Online Pre-Approved Installment Loans

Pre-approved installment loans are life savers. It’s fast, easy, and secure to apply for one. Make sure you have the necessary documents ready, and the application process will be a breeze.

$2,500
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What is A Pre-Approved Installment Loan?

Through a pre-approval installment loan, a lender will let you borrow a large lump sum at the beginning of the term with the condition that you repay the lump sum in small installments over time. Installment loans are commonplace for large purchases like homes, cars, or home appliances. They could also be secured or unsecured, meaning that a loan may either be backed up by an asset or not.

However, “pre-approved” doesn’t mean a guaranteed approval but a very likely chance to get an installment loan, because lenders’ decisions are contingent on your credit rating, among many factors.

Because the payment is spread out over a long time, a large purchase becomes more affordable to the debtor. Breaking down the large sum into monthly payments provides the buyer time to budget and save for the repayment.

What is A Pre-Approved Installment Loan For?

As we mentioned earlier, an installment loan can be used for almost any reason. Borrowers are more likely to use installment loans to pay off significant purchases or investments, such as a wedding, school tuition, or seed capital for a business. However, small purchases, such as unexpected medical expenses or car maintenance, are also viable reasons for an installment loan.

Types of Pre-Approved Installment Loans

Whether to finance a home or consolidate your debt, you’ll most likely have to take out a loan when you can’t save the money in advance. However, you’ll need to understand what type of loan to look out for because specific loans are set for certain purchases.

Here are three common types of pre-approved installment loans.

Personal Loans

Personal loans are the broadest type of loan category and typically have repayment terms spanning anywhere between 6 to 60 months. Personal loans may either be secured or unsecured, though the latter tends to be more expensive and require better credit as the lender takes on more risk.

Bad Credit Loans

You might qualify for a bad credit loan if you have a bad credit score or no credit history. These loans typically have higher interest rates than other loans, as this helps lenders reduce the risk of you not paying them back.

Mortgages

For home purchases, you should look to take out a mortgage. These loan types are most commonly payable within three decades and give the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest.

What To Pay Attention To When Considering A Pre-Approved Installment Loan?

When facing a plethora of pre-approved installment loan options, here are some considerations that you should be paying attention to:

Annual Percentage Rates

A loan’s cost is often expressed as the Annual Percentage Rate, which includes the interest rate plus any fees. The least expensive loans usually have some of the lowest APRs.

Monthly Payments

Before accepting any loan, ensure you understand how much you have to pay and how long. Most installment loans have fixed rates and remember that while a lower monthly payment may be suitable for your budget, a longer-term loan will accrue more interest.

Credit-Building Features

If you take out a loan, it’s best to do so to build your credit score. Some lenders may offer tools and tips to build credit and free credit score monitoring. When picking a loan, choose from reputable online lenders that will help you in the long run.

Are Pre-Approved Installment Loans Available for People With Bad Credit?

Yes, people with bad credit may still be approved for installment loans. However, the interest rates and monthly payments may be higher for those with bad credit. Lenders do this to compensate themselves for the amount of risk they’re taking on.

How To Apply For An Installment Loan?

Have you finally been convinced to find an installment loan that suits your needs? Here are three easy steps to apply and get approved as soon as the next hour.

1. Submit Your Information

Submit your information to CocoLoan’s online portal. It’s a quick and easy process that you can complete in as quick as 15 minutes. Bank-level security will be provided to protect your personal information.

2. Pick A Lender

Once you’ve submitted your information on CocoLoan, we’ll generate a list of partnered lenders. Take time to peruse the variety of lenders and their terms.

3. Agree To The Terms

Have you found a lender with amenable terms? Sign the agreement and get ready to receive your loan as soon as the next business day!

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Installment Loans At Affordable Rates

Whether for daily expenses or life-changing decisions, find the contract you need through CocoLoan’s long list of partnered lenders.

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