Online Installment Loans

 

An installment loan is a popular form of borrowing in the modern world. Borrowers can borrow the money to deal with any emergencies that they may be facing, such as medical and other expenses. You are required to repay the loan in equal installments. The number of installments will vary based on your income, interest rate and your lender’s terms and conditions. You will repay the loan gradually until you clear it. The loan is to bridge the gap between payday and dealing with the financial emergency. Life is full of surprises and it can change instantly, driving you into tough financial times. As a result, you may not have the cash to meet urgent financial needs. Often, financial emergencies usually cause stress to the person involved and you should be in a position to handle the problem quickly. Features of online installment loans include

  1. Quick decision
  2. Wide range of borrower eligibility
  3. Simple loan request process
  4. No hidden charges
  5. No collateral
  6. No application fees
  7. Quick transfer
  8. Unique approach of assessing creditworthiness

Easy Loan Request Process

Easy Loan Request Process
Easy Loan Request Process

When you want to request for online installment loans, it is easy to use our platform to access loans from the lenders in our network. We are ready with a professional support staff to help borrowers understand the loan and their terms and conditions. Depending on what you want to use the loan for, once you meet the requirements, you will be given an update by your lender on your qualification status. In the conventional systems, unless you have a perfect credit, you could not qualify for a loan. Once you have filled out a loan request form available on our website, the next thing to do is to send it to us and we will forward it immediately to the lender who will fund your loan.

  • Many people confuse payday loans with installment loans. Payday loans are not installment loans. In most cases, your lender will require a post-dated check as a form of guarantee that you will repay the loan on time. In other cases, you can allow the lender to make an automatic electronic deduction from your account.

Online installment loans can help you deal with unexpected expenses. Here you can request for online installment loans to help you deal with them quickly and avoid further complications. Common features of online installment loans include

  • Online installment loans can help you deal with a current financial emergency.
  • Your loan request is processed quickly.
  • You will receive the money in your account as soon as your lender approves the loan request.
  • Even with a less than stellar credit history, you can qualify for a loan as long as you meet the criteria.

Why online installment loans?

Why online installment loans?
Why online installment loans?

Many people are looking for extra cash to deal with emergencies and they do not understand the options that are available to them. If you are in a hurry and want a loan, online installment loans are simple, quick and easy to request. As long as you have an internet connection, you can log in our website and make the loan request. We will forward the information to the lenders in our network who will fund your loan. As the name suggests, you are not required to repay the installment loans all at once.

Criteria of getting online installment loans

Criteria of getting online installment loans
Criteria of getting online installment loans

Requesting for an online installment loan is quite simple and you are not required to produce chunks of documents. Here are some of the criteria that you should meet.

  1. You must be at least 18 years of age, otherwise you will not get the loan.
  2. You must be a legal resident of the United States of America.
  3. You need to have an active checking account. This is where the money will be deposited and where your lender will deduct the loan amount if you give them access to deduct the monthly deductions.
  4. You must have contact details (phone number or working email address) where your lender can reach you in case of any changes or updates on the loan.
  5. The last and very important aspect in qualifying for online installment loans is proof of recurrent income or employment. Without a stable income, some lenders see it as a risk to grant you a loan.

Advantages of Online Installment Loans

There are various reasons why people take out installment loans. Often they need money fast to deal with upcoming emergencies and they are daunted by the conventional lending institutions because of their poor credit scores. However, online installment loans allow the user to access loan facilities. Benefits of online installment loans include

  • Speed – this is the most crucial aspect for many people making loan requests. You want the process to be as fast as possible because you are dealing with an emergency. We have simplified the loan request process and will connect you to hundreds of lenders in our network who will finance your loan.
  • We do not promise instant approval on any loan type. However, our network of lenders have experience in this field and they know what the clients want and they will deal with your loan request as soon as they can and send you feedback via your email address.
  • The application process is simple and user-friendly. The whole process can be done online.
  • Since we have many lenders in our network, you can get a range of loan options and choose one that suits your needs.

Your lender will perform a soft credit check to evaluate the information that you have given. We strive to expedite the loan process to allow borrowers to get feedback as soon as the lender verifies the information supplied.

 

 

Installments loan definition

 

Installments loan are loans that you are required to make regular repayments over a defined period of time. The objective of your borrowing is to get cash now and spread out the payment over a period of time.

Getting ready for installment loans

 

installment loans
Getting ready for installment loans
  • First, you have to be positive about the whole endeavor. You can do this by checking out your finances. Calculate the exact amount you need. Also, remember to check your credit score.
  • It is important to know where you stand financially. This is because lenders will be looking at your profile before they offer you an installment loan. You can check your annual credit report and see your current status. Make a list of your regular monthly expenses and fit it to your income. With this, you will be able to know the amount you will be comfortable paying in installments.
  • Check out the terms and conditions of your lender. You should focus on the time and interest factors. Expect slightly high interest than usual. The interest rate is just a strategy allowing lenders to give you a high-risk loan.
  • It is crucial to find out the different features of lenders. With us, you will find lenders who offer specific interest-only period on large loans. This is aimed at making repayment flexible for you. You will have a chance to acquire an installment loan and pay back small interests for a longer period of time.
  • Lenders you will find in our network have quick support systems that ensure that your queries are responded to quickly. You will be dealing with a lender directly. Lenders are looking forward to having a good business relationship with you.
  • We offer you an opportunity to take advantage of the several lenders who are willing to offer you an installment loan even with your bad credit score. When you compare this option to a traditional lender, you will find it appealing. Lenders in our network understand your urgent financial obligations They have entered the lending market to meet the rapidly growing demand. Most of those with bad credit would not consider going to a financial institution for a loan. This is because your request is likely to get rejected and the decision will take long.
  • You will be signing up for lenders who offer good value. This means that you still have a chance even after a rejection from a traditional lender.  Many lenders are willing to assist you. We have links to many lenders offering reasonable installment rates that will definitely suit your needs. They have clear terms with no hidden charges.
  • If you are in need of an installment loan with a bad credit history, you have to do some research. When you keep to your budget, you will eventually find the right lender for your situation. The offers are very appealing but you need to take your time and look at various lenders working with us. Prepare to pay the installments as scheduled in order to maintain a good credit profile and improve your financial rating.

Features of installments loan

  1. Features of installments loan
    Features of installments loan

    Installments loan are loans that you can qualify for with or without presenting collateral to your lender. You will only be required to assure your lender that you are able to pay back within the given time. The amount you request plus interest is divided into equal payments. You are going to be paying the amount you owe in portions.

  2. These loans are more reasonable and also safer for you when you have a bad credit score. They are safe because lenders have affordable terms. The fact that you will be paying back your loan over a period of time makes the process easier compared to paying a whole amount in one go.
  3. You will be required to abide by a specific time of repayment. With several payments to make, you are in a better position to plan out your budget. This will ensure that you are paying your installments on time.

Working with installment loans

 

Working with installment loans
Working with installment loans
  • First, take your time to look at your options carefully and settle for an amount you are comfortable with. For instance, if your objective is to improve your credit rating, then start by requesting for a small amount that you are sure you can repay back without fail. Remember that failing to repay will work against you.
  • Be ready to create a good profile for lenders. Your profile should portray that you have the ability to pay back a loan.
  • It is fortunate that bad credit lenders are available right for you at the comfort of your home. We have lenders offering loans with minimal requirements. Some of the basic requirements include your personal identification, income amount and an active bank account.
  • You need to prove that you have regular income for a lender to approve your loan request. He will take a look at your profile and offer you an amount accordingly.  You need to ensure that you only provide accurate information.

Types of installment loans

There are two types of installment loans. They include;

  • Types of installment loans
    Types of installment loans

    Secured loans: these loans are those offered based on your provision of a collateral which may be your house, car, stocks and even bonds, among others. With these loans, you will get lower interest rates. This is because your lender has your property as security.

  • Unsecured loans are loans offered without collateral. Your lender will expect you to pay a slightly higher interest. There are many lenders working with us who are willing to offer you such loans.

The fact that securing a loan from a bank is quite tiresome makes lenders in our network worth a try.

 

Merchant Cash Advance Financing

Running your own business gives you independence, limitless possibilities to follow your dreams and expand your horizons. It is definitely better than working for someone else, isn’t it? As good as it sounds, everything is associated with…money.  

Merchant Cash Advance Financing
Merchant Cash Advance Financing

If you are a novice entrepreneur and need additional funds to develop your plans and ideas, then you should start considering the available options. You could borrow money from a friend, a bank or another credit organization. That is the obvious and probably the simplest decision.

However, you should always think twice. There must be another way. In fact there is and it is called ‘merchant cash advance financing’.

 

Why merchant cash advance financing can be good for your business?

Why merchant cash advance financing can be good for your business?
Why merchant cash advance financing can be good for your business?

To answer that basic question, we should explain the term’s meaning. The first thing to know is that merchant cash advance is not one of those quick loans for business. As the name suggests, it is an advance based upon credit card sales or future incomes of a business. In brief, you are going to sell a part of your revenue in order to acquire the necessary capital immediately.

Compared to traditional banks, the providers of that service weigh credit criteria and evaluate risk in a different way. They determine if your business would be able to repay the advance on time by examining your credit card receipts and daily receivables.

When it comes to the annual interest rates, they are usually higher than those of small business loans. The difference may be double or even triple. What’s more, sometimes businesses that do not qualify for quick loans for business have a good chance to be approved by a merchant cash advance provider.

 

Who can benefit from merchant cash advance financing?

Who can benefit from merchant cash advance financing?
Who can benefit from merchant cash advance financing?

Merchant cash advance financing is designed for firms to obtain regular cash flow through their merchant account. In other words, the business owner should have constant credit card payments and other receivables or payment streams.

Before you proceed to action, make sure that all the terms and conditions included in the contract are clear to you. Do not forget that they can affect your potential ROI. Read the contract thoroughly and ask questions if you have any. This ensures that you are making an informed financial decision.

How does merchant cash advance financing work?

You must reach an agreement with the provider on the advance amount and the payback amount as well as the holdback percentage. Once it is done, the funds will be transferred to your business’ bank account.

You must reach an agreement with the provider on the advance amount
You must reach an agreement with the provider on the advance amount

Every day, the agreed upon holdback percentage of the credit card receipts and daily incomes will be withheld to repay advance. That will continue until the amount is repaid in full. You will have access to your merchant account which removes the need for collateral which is required for small business loans.

The repayment amount depends on the daily balance in your business account. So, the more transactions your business does per day, the faster you will be able to pay back the advance. The draw will be relevant to your incoming deposits into your merchant account. Even in times of slow business, there is nothing to worry about – the amount will be less.

About the costs

If you use merchant cash advance financing, then you are probably going to pay back between 20% and 40% of the advance amount. That percentage is the so-called factor rate which is equivalent to 1.20-1.40. Holdback rates are normally in the range 10%-20%. Both may vary depending on the merchant cash provider.

About the costs
About the costs

Remember that the holdback amount which your business will pay on a daily basis is not the same as the repayment for the entire amount borrowed. You must understand the distinction. For example, you may have a holdback of 15% and a repayment of 30%. It means that if you have an advance of
$10 000 and your factor rate is 1.30, then you will have to pay back $13 000. Until that amount is collected, your merchant account will be withheld with 15% of the credit card sales or revenues. If that is about $14 500 monthly, then you will have to give back $2160. In this case, the merchant cash advance would be repaid in almost six months.

The holdback percentage is based on three main factors: the overall advance amount your business gets, length of the period of repayment and size of the receivables per month.

How to request?

How to apply?
How to apply?

Since merchant cash advance financing is not a traditional loan, the application process is not complicated and the approval is faster. Here are the usual steps you will have to take:

  • Apply for the advance by writing two pages of data about your business. That could be business tax ID and your social security number, etc.
  • Provide bank statements and any other documents showing payments or credit card processing information for several months
  • Get your application approved. That usually happens within 24 hours.
  • Switch to a new credit card processor if your provider requires it. That may seem as a complicated but some providers of merchant cash advance financing require it.
  • Finalize the details – make sure that you know when the whole procedure begins. It could be the very next business day.
  • Receive the money – the merchant cash advance will be deposited into your merchant account. The repayment is going to be an automatic process.

Keep in mind that merchant cash advance financing will not have any effect on your credit history. So it will not help you build business credit rate. That is the main reason why some people prefer using small business loans. They are easily accessible online and offer many of the conveniences of merchant cash advance financing. Both options have their pros and cons – choose the one which would be more useful for you and your business!

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