Online Installment Loans

Another phrase used to describe payday loans and cash advance loans is online installment loans. These loans all work in the same way. While payday loans aren't considered the best route to take by many individuals, in some cases they are the last resort for people who do not have good credit and have an urgent need for quick cash. You could spend days going to banks, credit unions and lenders and getting denial after denial. You not only would be wasting your time, but also hurting your credit rating because every inquiry and every denial is detrimental to your score.

Online installment loans work in exactly the same way as a payday loan. All you need is a job with verifiable income. These loans are geared towards working individuals who need money in between their paydays. A cash advance loan is an unsecured loan, which means you need no collateral to become approved. Your job and income verification is what the company considers your collateral. And unlike traditional lenders, the application and approval process is fast and you can get your money as quickly as 24 hours or less.

The application only takes a few minutes to complete. You will be asked questions about your personal information such as your name, mailing address, email address and phone number. In addition you will be asked about your employment and bank account. It is usually required that your pay is direct deposited into your checking account by your employer. Some companies will require you to fax in various documents such as a printed and signed application, proof of identification, check stubs and bank account information before they can approve your loan. There are companies that do not require faxing, they are often referred to as no-fax payday loan companies.

There may be one or more payday loan company in your city or town. So, you could apply in person for this type of loan and get your cash even faster. If not, there are countless companies online where you can apply right from your computer. The best way to find them is to use a search engine and look up cash advance loans or payday loans. The only problem is sorting through the numerous companies to find the best one for you.

One way to do this is to make a list of the top five or so search results then visit each website and read all details carefully. There should be a toll-free customer service number so you can call and speak with a representative about the loan process and ask any questions you may have. In many cases you can give your application details and get approved right over the phone. Even if you apply online, you don't have to worry about the safety of your data because these companies use high tech encryption technology to protect their customers. This encryption protects against hackers gaining access to your personal information.

Repayment is very simple. You can set up a repayment plan with companies offering online installment loans that meet your preferences and your budget. Some companies will only deduct the interest from your account unless you choose to repay the entire principal. You can also elect to pay a portion of the principal based on your financial situation. One thing that should be mentioned is that with these types of loans, the faster you repay the loan the less interest you will end up paying. Your loan officer can go over all these details with you, from the beginning of the application process to all the repayment details you need.