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What are Installment Loans?
Installment loans are the kind of loans that allow you to borrow a set amount of money and repay in regular installments. Usually, these payments will be the same amount each month until you pay the loan. Installment loans are typically ideal for making large purchases or consolidating debt.
These types of loans come with fixed interest rates and monthly payments, making it easier to plan for your monthly expenses. You know exactly how much money you need to set aside each month to cover your installments, plus any other bills you might have.
Common Types of Installment Loans
There are various types of installment loans, the most common are personal loans, mortgages, and car loans.
Personal loans can be from banks, credit unions, online lenders, or other sources. They are unsecured, meaning there's no collateral required to obtain them. Personal loans are generally used for a specific purpose, such as consolidating credit card debt or paying for home improvements.
Mortgages are loans that enable you to buy a house. They are the largest form of loan and are repaid over 15 to 30 years. Usually, the house/property serves as security for the loan. Mortgages have lower interest rates than loans for cars since they are more secure. Some have fixed repayment rates that don't change over time.
A car loan is a loan used to buy a vehicle. It's like a personal loan, but it's specifically for purchasing a new or used car. The car's value serves as collateral, which reduces the risk to the lender and often results in lower interest rates.
What Can I Use an Installment Loan for?
An installment loan lets you make a series of interest payments over the life of the loan. Its length and structure make it useful for a variety of purposes, including:
Using an installment loan to buy a car is one of the most common use cases for this type of credit. A new car is expensive, and it's often financed through an auto loan. This is a perfect example of an installment loan that has a fixed term.
A debt consolidation loan combines multiple debts, such as credit card bills, medical bills, payday loans, etc. — into one monthly bill. It reduces the number of accounts you have to keep track of each month. And it can help you save money in interest over time.
Sometimes, you can do nothing to plan for an emergency expense, such as medical bills or car repairs.Installment loans can give you access to the cash you need to pay off these expensive bills or cover your immediate costs.
Where Can I Get an Installment Loan with Bad Credit?
You may wonder where you can get an installment loan with bad credit, but there are many options when you know where to look. Direct lenders and experienced brokers like us are your ideal choices.
These companies don't use intermediaries; instead, they offer loans directly to customers. Some lenders specialize in providing installment loans to people with bad credit. These direct lenders generally charge higher interest to reduce the risks of lending money to users with poor borrowing history; it is possible to get an installment loan from them even with bad credit.
While it may take much effort to find a suitable direct lender, picking out an experienced broker like us will save you from hassles. The major benefit of working with CocoLoan is that we have access to multiple lenders. We are able to help you get connected with a lender that will work with you, even if your credit is bad.
Find Top Installment Loans in Each State
If you decide to look for an installment loan lender yourself, you can take a look at the list below. They will provide you with information about the top installment loans in each state, and you can use it as a guide when considering which one you should pick.
Three Simple Steps to Get Installment Loans Completely Online
Getting an installment loan with us is as easy as 1 2 3.
Submit Basic Information
Start by submitting your basic information. This includes your name and contact information. We also ask you about your finances and credit history. This information helps us find you a suitable lender.
Choose Partnered Lender
Once your submission is approved, you'll be presented with a long list of our partnered lenders that are willing to offer the loan you need.
Receive Your Fast Money
Once you've chosen your lender, finalize your loan details and get your money fast, as soon as tomorrow! The lender will deposit your loan directly into your bank account, giving you access to the funds you need quickly and easily.
Why is CocoLoan Your Top Choice?
1. Partnered with Top Lenders
We've partnered up with over 100 different top lenders to offer people suitable products for their specific needs. We help you find a better solution from our panel of lenders and bring them to your doorstep.
2. No Surprising Charges
All loans provided by our lenders are transparent so that you won't be surprised by any additional charges. You'll know exactly how much you'll need to pay back before signing up for a loan. We always recommend that you confirm the amount and date of your repayments before signing.
3. Transparent Service
At Cocoloan, we take our job seriously. We believe transparency should be at the forefront of customer service. As such, we make sure you know who you are borrowing from. And also what the repayment terms will look like before you agree to anything.
4. High Acceptance
We work with multiple lenders, so there's a much better chance of us finding one that will accept you. Even if you have bad credit or no credit history at all, we may still be able to help!
Frequently Asked Questions
Can I Have Multiple Installment Loans?
Yes, it is possible to get multiple installment loans. However, you need to make sure that you can afford each loan payment. And if you need additional cash, be sure to work with a lender who will review your finances before lending you money.
Are There Any No-Credit-Check Installment Loans?
In most cases, a lender that offers an installment loan will check your credit and income to determine if you can afford the loan.
Are Installment Loans Secured or Unsecured?
Most installment loans are unsecured and require no collateral. That means they are based on your creditworthiness and ability to repay the loan. However, some lenders may offer secured loans, which require you to put up collateral such as a car or savings account.
What Happens If I Default on an Installment Loan?
The consequences of defaulting vary depending on the type of loan you have and your lender. But in general, if you don't make good on your loan, it can hurt your credit score and make it difficult to borrow money in the future. And also cause your lender to seize any collateral tied to your loan.
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