Installment loans are a type of loan that you pay back in multiple payments, instead of paying it back in a single lump sum. The majority of all loans fall into this category. Payments on these loans are made at regular intervals and the terms of these loans will vary depending on which lender you are working with. Be sure to read the fine print in your contract when applying for an installment loan and examine your budget carefully so that you know that you can pay back your installment loan and make the payments on time.
This is a great question. Any type of loan can impact your credit score negatively if you do not repay them within the term or if you miss payments. How much impact they have is something that may change depending upon the terms of your contract with your lender. However, if you make every single payment on time and pay off your loan when it’s due to be repaid, it’s possible that the loan could have a beneficial impact on your credit rating. So be sure that you do not miss a single payment.
How your particular loan will work varies by lender. It’s best to read your contract to get the best information about the process of how your individual loan will work. Generally speaking, if you think of how most loans work, such as those you might use to purchase a car, or a home, this type of loan works on a similar basis. The difference between the loans our lenders provide and the loan you might take out for a car, is that our lenders often require no collateral. In the case of a car loan or a home loan, having collateral can mean that the lender might repossess your house or your car if you fail to repay the loan on time. This is not always the case with a personal loan.
In order to qualify, simply fill out our online form. We will need your personal details in order to process your application. It takes just three to five minutes to complete the form and once you’re done, you simply wait for a response. We will review your form and if it qualifies, pass it along to multiple lenders, getting you more chances to qualify for an installment loan.
We understand that you need access to your requested funds as soon as possible. Thanks to our innovative online form, it’s possible to find out if you qualify for an installment loan from one of our direct lenders, fast.
Because the process is entirely online, there is no need to wait in line at a storefront lender or worry that your application might get lost in a filing cabinet. You also don’t have to worry about anyone looking at your information that might be standing behind you in line waiting to apply for their own short term loan. Privacy matters to us and because of that, we use industry standard best practices for security to protect your financial data.
Installment loans can be either personal or commercial. Our lenders do not deal with commercial loans, which are for use with a business of some kind. Our lenders only deal in personal loans. These loans are designed for use by private individuals for personal reasons, such as paying off bills in order to avoid late fees or for emergency situations, like getting your car repaired so that you can get to work. These are just some of the common reasons why you might consider applying for a personal installment loan.
Which type of loan is better depends on your circumstances and your ability to repay your loan within a certain period of time. Because we cannot predict all of the factors that might play a role in your decision, we cannot tell you which option is best for you. It’s a decision that you will have to make for yourself once you read the terms of both types of loans and carefully consider what you can reasonably do within your own budget. At NCR Loans, we will do our best to guide you through this process and see to it that your request for an installment loan gets put in front of as many of our direct lenders as possible, increasing the odds that your request may be approved. If you are interested in requesting payday loans, a cash advance or any other type of short-term loan, please check our website for more information on these types of loans.
Some lenders do allow you to pay off your installment loan early, check your contract to see if the lender you are working with allows this or contact your lender directly for more information on whether you can pay your installment loan off early. Because the terms of these loans vary from lender to lender, we cannot promise that you will be able to do early re-payment with each lender, but we can say that some of our lenders do offer this ability so be sure to ask your lender once your request has been approved.
You should know that all loans require a credit check of some kind. There many kinds of credit checks and some are more in depth than others. If you are looking for bad credit installment loans, don’t worry. You may still qualify even with a poor credit history. Just be aware that every lender performs a credit check so don’t be fooled by other companies that might suggest that they do “no credit check installment loans”. These do not exist.
Before you go...
Do you have any questions about our service? Are you concerned about revealing your personal information online? Our friendly staff is here to help and can provide a personalized and confidential analysis of your financial situation.