As an online credit broker, US Installment Loans doesn’t lend any money itself but instead utilizes a large network of partner lenders to help you obtain online installment loans as well as a wide variety of other loan products.
The company provides a user-friendly experience on its website that helps expedite the loan process by minimizing any unnecessary need for long wait times and paperwork. And if approved, you can typically expect to receive same-day loans from US Installment Loans in as little as one business day.
So whatever the reason may be that you need fast funding, like for a medical emergency or to simply consolidate high-interest debt, US Installment Loans can provide you with a reliable solution.
What are The Minimum Loan Requirements For US Installment Loans?
To qualify for a loan from US Installment Loans, there are a few eligibility boxes that you must first check. And while the list is not extensive, these requirements must be met if you want to make a successful loan application. These include:
- Being at least 18 years old.
- Being a U.S. citizen or permanent resident.
- Earn a steady monthly income
- Have an active bank account in your name.
What Is The Minimum Credit Score That You Need For US Installment Loans?
The best part about using US Installment Loans is that they are not direct lenders, which means that they do not actually have a minimum credit score requirement. Furthermore, unlike most lending institutions, the partner lenders that they work with will not be overly focused on your credit history while determining your eligibility.
Most of them will typically be more interested in your job and payroll history in order to quantify your creditworthiness. This means that even if you have a bad credit history, there is still a high chance of obtaining a loan through their lending platform.
How Much Can I Borrow from US Installment Loans?
Most loans on the platform will range from as low as $100 to as high as $35,000; however, you can access a wide variety of loan products on US Installment Loans, such as payday loans, installment loans, cash advances, same-day loans, title loans, and more. The amount you will be able to borrow will often vary depending on the loan type and the lender, as well as your credit history and income level.
In terms of interest rates, you can expect them to range from 5.99% to 35.99%, with an average loan duration that revolves around 3 to 72 months. If you have bad credit, you can expect the interest rate offered to be on the high end, while if you have good credit, it will usually be near the low end.
Are There Any Extra Costs?
As a credit broker, US Installment Loans does not charge borrowers any fees to apply for an online loan using its platform. This is because it charges the loan companies with which it partners a commission for every successful loan agreement conducted via its website.
However, this does not mean that the direct lender you get money from will not charge you extra fees for taking out a loan with them. Some lenders may charge extra fees like origination fees or even penalties such as pre-payment fees for repaying your loan early.
As such, it is important that you carefully read the terms and conditions of the loan agreement to ensure that it is right for you. You should also avoid accepting the first offer, as it often pays to shop around and compare offers to find the most attractive terms possible.
How To Apply For A Loan From US Installment Loans?
Step 1: Apply Online
Visit US Installment Loans and fill out the online pre-approval form. This will require you to submit some basic information such as your personal and financial details, eg. name, address, bank account information, loan amount, etc.
Once submitted, the application will be instantly reviewed by US Installment Loans’ lending network. If approved, you will receive a variety of loan offers, which you can take your time to review and compare to find the one that suits your needs.
Step 2: Accept the Loan Offer
Once you find the loan offer that best suits your requirements and budget, you can e-sign the loan agreement. The lender will then process your funds, and while the terms will often differ from one lender to the next, you can typically expect to receive the money in your checking account by the next business day.
How Do I Repay My Loan From US Installment Loans?
Some lenders will initiate autopay on your account to automatically deduct the money owed on the relevant due dates. However, if you opt to make the payment manually, it is important that you do not miss a single payment, or you risk facing late payment fees. In fact, some lenders may even go so far as to report you to the relevant credit bureaus, which is why you should only ever apply for a loan that you are confident you can afford.
In the worst-case scenario, if you find yourself unable to make your loan repayments on time, you should contact the lender immediately to try and negotiate a workaround. Failure to do so will only make the situation worse, so be proactive, as some lenders are open to flexible payment plans.
What Are The Pros and Cons Of Using US Installment Loans?
There are numerous benefits that come with using US Installment Loans to access funding today. For starters:
- No Hidden Fees or Costs. US Installment Loans does not charge potential borrowers any fees to connect them with suitable lenders.
- Speedy Loan Processing. The company’s lending network also provides quick and fast feedback on all loan applications, which ensures that you don’t have to wait long to access the cash you need to deal with a financial emergency.
- Bad Credit Accepted. US Installment Loans’ partner lenders are all open to accepting loans from borrowers with a bad credit score, as they are usually more interested in your ability to repay the loan.
On the flip side, there are a few downsides to using US Installment Loans. These include:
High APRs. The lower your credit score, the higher the interest rates you will qualify for. This in turn means that while you will still be able to access funding, you will probably spend more money on your repayments.
Low Loan Limits: While having a bad credit score will not stop you from getting a loan, there is a high chance that you may not actually qualify for the loan amount that you initially applied for.
Is US Installment Loans Worth It?
With a reliable online platform, a stellar reputation, and an extensive lending network, US Installment Loans has over time proven itself to be a great choice for anyone in need of quick financing. Also, since the company does not charge potential borrowers any fees to use its service, this means that you can feel free to explore the lending options that they have on offer without any financial commitment necessary.