3 Steps to Applying for Installment Loans

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If you are looking to borrow money to pay for school, buy a car or finance the purchase of a home, you will most likely apply for an installment loan. Installment loans allow you to make a series of monthly payments over a period of months or years until the balance is repaid. Unlike a revolving line of credit, the installment loan goes away once the last payment is made. How do you apply for such a loan?

Find a Lender That Offers the Best Terms

The first step is to find a lender that offers the best terms. If you have good credit, you may be able to get a loan from a bank or credit union at the lowest available interest rate without collateral. For those who have poor credit, it may be necessary to provide collateral or work specifically with a bad credit lender. Online lenders such as MaxLend.com can have money in your bank account by the next day regardless of your credit.

Apply For the Loan Online or By Phone

Once you have found a lender you want to work with, the next step is to apply for a loan. Doing so online may be fastest and easiest because you simply enter your information, designate an account to send the money to and wait for a loan decision. The entire process may only take a minute or two, and you may receive a loan decision within minutes or hours. While applying by phone may not take up too much of your time, you may have to deal with being put on hold or waiting for a representative during peak hours of the day.

Wait For a Loan Decision

After you have applied for the loan, the only thing you have left to do is to wait for a loan decision. This may take several minutes, several hours or even several days depending on the lender that you choose to work with. Therefore, you should apply a day or two before you actually need the money to ensure it is in your account on time. It should be noted that you may or may not get the entire amount that you asked for when applying for the loan. However, you will be allowed to accept or reject any loan offer that you ultimately receive from a lender before it is executed.

If you are looking for a way to pay bills or simply put some money in your bank account, an installment loan may be your best option. A simple online form or a phone call is all that stands between you and the money you want or need to help fund your lifestyle.

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