Installment loans allow you to spread out repayments over several months or individual installments, giving the customer much more flexibility. You can still pay back your loan early if you decide to clear your loan amount – this will save you money as less interest will accrue.
Key Points
- Installment loans spread out repayments over several months.
- To be considered, you must: be a US citizen over the age of 18 with no recent bankruptcy, a live checking account, and a steady income of at least $800 per month.
- You can apply for an installment loan completely online with Finger Finance.
What is an Installment Loan?
An installment loan is a loan that allows you to spread out the repayments over several months, or individual installments.
This type of loan gives customers more flexibility as they are able to repay over a longer period of time. In turn, this helps customers to sort out their finances without feeling the pressure to pay back the loan in its entirety, like with a payday loan.
Installment loans can either be unsecured, or secured with collateral. This is usually decided depending on the loan amount, the duration of the loan, and the customer’s credit score.
How Does an Installment Loan Work?
Installment loans are usually paid back to the lender over several weeks or months in regular installments. There is also the option to repay early if you decide you would like to clear your loan amount. This would save you money overall as less interest will have accrued on your loan.
Here at Finger Finance, we give you the option to choose how long you would like to borrow money for – whether it is 9 months, 18 months, 36 months, or the maximum of 60 months (5 years).
Am I Eligible For an Installment Loan?
The eligibility criteria for an installment loan will depend on various factors. This includes your credit score and affordability, however, the basic criteria to apply is:
- Be a US citizen.
- Be over 18 years of age
- Have a live checking account to receive funds
- Have a steady income of at least $800 per month
- Be able to afford monthly repayments
- Have no recent bankruptcy
- Have a valid cell phone and email address to verify your loan
Installment loans are paid back over several months.
What Can Installment Loans Be Used For?
Installment loans are often used by customers for everyday emergencies. These include: car repairs, staying on top of credit card bills, home repairs, family expenses, or paying off debts.
However, installment loans can be used for any expense – including weddings, funerals, holidays, and new cars. This also includes business purposes like paying for staff, buying inventory, paying a tax bill, or to help grow your company.
How Can I Get an Installment Loan Near Me?
You can easily get an installment loan near you by completing Finger Finance’s online form that is quick and easy to fill in. Finger Finance facilitates installment loans all across the US. We connect your loan application to the lender who operates in your state. However, we also work with national providers too.
Using Finger Finance for your installment loan saves you having to visit a branch in-store, and saves you time and energy.
Why Should I Use Finger Finance For an Installment Loan?
At Finger Finance, we only work with reputable lenders across the US, acting as a loans connection service. This means that we connect your loan enquiry to the lender who is most likely to accept your application and give you the best possible rates.
The application process is quick and simple, and fully online. As well as this, we do not charge any fees for applying.
Finger Finance lets you choose the terms that suit you. You can spread installment loan repayments over 3 months, 6 months, up to 60 months.
Having a poor credit score does not mean you can’t get an installment loan – Finger Finance considers all credit histories.
