any type of loan designed to be paid off over time, including short-term and long-term loans.

In general, Installment loans are more expensive than other types of loans because they require borrowers to make larger payments for extended periods. However, Installment loanscan help borrowers manage their debt by making regular payments and reducing the overall amount owed in the long run. Furthermore, Installment loans are typically more secure than other types of loans because they are backed by the borrower’s personal assets (like a bank account or home equity line of credit).

Installment loans types

There are many types of installment loans available today, including personal loans, auto loans, student loans, and small business loans. Each has its own set of pros and cons. In addition, each type of installment loan carries a different interest rate, so it is essential to do research before choosing the right option for you.

Here are the 4 significant types of installment loans:

Personal loan:

Personal installment loans are unsecured loans that can be used to cover a wide range of needs, including unexpected expenses, to consolidate your debt, plan a foreign trip or plan a wedding. In short, personal loans are taken for personal expenses.

Personal loans generally have higher interest rates than other types of installment loans and require a credit check. However, personal installment loans offer borrowers flexibility in repayment options. For instance, you can choose when to begin making payments and how much to pay each month.

Auto loan:

An auto loan provides financing for the purchase or lease of a car. Ideally, your credit score will impact the amount you can qualify for with an auto loan. Auto loans are typically unsecured loans and have high-interest rates because they are based on your credit history and risk factors such as driving record and down payment amount.

Student loan:

Student loans are a type of debt that students have to pay back after they complete their education. These loans can come from the government or a private lender, which is considered the best installment loans when you need a loan for educational purposes. They usually have to be paid back over a set period, and they must be repaid even if you no longer have a job and can’t earn an income.

One of the main advantages of student loans is that they help to cover some of the costs associated with getting an education. For example, you might need to pay for your degree’s textbooks, tuition, and other fees.

However, student loans aren’t always easy to qualify for. In addition, interest rates can be high, and repayment terms can be extended.

Mortgage loan:

A mortgage is a long-term loan that you take out to buy real estate (such as a house, condominium, or apartment building). You can also take out a mortgage to refinance an existing mortgage to lower your monthly payment.

Mortgage loans typically require a down payment, while refinancing loans do not require a down payment. Mortgages are usually repaid over time through regular payments and typically carry low-interest rates. They are used by people with good credit scores, steady incomes, and who want to buy property.

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How do people with bad credit get installment loans?

Sometimes getting an installment loan with a bad credit score is difficult, but it is not impossible. There are a few ways to get installment loans for bad credit. Some online lenders offer Installment loans specially designed for people with bad credit scores.

You need to do few things in order to get an Installment loan, even if you have a bad credit score.

  • The first option is to try and find an online lender who is willing to work with you despite your bad credit score. This can be difficult, but it is not impossible. There are some lenders out there who are willing to give loans to people with bad credit, so it is definitely worth looking into this option.
  • Another option is to try and get a cosigner for your loan. This means that someone else will be responsible for repaying the loan if you cannot do so. This can be a good option if you have someone willing to help you out and good credit.
  • Another way of getting a loan with bad credit is by asking local companies that finance loans for people with bad credit. If you have no problem garnishing your wages, it might be easier for you to get an Installment loan from a local company that finances loans for people in debt. You should check out the company’s website and read the terms of their loans before applying for one, so you will know precisely what your situation will be after borrowing money from them.

How to apply for an installment loan?

When applying for an Installment loan, it’s essential to take the time to properly prepare for the application process and make sure that you have the following documents:

  • A government-issued Identity proof like a passport, driving licence, etc.).
  • An active bank account.
  • Proof of income
  • Social security number
  • Personal check

While applying for an Installment loan, it is also essential, to be honest about your financial situation. Start by gathering all of your loan request documents, including tax returns, pay stubs, and other relevant documentation. If you have an outstanding debt that may affect your eligibility, be upfront about that as well.

Next, be prepared to answer a series of questions related to your income and expenses. Be organised and thorough with your responses. If you’re unsure about any information you’ve included in your application, contact the lender as soon as possible and clarify any discrepancies.

Once you complete an application successfully, it can take anywhere from 24 hours to 1 week for approval. If you receive immediate approval for an Installment loan, there’s a good chance that you’ll receive the funds within 1-3 days or less. However, this doesn’t necessarily mean that the loan will go into effect immediately; most lenders require at least one business day before releasing the funds.

Who should think about getting an instalment loan?

 Who should think about getting an instalment loan?

Installment loanscan be a good option for people who need to borrow money for a specific purpose, such as making home improvements, paying for medical bills, planning for a dream wedding, purchasing a car, or consolidating other debts. They can also be a good option if you have trouble qualifying for a traditional loan because there are so many online lenders that can offer you Installment loanswithout checking your credit history.

What benefits may you get with online installment loans?

There are a number of benefits that you may get with online installment loans. These can include:


There are many advantages to taking out Installment loans online. Perhaps the most obvious benefit is the convenience and flexibility that they offer. You can apply for a loan from the comfort of your own home and choose a repayment schedule that works for you. So, if you don’t want to trouble yourself getting an Installment loan, then online lenders are an excellent option.

Straightforward application process:

The application process is simple and only takes a few minutes to complete. You can submit the application online anytime and don’t have to wait in line or sit on hold. You don’t have to visit a store location or drive to an office. This means that you can get money in your hands faster and more conveniently than ever before.

Flexible eligibility requirements:

Another advantage is that online lenders tend to have more flexible eligibility requirements than traditional lenders. It means that even if you have a poor credit score you may still be able to qualify for a loan.

Get money faster than traditional lenders:

When you apply for a loan online, you can typically get the funds much faster than you would if you applied for a loan through a traditional lender. This can be highly beneficial if you need the money for an emergency situation.

Flexibility in terms of repayment:

Installment loans onlinealso offer more flexibility in terms of repayment. Many online lenders allow borrowers to choose their repayment schedule, meaning they can tailor their payments to fit their budgets and financial needs.

Competitive interest rates:

Online Installment loans tend to have much lower interest rates than other types of credit instruments. This means you can save a lot of money in the long run by taking out an online installment loan.

Bad credit loans:

If you have bad credit, you may still be able to qualify for an online installment loan. This can be a great option if you need a loan but don’t want to go through a traditional lender because they may not approve you.

Manageable Payments:

Installment loans are designed to be manageable, which means you can pay the loan off in a way that suits your needs. For example, if you are self-employed and have a lot of variation in your income, you may want to make your payments higher when you have more money and lower when your income is lower.


What credit score is required to qualify for an instalment loan?

To get an installment loan the credit score you have to required varies depending on the lender. Some lenders may have a minimum credit score requirement, while others may not. However, generally speaking, the higher your credit score, the better your chances of getting approved for an installment loan.

How can I apply for installment loans near me?

There are a few things you’ll need to do to apply for installment loans near me

Start by looking for an online lender who provides instalment loans in your location. This may be done by conducting an internet search or asking around at nearby financial institutions. Comparing the terms and conditions of a few potential lenders will help you decide which one best meets your needs.

Next, you’ll need to gather the required documents and information needed to apply for the loan. It will likely include things like your identification, proof of income, and bank statements. Once you have everything ready, you can fill out the application and submit it to the lender.

Can I Have Multiple Installment loans?

Yes, you can have multiple Installment loans. In fact, many people have multiple Installment loans at any given time. However, it is essential to make sure you can afford the payments on all of your loans before taking out any new ones. Otherwise, you could end up in a difficult financial situation.

How do Installment loans affect your credit

Installment loans can positively or negatively affect your credit, depending on how you manage them. If you make your payments on time and in full, it will improve your credit score. However, if you miss payments or default on a loan, it will damage your credit score.

What are examples of installment loans?

Installment loans are typically repaid over a series of fixed payments or installments. There are several types of instalment loans. Some common examples of installment loans include auto loans, mortgages loan, student loans, and personal loans

What do you need for an installment loan?

You will need to provide some basic personal and financial information to apply for an installment loan. It includes your name, contact information, proof of identification, social security number, employment history, income proof, and expenses. You will also need to have a good credit history to qualify for an installment loan.

Where can you get an installment loan?

There are a few different places where you can get an installment loan. Some bank institutions, installment loan organisations, and credit unions offer Installment loans, and there are also a number of online lenders that specialise in providing Installment loans. You can also find Installment loans through some peer-to-peer lending platforms.

Next, you’ll need to gather the required documents and information needed to apply for the loan. It will likely include things like your identification, income proof, and bank statements. Once you have everything ready, you can fill out the application and submit it to the lender.

How to get online installment loans for bad credit?

There are a few options available for those looking for online installment loans for bad credit. There are various online lenders that specialise in providing loans to those with less-than-perfect credit. These lenders usually have more flexible eligibility requirements and may be more likely to approve a loan for someone with bad credit. However, they may also charge higher interest rates and fees.

What is a personal installment loan?

A personal installment loan is an unsecured loan that allows you to borrow money against the value of your home, car, or other assets. It’s an attractive option for people struggling to get enough cash to meet their financial obligations. Personal installment loans usually require a down payment and offer flexible repayment options.

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Author Michelle Singletary
Written by
Michelle Singletary Finance
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