And if you decide to pay off the loan early, most installment loan providers do not charge prepayment penalties. But you shouldn’t incur any additional fees unless you are late on your monthly payments. In most instances, the lender will roll this amount into the loan, and you’ll repay it back over time. You may have to pay an origination fee between one and three percent when the loan is opened. Bank holidays could delay the process, but you won’t have to wait weeks to get the cash you need. Rapid fundingĭepending on the lender, you could receive the loan proceeds in your account in as little as one business day. And you should receive a lending decision in minutes. Whether you go through a brick-and-mortar or online lender, you should be able to apply online. With an installment loan, you’ll have anywhere from six months to a few years to pay off the loan.
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No need to scramble to find the funds to repay the loan plus any accompanying interest and fees by the next payday. This means that you can qualify for a significantly lower interest rate if you have a decent credit history. Unlike payday and title lenders, installment loan lenders take your creditworthiness into account when evaluating your loan application. Key Benefits of Installment Loans Competitive interest rates
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